Oil Prices & Ottawa Real Estate:
Since oil prices are dropping, we know that certain economies are going to be affected, the question is where, when, and how. Here is some information, which happens to be good news for Ontario, about how this changing landscape will affect Ontario real estate. Fyi, my personal opinion is that we won’t see much change here in Ottawa.
According to an article in the Globe and Mail published January 14, 2015, they quote Royal Lepage as saying that ‘the really big winners this year will be homeowners in the Greater Toronto Area, as Ontario gains from the oil-induced depreciation of the Canadian dollar, stronger exports and higher employment.’ They also go on to say that ‘in eastern Canada, buyers will have the upper hand as prices rise at a slower pace than inflation.’
Surprisingly, even with these changes in the oil industry, they say, ‘ Calgary and Edmonton are still forecast to outpace Halifax, Montreal, Ottawa and Winnipeg. But remember that Calgary had, until recently, been the hottest market in Canada.’
Good news for Canada, is that the national average is expected at 2.9 per cent. We’re still going strong in Canada, despite some markets that will be cooling off (which I’m sure some buyers are happy about).
Read more on this topic here: http://www.theglobeandmail.com/report-on-business/top-business-stories/how-the-oil-drama-will-sway-the-price-of-your-home/article22441882/
You contact me for more info here: https://chrissteeves.ca/contact-us/
CHRIS STEEVES