From the blog...
Ottawa Market Update, December 2015
Ottawa’s real estate market was very steady in 2015. After the dust settled the total number of residential and condo units sold through the MLS® System for all of 2015 was 14,658, vs 13,919 in 2014, an increase of 5.3%. Residential and condo unit sales each outperformed the 2014 numbers. The year-to-date numbers for the average residential sale price in 2015 was $391,940, + 1.9% over 2014. The average condominium sale price was $259,691, a decrease of 1.5% over 2014.
I am predicting a very similar real estate market for 2016 to the one we just experienced this past year. Sales will be steady, inventory will be higher then normal, and conditions will remain fairly balanced. We will see sales levels at near historical highs. The buyer may have a slight advantage depending on location and market segment. For instance, the condo market remains an area of concern. Inventory levels are very high and condo developers still seem bullish on this market and continue to build. There is too much supply to match the demand. We could see downward pressure on prices in the condo market again this year. This will remain a buyers’ market. I predict Prices should be up about 1% by the end of the year. For condos there will be some good deals for buyers this year. I can see condo prices being very flat or decreasing anywhere from 1-2%.
Chris