Hello everyone!
I am sorry that this post is coming out a day late. I was in Toronto over the weekend visiting with my family which included watching my beloved Dutch lose all three games in the Euro, very much the most disappointing team in the tournament. I will now be cheering on England vs Italy on Sunday. It will be a great match for sure!
Anyways, today I report on some important statistics about Ottawa’s housing market that was released in their market outlook late last week.
Some key stats are:
– MLS sales will remain solid, posting a marginal increase this year followed by a slight decline in 2013
– Ottawa prices will grow at a slower rate inline with inflation in 2013 and going forward
– New home starts are set to increase this year by a healthy 8 percent
– Apartment starts will lead the way in 2012 with 2050 units but will go back to normal levels next year. Construction of condominium units has increased by 35% over last year due to investors getting great interest rates, first time homebuyers and empty nesters.
– Average MLS home price in Ottawa at $355,000 this year (3% higher then last year), increasing to $363,500 next year
– Resales will register 4 consecutive years of virtually unchanged levels of activity, slower demand in 2nd half of 2012
– Inventory will continue to increase over the rest of the year with homebuyers looking to take advantage of higher prices pushing to roughly one buyer for every 2 new for sale signs
– Given balanced market conditions, most local home buyers will encounter competitive fair market pricing strategies
– Number of single starts will dip below 2000 for the first time in 15 years but rebound next year. This will be due to the positive labour news in Ottawa.
– Local employment is expected to increase by 1.8%, a much better sentiment then last year.
You can get the full report here: 2012 Spring Market report from CMHC
I hope you enjoy and please ask me any questions at nick@mortgageinottawa.com or call me at 613-294-4475.
Have a great day!
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