Now we’re into the new year it seems a good time to reflect on where house prices are likely to end up in 2020. Over the course of 2019 Toronto house prices increased by 4% (Toronto Real Estate Board), but I would expect an increase in the region of 6-7% and even 8% this year.

Why? Well if the start of the year is anything to go by, there’s a lack of properties being listed and significant demand for the ones that are available.

I’m hearing tales of properties with 30-40 offers and as much as 77 offers! – and that kind of competition is going to push prices up. Sometimes sellers price properties on the cheap to attract multiple offers, but it’s now happening on properties that seem fairly priced too.