Tuesday, January 12, 2016
On the home front: What's hot in 2016 - Langston, Ottawa Citizen
They don’t strut down catwalks, but homes sometimes seem as trend-conscious as the slinkiest runway model. They gussy themselves up in gables and fancy rooflines then go all sleek and modern; floral-print furniture appears only to vanish; houses grow big, then shrink. One thing for sure: status quo is not in their vocabulary. Here’s some of what we can expect to see on the homes front this year.
New home sales in Ottawa should hit 4,300 this year, up eight per cent from 2015, according to the latest numbers available from Patrick Meeds of industry analyst PMA Brethour Realty Group. He predicts a steady growth in the first-time buyer market in 2016.
As well, housing starts in Ottawa should rebound by four per cent over 2015, according to Canada Mortgage and Housing Corporation. That’s due mostly to an increase in starts for relatively affordable row housing. Starts of single detached homes will remain flat in 2016, the agency believes. It forecasts the average price of a new, detached home in Ottawa to hit $525,000 this year, up from a predicted $517,000 in 2015 (final numbers not available at the time of writing).
CMHC says to watch as well for a slight uptick in condo construction after two years of slow starts as builders cleared out inventory.
The agency predicts Ottawa’s resale market will again enjoy the healthy sales growth it saw last year, with the average price edging up to $376,000 from $368,000 in 2015.
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