Market Stabilization with upward pressure because of low inventory
The internet has offered a major boost to the exposure of current listings with street mapping capabilities, high definition pictures, videos and lightning speed delivery of updates. The television is full of real estate focused shows like home improvements and reality home purchasing. In many aspects real estate has become a hobby for home owners and as always it remains a hot topic of interest for all.
Canadian real estate owners have shifted in recent year to a more mobile styled population. Twenty three per cent of those surveyed recently plan to move again within six years, and less than one-third say their next move will be their last.
Seven-in-10 repeat home buyers are looking for a fully detached home. Even those currently living in condos or town-houses are looking for fully detached homes for their next purchase. The top considerations for Canadians’ next home are the layout, location and size of the home. The interesting factor is that 96 per cent are divided on whether to go smaller or larger.
Long term interest rates are extremely attractive today. The Ottawa market is very stable and is forecasted to have upward pressure into 2011.