Ottawa’s housing market in 2014 and 2015
What happened in 2014
- The market in Ottawa for 2014 was similar to 2013
- The Spring market was delayed because of the long, cold winter we experienced.
- The housing supply was still plentiful.
- There were a low number of first time buyers
- The resale market accounted for 74% and new homes for 26%
- The average number of days that a residential property was on the market for was 49, for a condo it was 57.
- Prices are rising steadily in Ottawa – the city doesn’t experience the highs and lows that other places see.
- The average resale price was $361,347
- New home sales were well below average in 2014.
- Sales for singles and towns were up in 2014 but down for Condo towns and condo apartments
- April and May were the best months for New home sales.
- Single family homes accounted for 40% of sales, Towns for 37%, Condo towns for 5% and Condo apartments for 18%
- East Ottawa saw 20% of the total sales, Central saw 15%, South saw 35% and West Ottawa accounted for 29% of sales for the city.
Predictions for 2015
- Positive influences such as oil prices decreasing mean that people have a higher disposable income.
- Interest rates are and will stay at record lows
- Employment for those 35+ will continue to be steady
- Low mortgage rates mean that first time buyers should kickstart the market in 2015.
- Sales in resale will stabilize or increase 2%
- Prices for resale homes will increase 1%
- Average days on the market for resale homes will go down to 44.
- New home sales will increase
- New home prices will increase 3%
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