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OTTAWA MARKET UPDATE: NOVEMBER 2019

Posted on: December 10th, 2019 by Chris Scott

OTTAWA MARKET UPDATE NOVEMBER 2019

Another year is almost in the books! This one has flown by. This year has been the most active housing market I have experienced. The numbers bear that out. In November new listings were being absorbed by buyers at a record-setting pace. Here is what our board president had to say:

“Our inventory is not having a chance to build as it is being absorbed as quickly as it comes on the market. That’s why there are so many sales every month even though the supply stock is low,”

If we compare November of this year to last year, the price difference is almost shocking! See the statistics in the chart. We are up 16.9% on the freehold side and 9.8% on the condo side of things. At the start of next month, I will be providing a very detailed annual market report that breaks down all the numbers.

There is a slight cause for concern with the recent announcement that Canada lost over 71,000 jobs in the last month. This represents the largest drop in employment over a one month period since the financial crisis. Ottawa is always sheltered from this unless it hits the public service. Something to keep an eye on for sure.

If you want to know what’s happening in your neighbourhood, please feel free to reach out.

OTTAWA MARKET UPDATE NOVEMBER 2019

OTTAWA MARKET UPDATE: OCTOBER 2019

Posted on: November 13th, 2019 by Chris Scott

OTTAWA MARKET UPDATE OCTOBER 2019

It is a winter wonderland out there already. What the heck is going on! A snow day on Nov 12th is madness!! Some people may be wondering if the cold weather will put a chill in this hot real estate market. I am not sure that will be the case. The numbers from October reveal that there is some madness in that regard too!

Our market is summed up nicely by our board president:

“New listings are down, inventory remains scarce, and yet more homes changed hands this October than in the past decade and a half,” reports Dwight Delahunt, President of the Ottawa Real Estate Board. “It’s perplexing at first; however, when you consider the current breakneck transaction pace in the Ottawa resale market, often requiring homebuyers and sellers to make swift decisions, it makes sense.”

When I analyze the market it is clear to see we are firing on all cylinders. What I see is that for the first time you have all segments of the market including condos and freeholds beings extremely desirable to buyers. In years past it might have been the condo market that was hot or the last few years, it was more about the freehold market. Often times it could be different locations that were “hot”. This year it seems to be every segment in almost all locations. Especially West of downtown. The hottest locations are experiencing price increases of over 5% when compared to March and April of this year!! Many buyers back in the Spring were patient and that patience is long gone with buyers now realizing they have to pay a big premium (in some cases) to secure their home.

I get why our market is what it is. We have been undervalued for a long time. I have said this in my annual reports for years. Even now in relation to our average earnings and the extremely high quality of life in our city, I can still make that case. It is just not much of a secret anymore! If you want to know what’s happening in your neighbourhood let me know. We are always happy to be a real estate resource for you.

Ottawa Market Update October

OTTAWA MARKET UPDATE OCTOBER 2019

Recent Blog Posts

    
 
 
        
   Anny Metivier 
 2024-08-13
 
 
  Over the years, with multiple military moves, we’ve had the opportunity to work with many real estate agents, and we can confidently say that not all are created equal. Chris, by far, has been the most trustworthy and easiest real estate agent we’ve had the pleasure to work with.
  
 
       
   Jake Moffat 
 2024-06-07
 
 
  Colin has been the best realtor to work with and helped us buy a great house in the perfect neighborhood. Colin and the rest of the team at Chris Scott were incredibly helpful the whole way and always available to answer questions, show us houses at a time that was convenient for us and were just generally professional and friendly during the whole process. We will recommend Colin and the team to our friends and family.
  
 
       
   Faith Woodley 
 2024-03-13
 
 
  I was a co-Executrix of an estate, and we had a condo that we had to sell for the estate.  In order to get the property ready for sale, we had to have the over 5,000 square foot condo painted and the carpets replaced.  Since the property was empty, Chris recommended a home stager that he uses on properties that require these services, and she did a fantastic job of staging the condo. It took the condo to the next level. The condo sold for a phenomenal price, and we were very happy with Chris Scott and his abilities.  He always gives over 100 percent to get the job done!  I recommend him to anyone that requires the services of a great real estate agent.
  
