From the blog...
OTTAWA MARKET UPDATE FOR NOVEMBER 2018
The Ottawa real estate market has been so interesting to track over the past 12-18 months. It simply continues to stay heated while other major markets in Canada cool.
Here is great insight from our board president Ralph Shaw:
“When you look at what’s happening in real estate markets across Canada, Ottawa’s market performance is the polar opposite, Our market fundamentals are very strong, and we have experienced steady growth for many years, and indeed decades.”
This is kinda what I have been saying in all my recent newsletters. The foundation of our market is so solid with record unemployment and high consumer confidence. Affordability is still very good in relation to our incomes. As we examine November sales numbers we see the drop in sales by 7.2% Over November of last year. This is a reflection of the lack of inventory available to buyers, not any type of cooling in the market. Good inventory is tough to find. Keep in mind most sellers also need a good property to purchase before they put their houses for sale. I think next year we will see some easing of this inventory challenge.
If you are curious to know what is going on in your neighbourhood, please feel free to get in touch.