Ottawa Housing Projections

1. Sales of new homes in general have already declined by 31% - 38%, depending on location, price and type of homes;
2. So far this year, Building Starts for Multi-Family homes dropped by 34%; Apartments by 38%; Semi-Detached by 31%; and Townhouses by 33%;
3. Ottawa's used homes market (which is more than twice the size of the new homes market) showed an increase of 19.16% in its sales in the same period;
4. Paradoxically, the inventory of used homes on MLS is higher than in the previous year. And the average duration that used homes remain listed on MLS has risen to 47 days, and 60 days at year-end;
5. Average detached bungalow prices rose by 5 percent to $274,000 and 2-storey houses by 3.5% to $269,714;
6. Several new home builders are offering incentives to buyers. They include Hardwood Floors in Living/Dining Rooms and Entrance Halls; Ceramic Floors in kitchen and bathrooms; Air-conditioning; 5 Appliances; 9ft ceilings in several new apartment buildings, and 9ft ceilings on the ground level of 2-story houses and bungalows, as well as Price Discounts posing as "Decorating Bonuses" or "Early Occupancy Bonuses";