Posts Tagged ‘Buying in Ottawa’

OTTAWA MARKET UPDATE FOR APRIL 2017

The balanced market of the past few years has seemed to evaporate overnight. The market is extremely competitive right now in Ottawa. A shortage of good inventory and favorable demand has shifted the balance towards the sellers. Bidding wars are once again a common practice here in Ottawa. The exception this year is that some of the bidding wars are escalating high above the listing prices. In one instance I witnessed a home sell for 100k more than a sellers list price. It started in March and was mostly contained to the central urban market. Neighbourhoods like Hintonburg and Westoboro are especially hot. That heat has extended to the suburban market, It is not as active but in some segments of the market, every well-priced home is in multiples. As an example, it took my clients 5 offers to secure a Kanata townhouse. They were over asking on all 4 of the previous bids. Every neighbourhood has different trends. Much it will depend on the available inventory in each area. Comes back to simple economics sometimes. Low supply + high demand = Craziness in the Ottawa market.

Let’s examine the April resale numbers for the Ottawa market:

This upwards push is fuelled by a combination of high consumer confidence and good local economic conditions. Houses sold over 1M doubled this April compared to last year. There were over 83 properties sold in the 7 digits! This is an interesting trend to keep an eye on. If you have questions about your neighbourhood trends feel free to get in touch.

OTTAWA MARKET UPDATE FOR MARCH 2017

The Ottawa Real Estate market is heating up. Price gains for both residential and condo units are up 5.3% year over year. The average sale price of a residential property was $415,467 and $272,597 for condos.  Sales are up 28% over last year and we are just shy of the all-time record for March sales.

The core of the city is as active as I have seen it in years. There are limited inventory and lots of demand. This has created many situations where sellers are getting much more than asking price. In one instance I witnessed a home sell for 100k over asking price.  It is a challenging market for buyers right now. Especially in the areas around Wellington village and Hintonburg. These areas are experiencing multiple bids on almost every house!

In the suburbs, the economics are more balanced. There is a reasonable amount of inventory and multiple bid situations are rarer. However, it is more active than in years past. It is going to make for a very interesting Spring market.  The traditional busy season is still yet to be upon us.

The market has different patterns depending on your neighbourhood and category of home. If you are interested to know what’s happening in your neighbourhood, feel free to get in touch.