In Ottawa this weekend for Century 21 Canada's annual national conference, Mr. Lawby intends to tell the 600 or more real estate brokers and sales representatives who will be attending that he expects a reduction in housing sales as affordability becomes an issue.
"Right now, local economy is what is driving consumer confidence," Mr. Lawby notes.
More than half of 69 Century 21 brokers surveyed last week suggested that consumer confidence in their area markets was weaker compared to six months ago and more than two-thirds said it was weaker than a year ago. More than three-quarters of brokers interviewed report that the number of home listings in their markets has increased, while 85 per cent say homes are taking longer to sell and 57 per cent say asking prices have decreased.
Yet while the numbers slump in general, the housing market in Ottawa has done very well over the past four years and is expected to continue to do so.
