09 Feb Ottawa Housing Market Forecast For This Year
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,