15 Dec Ottawa Enjoys an Affordable Housing Market, Report Says
Ottawa home buyers are enjoying more and more affordability on the local housing market, according to a recent article I was reading.
Evidently, housing affordability has actually been improving since 2013. And all indicators suggest that this trend will continue into 2015.
Continue reading to learn more about this encouraging trend.
A Closer Look at Housing Affordability in Ottawa
According to the latest numbers from RBC Economics, housing affordability in Ottawa is encouraging more and more home buyers to enter the market.
In fact, home sales were up for the second straight quarter.
And despite increases in home prices, home affordability is actually greater than ever. Experts attribute this to higher wages and low interest rates.
These trends have many analysts concluding that the market has returned to a normal level, with sales this year ahead of the 10-year average.
Here’s what else RBC recently reported:
- Resales increased for the eighth time in the last nine months in October, fueled mostly by activity in Calgary, Toronto and Vancouver.
- Declines in fixed mortgage rates earlier in the year were key for strengthening the housing market since the spring.
- During the third quarter of 2014, affordability measures at the national level decreased 0.2 percentage points to 47.8 per cent for two-storey homes.
- Affordability decreased 0.3 percentage points to 27.1 per cent for condo apartments.
- The measure for detached bungalows increased 0.1 percentage points to 42.6 per cent.
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