- Ontario is suffering the most from the economic crisis with an overall unemployment rate of 9%, but in Ottawa the unemployment rate is only 5.2%.
- The public administration sector keeps Ottawa more resilient to economic slowdowns.
- The average weekly earnings in Ottawa are the highest in Canada, reaching $1,000.
- Compared to household income, residential real estate in Ottawa remains inexpensive. The average MLS price in Ottawa is the equivalent of 6 years salary—in Calgary or Toronto it is 8 years salary, and 14 years salary in Vancouver.
- The housing market in Ottawa is currently classified as "sellers market".
- The resale market is HOT. After a small dip in 2008, the average MLS price has climbed and is now $300,000.
- Houses are selling faster than last year and the prices have increased by 3.2% compare to 2008.
- Forecast: the rental market is expected to tighten in 2010, housing prices will rise steadily and we will remain in a "seller's market".
To tie this with the mortgage market, most lenders expect rates to stay at the current levels for a while.
Here is what a good credit and availability of down payment can buy these days:
4-years Variable rate at Prime (2.25%)
5-years Fixed rate - 3.84%
With kind regards,
Vasko DeLev, AMP
Accredited Mortgage Professional
License # M08000574
Verico Capital Mortgages Inc.
106-18 Deakin St, Ottawa ON K2E 8B7
Direct Line: 613-882-7603