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Your resource for More Ottawa Real Estate (M.O.R.E) information, market news updates and the occasional mindless rambling from Jeff.
Friday, January 20, 2012
What’s in store for Ottawa Real Estate in 2012?
Categories:Ottawa Real Estate Market
2011 was a year of big change for me personally, and as I look ahead into 2012 change seems to be another recurring theme (or is it?). The world we live in today moves much faster than in the past and life in Ottawa is no exception. 2012 will see Ottawa move forward with two more city building projects right on the heels of the successful Ottawa Convention Centre. They are the redevelopment of Lansdowne Park and continued progress on our light rail project, one of the biggest capital infrastructure investments in Ottawa’s history since the building of the Rideau canal. With all this positive change taking place here in Ottawa I wanted to share my thoughts on what I believe is in store for the Ottawa Real estate market and some of its’ biggest influences:
US Real Estate
While some Canadian cities may be at risk after recent heady price gains fed by ongoing low interest rates, many Canadian economists feel otherwise such as David Tahl of CIBC “Prices are already softening, housing starts aren’t in the sky, MLS activity is starting to soften, so it suggests the market is already starting to level off, and that’s what we need”, “The housing market of tomorrow will not be as exciting as the housing market of yesterday,” he said in an interview. That most of Canada will be in a more balanced real estate market with less speculation and few bidding wars, with any correction likely to be limited to “overheated” sectors such as Vancouver and the “oversupplied” condo market in Toronto.
Overall I predict 2012 will bring much of the same for Ottawa; a great place to live and a stable, more balanced housing market with somewhat smaller appreciation in house prices for 2012. All of this must sound familiar to most home owners in Ottawa compared to those in other cities. While “change” can be exciting, stability can be a beautiful thing too.
While no one can predict with certainty what will happen with Ottawa’s real estate market, it is important to remember that buying or selling a home should be based on what is right for your personal situation in your life today (bearing in mind the economic times we live in). It is equally important not to make decisions about one of life’s most valuable assets by dwelling on the past or allowing future worries to impact a decision best meant for the present.
A year from now I hope we are all able to look back at 2012 and be thankful for our lives, our loved ones, and for the places we call home.
Thank you to all my friends & clients of the past year, and to those of you I have yet to meet but hope to have the privilege of helping one day.
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