Ottawa’s housing sector in 2011 is expected to be a model of stability but it won’t achieve the same post-recession buzz that pushed average resale prices up 7.6 per cent this year.
“Sales will not reach the peaks we saw early this year and late last year,” said Sandra Pérez-Torres, the Canada Mortgage and Housing Corporation’s (CMHC) senior analyst for Ottawa.
There shouldn’t be a decrease in housing values, she added when speaking at CMHC’s annual Ottawa Housing Outlook conference on Tuesday November 16. The agency anticipates about a two per cent increase to follow the rate of inflation.
New homes are forecasted to remain stable as well, with a slight increase in starts this year over 2009, followed by a 3.4-per-cent drop next year. Multiple-family units will continue to outpace single-family dwellings, with townhomes leading the way.