Wednesday, November 14, 2012

CMHC Housing Outlook Conference 2013

- Ottawa real estate market to re-gain strength mid-2013


- USA consumer spending is up, driving their economy forward

- manufactoring sector driving Ontario economy

- 85% of apartment construction in Ontario is Toronto, Ottawa and Hamilton

- Ottawa affordability index is tightening

- average Ottawa income $94,700 (household)

- Ontario is in the early stages of closing the gap with Alberta

- Ottawa volume of sales will be down, prices increase modestly

- condos in Gloucester and Nepean will be hot

- under $250k will be a top price point for buyers

- Ottawa single family starts expected to drop another 15%

- Rental market will stay strong

- Ottawa economy will remain stable

- unemployement in 2013 expected to be 6.3% - one of lowest in Ontario

- 4800 Federal job reduction less than 1% of government work force

- multifamily construction to increase (towns, semis, condos)

- 8.9% population increase in Ottawa in 2012 (921,823)

- house built in Ottawa annually is 6300

- new households formed 5400

- 1/3 of people in Ottawa earn less than $40k family

- 40,000 students in ottawa in 2000, 65,000 now

- 10% of students in Campus housing, at Ottawa u only 7%

- 2200 more people expected to move into retirement homes over next 10 years in Ottawa

- first time home buyers will lead the recover in Ottawa

- since Q3 2008 - TSX is plus 5%, a condo is plus 30% as an investment

- 29% of Ottawa is between 45 and 65

- hot areas will be inside greenbelt (West and East of downtown)

- downtown will be neutral, as prices are increasing and young buyers cannot afford

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