Report: 2014 Ottawa Real Estate Activity Better Than Expected

CalculatorThe final numbers for 2014 real estate activity in Ottawa are in and they are rather encouraging!

Evidently, Canadian home sales activity was better than expected in 2014. And the outlook continues to be rosy into 2015.

Let’s take a closer look at these numbers to see how they impact you.

The Latest Numbers from the Ottawa Real Estate Market

Here’s an overview of the recent report from the Canadian Real Estate Association about sales activity in 2014:

  • The association estimated that 481,300 homes were sold in 2014, up from a September estimate of 475,000.
  • Home sales increased roughly 5.1 percent over 2013, putting them at the highest level since 2007.
  • For 2015, experts predict that sales will total 485,200 homes, up from an earlier prediction of 473,100.
  • Meanwhile, compared with November 2013, home sales increased 2.7 per cent in November 2014.
  • November sales were up in about half of all local housing markets, including Montreal, Edmonton, Winnipeg, Hamilton- Burlington, Barrie and Windsor-Essex.
  • The national average price for homes sold in November was $413,649, up 5.7 per cent from the year before.
  • The number of newly listed homes decreased 0.4 per cent in November compared to October. Meanwhile, the national sales-to-new listings ratio was 56 per cent in November.
  • It should be noted that the association considers a sales-to-new listings ratio between 40 and 60 per cent a balanced housing market.
  • In 2015, experts with the association expect exports, job growth and incomes to continue to grow and improve, helping to fuel improvements on the housing market as well.

We’re Here to Help With Your Ottawa Real Estate Needs

It’s certainly an exciting time to be navigating the local housing market as a buyer or seller.

For assistance with helping realize your Ottawa real estate dreams, you should consider working with an expert REALTOR like us, Bobbie & Geoff McGowan.

So contact us today to learn how we can help make the real estate transaction process easier for you and your family!

Until next time,