The Ottawa Business Journal reports on Canadian Real Estate Association’s updated housing forecast. They also address Royal LePage’s recent update.

Royal LePage released it’s House Price Survey yesterday. Its highlights are:

• National aggregate home price increased 4.3% year over year in Q4 2023; decreased 1.7% quarter over quarter
• Aggregate home price in greater regions of Toronto, Montreal and Vancouver posted gains of 5.1%, 4.1% and 2.7% year over year, respectively, in final quarter of 2023
• Among report’s major regions, Calgary recorded highest year over year price appreciation (10.7%); only major region to post quarterly price gains in Q4 2023 (1.5% over Q3)
• 81% of regional markets posted a quarter-over-quarter decline
• Approximately 2.2 million mortgages in Canada will be renewing over the next two years, most at a much higher interest rate
• National aggregate home price expected to rise 5.5% year over year in Q4 of 2024

Details can be found here.

The Ottawa Business Journal using the latest news release from the Ottawa Real Estate Board, as well as the Royal LePage forecast and a statement by Ken Dekker of Re/Max forecasts that confidence is returning to the Ottawa Real Estate market.

The vacancy rate in downtown Ottawa declined in December 2023. More workers are making their way back. A very good sign!

Economists are forecasting a turning point for the real estate market this year. Not a drastic turn but a gradual shift. Always be careful when reading statistics for Ontario – the Toronto market can really change the figures. Details on the Ottawa Business Journal.

The Ottawa Business Journal reports on Royal LePage’s 2024 forecast.

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Looking back at the year 2023 in Ottawa, real estate figures report, the number of sales is down and prices are down as well. CTV reports that 2023 was the slowest year in real estate since 20010, 13 years ago.

Link to video