Friday, May 18, 2007

real Estate Resale Market Expected to Hit Ottawa

Ottawa's home resale market is expected to reach record highs this year as residential construction declines.

Housing starts would fall by 2 % in 2007 to 5,750 units, while sales of existing properties would rise by 2 % to 14,300 units.

Meanwhile, the vacancy rate is expected to fall to 2.1 % in October 2007 as a result of quieter activity in the rental construction market.

The resale market will have another excellent year in Ottawa, setting a new record for transactions, multiple-family housing starts will make up the majority of construction activity for new dwellings. The construction of high-density residential projects will therefore continue in Ottawa.

Resale activity is also expected to be extremely strong across the province as a result of stable mortgage and labor market conditions, as well as greater choice in the resale market and the cost gap between new and resale home purchases.

However, new home starts will remain near historical averages.


Blogger JenC said...

I am wondering what your sources are? I am happy to hear that Ottawa resale is in good shape this year.

Also, what drew you to create this blog on ottawa housing? Are you concerned about the bubble?

6:00 PM  

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