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Most of Canada’s housing market likely to be fertile ground for bidding wars in 2020

Looking for a home to buy in 2020? You may find lots of competition and not a lot to choose from.

Canadians hoping to buy a house in 2020 better brace themselves for limited choice and plenty of competition, the latest housing market data suggests.

While conditions remain ho-hum in the Prairies and Newfoundland and Labrador, in the rest of the country, there are plenty of buyers and not much for sale.

A lack of housing supply would be “the story” for 2020, the Canadian Real Estate Association (CREA) warned in its housing market forecast in mid-December.

The latest national statistics, released by CREA Jan. 15, seemed to confirm the trend. The number of existing homes available for purchases was at a 12-year low in December, the association said.

READ MORE: Canada’s home prices rise 9.6 in December compared to a year ago, sales up almost 23%

The issue has been long in the making, according to CREA senior economist Shaun Cathcart.

Province of Ontario Introduces Standard Form of Lease

As part of its Fair Housing Plan announced last spring, the provincial government has produced a 13-page standard form of lease for use by landlords across the province. The form and its terms will be enforced as of April 30, 2018 not only for purpose-built rentals, but also for private landlords.

Please find a copy of the form here:

Ontario Standard Form of Lease

If you have any questions relating to real estate or leasing specifically, please don’t hesitate to Contact Us today.