Since there are a lot of questions and confusion in the real estate market these days, here’s the quick and dirty on Ottawa’s market for 2013 and 2014 (according to CMHC). I’m not going to write an essay here, but here’s some point form notes
– Ottawa prices will post modest growth this year, as market supply and demand remain balanced
– MLS sales will soften in 2013, but pick up again in 2014 as first-time-homebuyer activity gradually strengthens
– Housing starts are set to decrease this year by 17% (over 2012) and are expected to increase slightly in 2014.
– Employment is to remain resilient in Ottawa, but compared to 2012 will grow at a more modest pace in 2013 before accelerating in 2014.
– Mortgage rates are expected to see modest and gradual increases, but will remain low. Increases in the Target Overnight Rate by the Bank of Canada are not anticipated before mid 2014. CMHC base case scenario for 2013 is a 1 year average rate of 3.13%. For 2014, the 1 year posted mortgage rate is expected to rise and be an average of 3.42%.
This, of course, is very general information. Please contact me with specific questions about markets and all-things real estate