Will house prices go down?
Did you know that while CREA (Canadian Real Estate Association) is predicting that home prices next year will be down approximately 2.2%, they will have increased by 1.5% from over 2009. To put it into perspective, your $350,000 home may decrease in price by about $2,500. This is hardly anything to get into panic about, and please remember, that it's the local stats that matter. Our housing market is unique and cannot be compared to national averages, just take a look at some numbers from the Ottawa Real Estate Board below:
Residential Class
Average Sale Price YTD 2010 = $338,418
Average Sale Price YTD 2009 = $305,038 (an increase of almost 11%)
Condominium Class
Average Sale Price YTD 2010 = $251,997
Average Sale Price YTD 2009 = $221,917 (an increase of almost 14%)
So please remember to check what's happening in your local market before you make any real estate decisions.
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Did you know … that while CREA is predicting that home prices next year will be down approximately 2.2%, they will have increased by 1.5% from over 2009. To put it into perspective, your $350,000 home may decrease in price by about $2,500. This is hardly anything to get into panic about, and please remember, that it's the local stats that matter. Our housing market is unique and cannot be compared to national averages, just take a look at the stats above…
Posted by Szabolcs Pall
on June 3, 2010