Forcast for Real Estate in Ottawa

Here is a very interesting table from the CMHC forcast for real estate in Ottawa.

Forecast Summary

Ottawa CMA Spring 2014

 

 

2011

 

2012

 

2013

 

2014f

 

% chg

 

2015f

 

% chg

New Home Market

 

Starts:

 

 

 

 

 

 

 

Single-Detached

2,134

1,592

1,787

1,650

-7.7

1,675

1.5

Multiples

3,660

4,434

4,773

3,370

-29.4

3,525

4.6

Semi-Detached

361

286

398

345

-13.3

375

8.7

Row/Townhouse

1,826

1,379

1,615

1,575

-2.5

1,650

4.8

Apartments

1,473

2,769

2,760

1,450

-47.5

1,500

3.4

Starts - Total

5,794

6,026

6,560

5,020

-23.5

5,200

3.6

 

 

 

 

 

 

 

 

Average Price ($):

 

 

 

 

 

 

 

Single-Detached

478,292

482,586

490,733

500,547

2.0

515,564

3.0

 

 

 

 

 

 

 

 

Median Price ($):

 

 

 

 

 

 

 

Single-Detached

455,990

461,900

466,900

473,904

1.5

483,382

2.0

 

 

 

 

 

 

 

 

 

New Housing Price Index (% chg) (Ottawa-Gatineau)

 

3.0

 

2.6

 

0.4

 

1.1

 

-

 

2.0

 

-

 

 

Resale Market

 

MLS® Sales

14,551

14,497

14,049

13,750

-2.1

14,000

1.8

MLS® New Listings

25,949

28,332

29,876

30,000

0.4

30,200

0.7

MLS® Active Listings

50,804

64,177

70,126

70,400

0.4

70,900

0.7

MLS® Average Price ($)

344,791

352,610

358,876

363,000

1.1

367,250

1.2

 

 

Rental Market

 

October Vacancy Rate (%)

1.4

2.5

2.9

3.2

0.3

3.0

-0.2

Two-bedroom Average Rent (October) ($)

1,086

1,115

1,132

1,140

0.7

1150

0.9

 

 

Economic Overview

 

Mortgage Rate (1 year) (%)

3.52

3.17

3.08

3.00 - 3.50

-

3.20 - 4.25

-

Mortgage Rate (5 year) (%)

5.37

5.27

5.24

5.00 - 5.50

-

5.25 - 6.00

-

Annual Employment Level

521,900

539,100

526,800

528,500

0.3

534,000

1.0

Employment Growth (%)

0.6

3.3

-2.3

-2

-

1.9

-

Unemployment rate (%)

5.6

6.2

6.3

6.4

-

6.3

-

Net Migration

13,020

9,922

7,787

8,000

2.7

8,500

6.3

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