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In the last couple years Toronto and Vancouver’s real estate markets were popular topic’s of conversation. These markets were on fire, but the hype seems to have settled down a bit. A factor that may have helped with the “cooling off” of these markets is the new mortgage rules that came into effect January 1st. Experts expect these new rules to slow down housing markets throughout Canada.
While these markets seem to be slowing down, experts are predicting that Ottawa’s housing market is full steam ahead. Ottawa Real Estate Board president Ralph Shaw told BuzzBuzzNews “One factor that will soften the blow of the new mortgage rules is Ottawa’s average price point which is in the $400,000’s”. Last year was a good year for the Ottawa market and if this year is similar or better, here’s hoping we can get ready for an exciting year for Ottawa’s real estate market!