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News Story
Ottawa housing prices to jump again next year
By Ottawa Business Journal Staff
Thu, Dec 1, 2005 8:00 AM EST
Get ready to pay more for a house next year.
The average price of a resale home in Ottawa will jump five per cent next year, according to Royal Lepage Real Estate.
LePage's 2006 market forecast suggests the average price of an Ottawa home on the resale market will reach $270,900 next year.
Across Canada, Royal LePage says the average house price will increase by 6.0 per cent in 2006 to $271,800. Transactions are forecast to slip three per cent to 467,540.
Royal LePage says strong economic fundamentals will sustain healthy growth in the housing market across the country, with particular strength seen in the West.
"Those looking for a break from the frenetic pace that has recently characterized the housing market will see some moderation next year, but the effects of an unusually strong fall market are expected to carry through into the first half of 2006, with the upward pressure on prices to continue in most areas of Canada," says Phil Soper, president and chief executive officer of Royal LePage Real Estate Services.
Higher prices for Canadian oil and gas will be one of the major factors influencing the market in 2006. Job growth and in-migration to western Canada and corresponding higher consumer spending will sustain sizable gains for the housing markets in Alberta, British Columbia and Saskatchewan well into next year.
Home prices in Calgary are forecast to jump nine per cent next year, and eight per cent in Edmonton.
Royal LePage says any increase in mortgage rates next year is likely to be modest, and have little impact on the housing market.
Ottawa housing prices to jump again next year
By Ottawa Business Journal Staff
Thu, Dec 1, 2005 8:00 AM EST
Get ready to pay more for a house next year.
The average price of a resale home in Ottawa will jump five per cent next year, according to Royal Lepage Real Estate.
LePage's 2006 market forecast suggests the average price of an Ottawa home on the resale market will reach $270,900 next year.
Across Canada, Royal LePage says the average house price will increase by 6.0 per cent in 2006 to $271,800. Transactions are forecast to slip three per cent to 467,540.
Royal LePage says strong economic fundamentals will sustain healthy growth in the housing market across the country, with particular strength seen in the West.
"Those looking for a break from the frenetic pace that has recently characterized the housing market will see some moderation next year, but the effects of an unusually strong fall market are expected to carry through into the first half of 2006, with the upward pressure on prices to continue in most areas of Canada," says Phil Soper, president and chief executive officer of Royal LePage Real Estate Services.
Higher prices for Canadian oil and gas will be one of the major factors influencing the market in 2006. Job growth and in-migration to western Canada and corresponding higher consumer spending will sustain sizable gains for the housing markets in Alberta, British Columbia and Saskatchewan well into next year.
Home prices in Calgary are forecast to jump nine per cent next year, and eight per cent in Edmonton.
Royal LePage says any increase in mortgage rates next year is likely to be modest, and have little impact on the housing market.
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