Is the Ottawa Market Overvalued?
Ottawa folks, when you hear news relating to national real estate trends and you are wondering what is going on, please remember large centers like Vancouver and Tornonto drastically skew the data. Below is a bar chart showing how much homes have appreciated in the last 12 months in various centres in the country. As you can see Ottawa housing prices have only gone up by just over 1%, compared to ~11% for Toronto and ~21% for Vancouver, in the last 12 months. So Ottawites, I would not be too worried about your house losing 30% value overnight when housing prices have only gone up ~7% in the last 5 years in Ottawa (see second bar chart) compared to the 36% and 42% for Greater Vancouver and Toronto respectively.