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Renewed confidence within the civil service sector buoys residential housing in Ottawa in Q2, says RE/MAX Hallmark Realty Group

Shift could push Ottawa’s balanced market into seller’s territory

 Ottawa, ON (August 2, 2016) --   A renewed sense of confidence within the civil service sector, following last year’s federal election, combined with more affordable housing options throughout Ottawa and the surrounding areas, have contributed to an upswing in residential resale home buying activity in the second quarter of 2016, according to RE/MAX Hallmark Realty Group.

 Close to 6,850 residential homes sold in the first half of 2016 in the nation’s capital, up almost six per cent over the same period last year (6,836 vs. 6,478). The year-to-date

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Ottawa existing home sales were fairly flat over the 2010-2014 period.  However, buyers in 2015 took advantage of an increase in the number of homes for sale, lower mortgage rates and competitive pricing in some segments of the resale market according to CMHC report of Fall 2015.  Year-to-date sales volume to the end of August were 4.3% higher than the year before, and prices continued to increase at 2% per year.

Prices of Resale vs New Build homes

To date in 2015, the increase in existing home sales has been mostly driven by single detached 2 storey homes.  According to CMHC an existing single detached home sells at $83,000 lower than a newly built single detached home, plus they are usually located in an area within a shorter commute to the

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According to Canada Mortgage and Housing Corporation (CMHC-Fall 2015 Outlook), Ottawa has remained relatively affordable compared to housing in other major cities with no major swings since 2012.

The Globe and Mail published a chart sourced from CMHC data, in the Report on Business (10/30/15), whereby it highlighted the fact that it saw weak evidence of any overheating, price acceleration and overbuilding in the Ottawa Market, and only moderate evidence of over evaluation. 

 

 

 

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