Members of the Ottawa Real Estate Board sold 2,146 residential properties in October through the Board’s Multiple Listing Service® System, compared with 1,604 in October 2019, a year over year increase of 34 per cent. October’s sales included 1,665 in the residential-property class, up 38 per cent from a year ago, and 481 in the…
*Canadians of all stripes were blindsided on June 4, when the Canadian Mortgage and Housing Corporation suddenly revised certain key underwriting guidelines. The story got a little more interesting on Monday, when CMHC’s competitors in the mortgage insurance space, Genworth Canada and Canada Guaranty, both announced they would not be following suit. “Genworth Canada believes that its risk management…
The big story of Ottawa’s real estate market for the past few years has been shrinking supply. Few people are putting their homes or condos up for sale until they have someplace to go. In January, the scarcity of listings plumbed a whole new depth. The result: the average price for residential resales soared 19.3…
The Bank of Canada announced today that it is keeping its benchmark rate unchanged despite a weaker economy in the fourth quarter of last year and expectations that growth in the near term will be weaker. Should the recent slowdown in growth be more persistent than forecast, we may see a rate cut. In…
A global luxury property firm has predicted that homes in Canada worth $1 million and above will see their prices grow by around 4% in 2020, largely due to sustained demand and last year’s housing market robustness. In its newly released “Canadian Year-End Luxury Real Estate Report,” Engel & Völkers noted that the combination of…
The average sale price last year for residential properties across the city was $486,600. Ottawa’s housing market appears trapped in a troublesome cycle. Fewer than 1,800 residential homes and condominiums were listed for sale at the end of December, according to data published Monday by the Ottawa Real Estate Board. While this suggests reasonable…
