In a recent RE/MAX survey conducted by Leger, 53% of respondents expressed intent to purchase a home and 47% expressed intent to do so in the next five to 10 years. Home ownership remains an important goal for Canadians.
Almost one-third of respondents plan to use the purchase of a home as an investment strategy to help fund their retirement. While 42% of millenial respondents see home ownership as a retirement funding strategy.
Ways to finance their dream of home ownership included conventional options like:
- Buying a home with a family member (33%)
- Renting out a room on a vacation rental site like Airbnb (15%)
- Renting out a room in their home (22%)
- Purchasing a home with a roommate (9%)
What About The Ottawa Housing Market?
The Ottawa housing market was stable in 2016 with modest growth in the number of sales and the average residential home sale price.
- Residential sales prices grew 1% year-over-year, from $367,632 to $370,940
- Number of sales grew to 13,834 between January and October 2016, compared to 12, 964 during the same period in 2015.
RE/MAX expects the average price of residential homes to increase by 2% in 2017.
This is largely due to consumer confidence in the the Ottawa housing market resulting from it’s strong local economy, stable public sector jobs and strong private sector. The emerging technology sector is also expected to continue to grow and lead to addtional housing demand.
The Ottawa market is expected to remain a seller’s market in 2017, with current days on the market for homes up for sale sitting at 91 days.