Ottawa’s most popular type of housing…defies classification.
I guess we need some new classes of homes
By Dave Williams
A Review Resale homes by Type in Ottawa for 2012
The Big Winner for 2012 was loft condos, seeing a price increase of 9.4% over the previous year and demonstrating that Ottawans are willing to pay for something different & stylish.
In the freehold market, cute little 1.5 stories made the biggest gains, rising 7.6% over 2011. (What’s a 1.5 story home? Bedrooms upstairs, usually with sloped ceilings and no bathroom.)
<a note on the average price of homes in Ottawa>
Down But Not Out
In the condo market, split level homes lost ground sliding 11.8% below 2011 levels (possibly do to rarity as their sales numbers were also down 43%).
The greatest slide was seen in side-by-side duplexes, which fell in average price 21% from 2011…which struck me as odd.
(Last years mortgage changes were more impactful on first time home buyers, but after an insightful chat with a mortgage broker I discovered there have been significant changes to income property lending. While I do some research and consult with more mortgage brokers, this will have to wait till another blog.)
Looking at Sales Numbers
Up & Down duplex sales slid 13.7% from 2011, showing the largest drop while the biggest growth in Sales #’s for both Residential & Condo properties was…drum roll…“the Other’s”, up 26% over 2011. Leading me to believe that infill builders are giving us more choices in styles of homes, frequently defying classification…or we need a better classification system.
What do you think this year (2013) is going to look like in the real estate market? Tough year…slide in prices…or massive growth?
Tell us what you think.