Benefiting from its relative affordability compared to detached product, and steeper price declines, attached sales activity far surpassed expectations and grew by nearly seven per cent. Stronger sales and easing new listings helped reduce inventory levels and push the market toward more balanced conditions. However, persistent oversupply continued to weigh on prices. Attached prices eased by four per cent in 2019, for a total price decline of 11 per cent since 2015 highs.
In 2020, added competition from the new-home sector is expected to draw some demand away from the resale side of the market, but resale activity is still expected to improve by three per cent. Gradual reduction in supply levels should help to support more stable conditions. However, the competition from the new-home sector, and the still-oversupplied resale market, will continue to weigh on prices, which will ease slightly over the previous year’s levels.