We just attended the Canadian Mortgage and Housing Ottawa Housing Market Overview. Here are a few interesting Statistics and Forecasts to review when buying or selling in today market.
What will happen to mortgage rates? Mortgage rates are as low as 4.04% for a 5 year term. Rates for 2011 are forecasted to rise to 5.47% and in 2012 will be back to the level of 10 years ago at or above 6.02%
What does a single family home sell for in Ottawa? The average single family home in Ottawa is currently selling at $432,000. It is expected to rise to $447,000 before the end of 2011 and in 2012 is forecasted to reach $465,000.
Is the Ottawa Housing Market growing? Yes, the conservative and resilient Ottawa market is expected to show moderate growth in the next few years. Ottawa is expected to see continuous job growth of 2.2%. In addition the population will also grow based on new arrivals to the country.
Who are the buyers in today’s Real Estate market? First time home buyers will be the largest percentage of the buying public at an age of up to 24 years of age. The second time buyers will also be larger players in the market with an age category of 25 to 44 years of age.
Is Ottawa in a Buyer or Sellers market? The Ottawa Spring market is looking very balanced compared to the hysteria of 2010 and the HST uncertainty. The HST actually doesn’t affect resale housing sales however that was not presented very clearly before it came into effect. A balanced market equals 2 Sellers for every Buyer. New listing inventory is improving daily.
For more information on real estate in Ottawa visit our web site at http://www.WeKnowOttawa.com
Greg Hamre, Shirley Hamre, Steve Hamre and the Hamre Team at RE/MAX metro city in Ottawa - “These guys are not your average realtors.”