Home Buying

An Update on Ottawa Real Estate Predictions for 2015

Home Buying 16Are you thinking about buying or selling real estate anytime soon on the Ottawa real estate market?

If so, then you’re sure to want to read today’s real estate blog!

Evidently, according to a recent article I was reading, experts have predicted a 10 per cent jump in new home sales in Ottawa in 2015.

And there’s more to suggest this is going to be a good year in terms of housing market recovery. Continue reading to learn more!

An Overview of Ottawa Real Estate Predictions

Here’s a look at what happened in 2014 and what was predicted for 2015:

  • In 2014, there were 5,255 new home starts in Ottawa, which represents a 20 per cent drop from 2013
  • During 2013, there were 6,560 housing starts.
  •  Given these faces, homebuilders do not expect to see double-digit increases in new home sales in 2015.
  • Meanwhile, job confidence hasn’t been that great in the last couple of years. In fact, in the past four year, the federal government has cut almost 26,000 public sector jobs.
  • But experts believe the job climate will begin turning around in 2015, giving residents new economic hope. This in turn will encourage many home buyers to enter the market and many home sellers to list their properties.

One sector of the population that is finding it difficult to enter the market is Millenials, who are age 25 to 34.These individuals entered the job market post high school and college with an unsteady job market as well as massive student debt. (The average Ontario student will have accumulated $28,000 in school debt upon graduation). But experts believe that these individuals are going to also find more economic strength as the job market continues to improve.

We’re Your Dedicated Ottawa Real Estate Experts

What do you think about the latest predictions from the Ottawa area housing market? We would love to hear your thoughts!

Meanwhile, if you’re interested in entering the housing market as a buyer or seller, please contact us, Geoff & Bobbie McGowan today. We are your dedicated Ottawa real estate experts and we would love to assist you at every stage of the process!

Until next time,