Ottawa is now the hottest real estate market in Canada! Move over Toronto and Vancouver. The market strongly favours sellers in most neighbourhoods. It is a good time to be a seller! Inventory has been tight most of the year. This past week I have seen a glimpse of hope as we are starting to get some new listings in the suburban neighbourhoods. Hope this will help balance the market a little. It is a challenging for buyers right now (and buyer agents).
Let’s look at the numbers. The market statistics for April are in. Our average price for a residential-class property was up 4.2% over last April, sitting at $455,212. In the residential-class property segment, there were 1,616 units sold which is an increase of 9.5% over last April. In the condo market, 416 units sold…. which is an increase of 33.3% from last April. The condo prices in Ottawa increased by 0.3% with the average sale price at $269,294.
The market statistics for March are in. No surprise that we are well ahead of last years numbers. Our average price for a residential-class property was up 8% over last March, sitting at $447,561. In the residential-class property segment, there were 1,302 units sold which is an increase of 11.8% over last March. In the condo market, 358 units sold which is an increase of 14.4% from last March and a price increase of 0.7% with the average sale price at $275,592 for condos in Ottawa last month.
The market continues to favour sellers in most neighbourhoods at the moment. However, I am starting to see more listings coming to market over the last few weeks. Hopefully, this will help balance the market a bit more with the busy Spring market on the horizon.
A story on the “hot” Ottawa housing market was recently featured in the Globe and Mail. I have been a Realtor for 14 years and I have never seen an article in this paper about Ottawa’s market. This National coverage is usually only reserved for the big markets of Vancouver or Toronto. Our housing market right now is just hard to ignore.
Prices are up again over last year. Our average price for a residential-class property was up 2.7% over last February, sitting at $429,600. In the residential-class property segment, there were 729 units sold which is a decrease of 5.3% over last February. This is likely due to less inventory. In the condo market, 250 units sold which is an increase of 7.8% from last February and a price increase to 5.6% with the average sale price at $274,174 for condos in Ottawa last month. With a combined total of 979 units sold in February and an overall decrease of 2.3%.
The Ottawa housing market has been extremely active over the past 6-9 months. It has been quite amazing to observe. New regulations and rising interest rates have some homeowners wondering if we have seen the last of these price gains. Here is a market minute update:
Our local economy is strong and consumer confidence is high. I really see no indications that this real estate market will cool anytime soon. Especially when I look at the most basic economic concept of supply and demand. Right now the supply is very limited in Ottawa and the demand is strong. We have only 6 weeks of inventory available right now in many neighbourhoods. This indicates a strong sellers market. We haven’t even hit the Spring market yet! If you are curious to whats happening in your neighbourhood feel free to get in touch.
The Ottawa real estate market is still pretty hot, especially considering the time of year. Many Ottawa home buyers are looking to purchase before the new mortgage rules are implemented in January. Prices are up again over last year. Our average price for a residential-class property was up 3.2% over last November, sitting at $418,354. It is the number of houses sold that is impressive. In the residential-class property segment, there were 945 units sold which is an increase of 24% over last November. In the condo market, 294 units sold which is an increase of 27.8%. With a combined total of 1239 units sold in November and an overall increase of 24.9%. The prices may not have increased much from last year’s November but the number of units sold shows how active the Ottawa real estate still is.
As always feel free to reach out if you are curious to whats happening in your neighbourhood. I am always happy to help.
The Ottawa housing market results are in and the numbers for the average sale prices are up again month over month. Our average price for a residential-class property was up 8.6% over last October, sitting at $425,256. The condos are up 6.9% sitting at $269,604.
Units sold cooled a little in the condo market last month as for the first time in awhile they dropped well below the double-digit mark. 261 Condo units were sold last month compared to 255 in October 2016.
All in all, this has been another very active month for Ottawa real estate Look at the increases in the home prices. Really surprising to see such big numbers over last year. Nobody predicted this. There is some concern that the new mortgage rules will cool that early in 2018. I am not so sure it will have a big impact on Ottawa. For the most part Ottawa, home buyers are more conservative than say Vancouver or Toronto buyers when it comes to how much of their income they put towards real estate. Buyers will end up affording about 20% less in purchase price with the new rules. It will force people to stay within their comfort zone in terms of what they purchase. Might slow things slightly short term but in the long run, it will ensure that we continue to have a healthy balanced real estate market in Ottawa.
