Betty Hillier    613.825.4078

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%

To see the rest of this article go to: http://www.ottawasun.com/2015/01/27/ottawas-housing-market-in-2014-and-2015

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