Ottawa Housing Market Forecast for 2015
According to a recent article I was reading, the Canadian Mortgage and Housing Corp. is forecasting a more balanced Ottawa housing market in the next couple of years.
Continue reading to learn more about what they’re predicting!
A Look Ahead to The Ottawa Real Estate Market in the New Year
Senior real estate analysts are predicting that resale housing market activity will remain just below the 10-year average over the 2015-2016 time frame.
Experts are crediting this to soft employment conditions as well as the expected gradual increase in mortgage rates in late 2015.
The Corporation also predicted that housing starts would decrease in 2015 and remain slow in 2016. This is mostly due to the drop in condominium starts, experts say.
Here’s what else is predicted for the New Year in Ottawa:
- Housing starts across the country are expected to remain on the same level they were this year.
- Housing starts are expected to range between 186,300 and 191,700 units in 2014, with a point forecast of 189,000 units.
- Next year, housing starts are expected to range between 172,800 and 204,000 units, with a point forecast of 189,500 units.
- In 2016, the housing starts are expected o range from 168,000 to 205,800 units, with a point forecast of 187,100 units.
- For 2014, experts are predicting MLS sales to range between 467,400 and 482,000, with a point forecast of 476,100.
- Next year, experts are predicting MLS starts will range from 457,300 to 507,300, with a point forecast of 482,500.
- Experts expect the average MLS price in 2014 to be between $401,600 and $405,400.
- Next year, they expect the MLS price to be between $403,600 and $417,800
We Can Help You Prepare for the New Year!
As you can see, there are some encouraging signs that we can look forward to in the new year on the Ottawa real estate market.
But we don’t recommend navigating the market alone.
Contact us, Geoff & Bobbie McGowan, today and you’ll instantly be connected with valuable real estate resources and expert advice, which will make your Ottawa home buying or home selling experience that much easier.
Until next time,