The Ottawa housing market results are in and the numbers for the average sale prices are up again month over month. Our average price for a residential-class property was up 8.2% over last September, sitting at $416,464. The condos are up 3.9% sitting at $261,548.
The Ottawa condo market was busy again. Units sold are still in the double digits compared to last year at this time. 311 Condo units were sold last month compared to 269 in September 2016. The major strength in the condo market is still the number of units being sold.
This fall season continues to be very active for Ottawa buyers and sellers. There has been a slight slow down in units sold -1.6% for the residential-class. That coupled with the fact that demand is strong as let to a very active real estate market here in Ottawa. If you are curious to know whats happening in your neighbourhood please feel free to get in touch.
Earlier this week we were featured in the Ottawa Citizen. Check out the article here: Ottawa Citizen Article
The Fall season is almost upon us. The kids are getting settled into school and everyone is getting back into a routine. Our little man Aiden just had his first day of school. It was pretty hard seeing him board his school bus for the first time! Kids grow up quick.
The Ottawa housing market results are in and the numbers for August are very positive. Our average price for a residential class property was up 7.6% over last August. We are sitting at $420,355. We are up over 7% YTD. Incredible numbers really considering most economists predicted the opposite.
The Ottawa condo market was busy. The prices were down slightly by less than half a percent. The average price of an Ottawa condo was $270,768. Where I see strength is in the units sold. We are up 22% over last years numbers. This has really been a nice turnaround for condos this year.
This fall season will continue to be very active for Ottawa buyers and sellers. There are still many buyers in the marketplace who were unable to secure their home in the Spring/Summer due to increased competition and tight supply. I expect this trend to continue for at least the next 90 days. If you have any questions on the market please let me know.
I hope everyone is having a great summer so far. Our local housing market continues to impress. In July the market was once again well ahead of where we were this time last year. Let’s look at the numbers.
These are the average numbers. There are some areas that are experiencing double digit increases over the same period last year. Anything West of downtown to Carlingwood would be in this category. Buyers want to be central and are willing to pay a hefty price to get there. Take Westboro/Carlingwood areas as an example. The average price here for a single is $758,000 that is up 11.5% from a year earlier.
Another reason for the strength in our market is that condo market is making a comeback. Much of the inventory that has been stale the last few years is being sold off. This has really helped to strengthen the market as a whole. Many condo owners (myself included) have rented their condos in the past few years waiting for better selling conditions. The time might be right to list for those condo investors. The condo market sold 332 units in July 2017 which is an increase or 19.4% compared to last years July.
Inventory continues to be an issue in some locations-especially in the central areas. The amount of new listings coming to market is lower than the 5-year average. Buyers are still patiently waiting for properties to come available. We are seeing a more active summer because many buyers were unable to secure their home in the Spring.
Interest Ratescould be a factor moving forward. As our economy strengthens it is natural that our key interest rate will rise. After many years of steady rates, we have finally seen a rise in the Bank of Canada rate. It recently increased by a 1/4 of a percent. Lenders have since followed suit. This will add about $12 more per month on average for every 100k of a mortgage. It will affect affordability but not enough to cool the Ottawa housing market. Something to keep our eye on. Ottawa is such a spread out city. There are different market trends happening in each micro market of the city. If you are curious to whats happening your neighbourhood let me know. I would be happy to provide you with a list of Ottawa homes that have recently sold around you.
It was raining sales in the Ottawa real estate market last month. Amid one of the rainiest months ever, we also experienced the busiest real estate market in Ottawa history. We absolutely shattered the previous record by over 315 units. The Ottawa residential market has been hot for a while now but the condo market is also coming alive which is leading to this extremely active market. Condos sales activity is up 44.6% over May of last year. In total 2300 units were sold last month! That is up from 1919 units sold in May of 2016. This includes both condos and residential freeholds.
In most neighbourhoods, Ottawa is in a seller’s market. There is just not much inventory and lots of demand. Multiple offer situations are very prevalent in the central neighbourhoods. Freehold prices are up 7.4% over May of 2016 while Condo’s are up 2.4% over May of last year.
Now more than ever it is important to get the advice of an agent. Pricing/marketing strategies are different for every neighbourhood. If you are interested to see what your home would sell for in this market please feel free to get in touch.
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