Home Buying

Your Home Price Index Report for Ottawa and Other Communities

Home Buying 5The Teranet-National Bank composite house price index was recently released, giving home buyers and home sellers across Canada an idea of the current state of the housing market.

The bottom line? The composite house price index was down 0.3 per cent in November, which is the first monthly decrease in more than a year.

Still, there were some gains in specific local housing markets. So let’s take a closer look.

Your Canadian Housing Market Report for January

Here’s a look at what the recent report from Teranet revealed:

  • Eight of 11 major Canadian markets saw a decrease in the composite house price index.
  • The Ottawa-Gatineau market saw a decrease of 0.2 per cent.
  • Edmonton was the only city to see an increase.
  • Meanwhile, Vancouver and Hamilton remained unchanged between October and November.
  • Compared with a year ago, the 11-city composite index increased 5.2 per cent. In October, the year-over-year increase was 5.4 per cent.
  • Halifax saw the biggest monthly decrease in November, down 1.6 per cent.
  • Quebec City was down 1.5 per cent and Montreal was down 1.0 per cent.
  • Calgary had the smallest decline at 0.2 per cent.
  • In terms of year-over-year, the index was down in two other cities: Quebec City (-0.3 per cent) and Halifax (-1.8 per cent).
    Three cities had moderate year-over-year increases: Winnipeg (1.5 per cent), Victoria (1.4 per cent) and Montreal (0.6 per cent).
  • Calgary had the biggest 12-month increase with 9.2 per cent.
  • The others were Toronto (up 7.3 per cent), Hamilton (up 7.0 per cent), Edmonton (up 6.2 per cent) and Vancouver (up 5.9 per cent).

Helping You Buy and Sell Ottawa Real Estate

It’s important to know about these recent market trends as they could impact you as a buyer or seller navigating the Ottawa real estate market.

It also helps to work with an experienced real estate agent who can answer any questions you may have and also tell you how to expertly navigate the local housing market, given current conditions.

So contact us, Geoff & Bobbie McGowan, today to learn how we can help you realize your local real estate dreams!

Until next time,