18 May Report: Ottawa Housing Market More Stable These Days
Excellent news for anyone thinking of entering the Ottawa housing market anytime soon: Evidently the market appears to be growing increasingly stable.
After all, according to a recent report from the Canada Housing and Mortgage Corporation, housing in the country is not as overvalued as previously feared – and the market as a whole is considered quite stable and low risk.
Continue reading to learn more about this encouraging trend on the local housing market.
An Overview of the Recent Report on Ottawa’s Housing
The Canadian Housing and Mortgage Corporation considered multiple factors when creating its report.
For instance, it considered housing demand, the increase in housing prices on an annual basis, speculation and its impact on value s and the housing construction within the city and whether overbuilding is taking place.
Here are the highlights of the organization’s latest report about the Ottawa real estate market:
- Regina and Winnipeg are the two markets that are likely to fall hardest should the housing market enter a rough period again.
- Meanwhile, Calgary, Edmonton, Ottawa and Vancouver are considered stable or low risk.
- Toronto, Montreal and Quebec City are classified as having a moderate risk of a housing market correction.
- The organization analyzed activity during the month of March, which shows that the average home in Ottawa sold for $361,572, up 0.7 per cent compared to the same month last year.
- At the same time, new home sales for the month increased 4.4 per cent over March 2014 to 365 units, up 21.9 per cent from February.
- Resale home sales saw a modest two per cent increase, to 1,208 over March 2014.
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