Real Estate — November 5, 2012Ottawa Housing Market Will Moderate in 2013
OTTAWA, ONTARIO--(Marketwire - Nov. 5, 2012) - According to Canada Mortgage and Housing Corporation's (CMHC) Housing Market Outlook, Fall 2012 edition for the Ottawa Census Metropolitan Area (CMA), the year will end with new home construction higher than 2011 levels. Activity will moderate into the first half of next year, before improving in the second half of the year. Unprecedented growth in apartment starts in mid-2012 had boosted multi-start activity, which are set to return to trend levels over the forecast horizon explaining the moderation.
"While new mortgage rules together with higher home prices will limit first-time homebuyer demand of single-detached units, some buyers will be able to substitute into more affordable high-density dwellings. The gradual improvement in job and income growth during the latter part of 2013 should continue to support demand for housing in Ottawa," said Sandra Pérez Torres, CMHC's Senior Market Analyst.
MLS® sales in the Ottawa CMA will moderate further in 2013 compared to this year and price growth will remain positive, albeit increasing at a slower rate. Balanced market conditions are expected to prevail over the forecast horizon with the modest growth in prices encouraging both those homeowners who wish to list their properties, and would-be buyers who wish to enter the ownership market.
As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.
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