09 Feb Ottawa Housing Market Forecast For This Year
Recently, experts from the Ottawa real estate market converged to discuss how the market did during the previous year and what to expect for the rest of 2015.
We found the analysis very encouraging and so we wanted to share with you some of what they found.
First, A Look Back at 2014
Here’s what experts recapped as far as real estate activity during the year 2014:
- Housing market activity in 2014 was very similar to what it was in 2013.
- There are still plenty of available homes for sale on the market.
- The spring market was delayed because of a long and cold winter.
- The resale market accounted for 74 per cent while the new homes market accounted for 26 per cent.
- The average resale price was $361,347
- New home sales were well below average in 2014.
- Sales of singles and towns were up in 2014 but down for condo, towns and condo apartments.
- Single family homes accounted for 40 per cent of sales while towns accounted for 37 per cent.
- East Ottawa saw 20 per cent of the total sales, Central saw 15 per cent, South saw 35 per cent and West
- Ottawa saw 29 per cent of sales.
And Here Are the Predictions for 2015
- Factors like oil prices decreasing mean more people will have disposable income, a good thing for the housing market.
- Interest rates are expected to stay at record lows.
- Employment for those above the age of 35 is expected to be steady
- Sales in resale homes will stabilize or increase 2 per cent.
- Prices for resale homes will increase 1 per cent.
- New home sales will increase
- New home prices will increase 3 per cent.
We’re Here to Help With Your Home Selling Needs
If you’re interested in listing your home on the market, please take a moment to contact us, Geoff & Bobbie McGowan, today.
We would love to assist you by answering any questions you might have as well as providing you with valuable home selling resources.
Until next time,