terry890
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http://www.rbc.com/economics/market/pdf/house.pdf
some interesting figures
Ottawa y/y change is 4.8% for standard 2 stories.
Average detached house price 350,600
Home prices for the past 15 years, look at the chart about 90% increased year over year and 10% decreased.
Affordability Measure is almost at 1990 level
about 40% of the income spent on housing.
a small drop in price in 2009 and a huge spike in 2010.
Ottawa and Toronto have the same trend due to HST, very different from the graph from other cities.
The question that's not answered is which direction is the housing price going to go in 2012.
Summery of what the article said about Ottawa.
_______________________________________________________
Once again, the Ottawa-area housing market recently demonstrated its ability
to move past soft patches with minimal damage. After reaching all-time
highs early this year, home resales plummeted in May (on a seasonally adjusted
basis), as homebuyers opted to sit out the traditionally strong spring
season. Although such market movements were somewhat more dramatic
than in other areas of the province, they were largely driven by the same
transitory factors (HST and new mortgage lending rules). Consequently, it
was not surprising to see Ottawa homebuyers cautiously returning to the
market early this fall, once these special factors had largely run their course.
Nonetheless, the weak level of demand in the spring and summer amid still
plentiful availability of homes for sale applied downward pressure on prices.
This trend had a beneficial effect on affordability in the third quarter with
RBC’s Measures dropping 2.0 to 2.9 percentage points (depending on the
housing type) and helped to reduce some of the stress that had built up in the
market in the past year.
some interesting figures
Ottawa y/y change is 4.8% for standard 2 stories.
Average detached house price 350,600
Home prices for the past 15 years, look at the chart about 90% increased year over year and 10% decreased.
Affordability Measure is almost at 1990 level
about 40% of the income spent on housing.
a small drop in price in 2009 and a huge spike in 2010.
Ottawa and Toronto have the same trend due to HST, very different from the graph from other cities.
The question that's not answered is which direction is the housing price going to go in 2012.
Summery of what the article said about Ottawa.
_______________________________________________________
Once again, the Ottawa-area housing market recently demonstrated its ability
to move past soft patches with minimal damage. After reaching all-time
highs early this year, home resales plummeted in May (on a seasonally adjusted
basis), as homebuyers opted to sit out the traditionally strong spring
season. Although such market movements were somewhat more dramatic
than in other areas of the province, they were largely driven by the same
transitory factors (HST and new mortgage lending rules). Consequently, it
was not surprising to see Ottawa homebuyers cautiously returning to the
market early this fall, once these special factors had largely run their course.
Nonetheless, the weak level of demand in the spring and summer amid still
plentiful availability of homes for sale applied downward pressure on prices.
This trend had a beneficial effect on affordability in the third quarter with
RBC’s Measures dropping 2.0 to 2.9 percentage points (depending on the
housing type) and helped to reduce some of the stress that had built up in the
market in the past year.
