Ottawa Housing Market Cools Off
The slowdown in Ottawa's housing market will continue next 2007b year as the number of resale homes hits a plateau and new home construction drops by nearly 9 %.
The news isn't as bad as it may sound since the pace of sales among existing homes is at near record levels.
Ottawa will likely be a balanced market, where quick deals and steep price increases are nothing more than memories. In 2007, the average resale home will increase by only 2.3 %, or roughly the rate of inflation to $262,000. Between 2001 and 2004 when housing markets were hot, prices increases were ranged between 10 % and 14 % annually.
The news isn't as bad as it may sound since the pace of sales among existing homes is at near record levels.
Ottawa will likely be a balanced market, where quick deals and steep price increases are nothing more than memories. In 2007, the average resale home will increase by only 2.3 %, or roughly the rate of inflation to $262,000. Between 2001 and 2004 when housing markets were hot, prices increases were ranged between 10 % and 14 % annually.
posted by PondPine.com at 4:30 PM
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