 
       
   Emily Bozanich 
 2023-10-07
 
 
  We worked with Rachel and she was beyond diligent. She is so organised and meticulous with details, it really helps when buying a home. She even agreed to do a virtual walk through for the home we ended up buying because we weren’t going to get there ourselves prior to offers being reviewed. She was also great with recommending areas to consider and avoid. Highly recommend.
  
 
       
   Cy Dixon 
 2023-10-06
 
 
  Rachel was amazing. She helped me find the perfect home for me and my son during a challenging time in my life. She was extremely patient and empathetic, professional and knowledgeable. I highly recommend her. No one will work harder for you than Rachel.
  
 
       
   Jeff C 
 2023-10-06
 
 
  Awesome realtor team very helpful and knowledgeable
  
 
       
   Nathalie Groupe Godin 
 2023-10-06
 
 
  Great service. Very knowledgeable. Super helpful. I’d use this team again.
  
 
       
   D Hynders 
 2023-10-05
 
 
  I recently used Chris' team to purchase a new house and I have to say that it was a pleasure to work with them.
  
 
       
   Megan Bixby 
 2023-10-05
 
 
  My husband and I purchased a house in the surrounding Ottawa area with the assistance of Colin from this group of individuals. We unfortunately were left with no choice but to purchase a home sight unseen due to our work circumstances. We originally considered not purchasing because of this.
We deliberated and chose to purchase a home after participating in FaceTime showings and we could not have been more satisfied. Colin was objective, professional, calm, informative, and realistic. He listened to our needs and helped us choose our home. The fact that we were pleasantly surprised, and a year later remain pleased as punch, says everything about how talented this company is. Will, without a doubt, use this company when we leave Ottawa.
  
 
       
   André Desjardins 
 2023-10-04
 
 
  We worked with Chris to find a home back in 2011 that would suit our desire to be close to work. He was nothing but professional and courteous! Listening to our needs and showing us what we were looking for. Years later, when we thought about down sizing and finding a renovated home, he took us around to see some in the neighborhood. He always open to helping us out in our searches

Anny Metivier

2024-08-13

Over the years, with multiple military moves, we’ve had the opportunity to work with many real estate agents, and we can confidently say that not all are created equal. Chris, by far, has been the most trustworthy and easiest real estate agent we’ve had the pleasure to work with.

Jake Moffat

2024-06-07

Colin has been the best realtor to work with and helped us buy a great house in the perfect neighborhood. Colin and the rest of the team at Chris Scott were incredibly helpful the whole way and always available to answer questions, show us houses at a time that was convenient for us and were just generally professional and friendly during the whole process. We will recommend Colin and the team to our friends and family.

Faith Woodley

2024-03-13

I was a co-Executrix of an estate, and we had a condo that we had to sell for the estate. In order to get the property ready for sale, we had to have the over 5,000 square foot condo painted and the carpets replaced. Since the property was empty, Chris recommended a home stager that he uses on properties that require these services, and she did a fantastic job of staging the condo. It took the condo to the next level. The condo sold for a phenomenal price, and we were very happy with Chris Scott and his abilities. He always gives over 100 percent to get the job done! I recommend him to anyone that requires the services of a great real estate agent.

Emily Bozanich

2023-10-07

We worked with Rachel and she was beyond diligent. She is so organised and meticulous with details, it really helps when buying a home. She even agreed to do a virtual walk through for the home we ended up buying because we weren’t going to get there ourselves prior to offers being reviewed. She was also great with recommending areas to consider and avoid. Highly recommend.

Cy Dixon

2023-10-06

Rachel was amazing. She helped me find the perfect home for me and my son during a challenging time in my life. She was extremely patient and empathetic, professional and knowledgeable. I highly recommend her. No one will work harder for you than Rachel.

Jeff C

Awesome realtor team very helpful and knowledgeable

Nathalie Groupe Godin

Great service. Very knowledgeable. Super helpful. I’d use this team again.

D Hynders

2023-10-05

I recently used Chris' team to purchase a new house and I have to say that it was a pleasure to work with them.

Megan Bixby

My husband and I purchased a house in the surrounding Ottawa area with the assistance of Colin from this group of individuals. We unfortunately were left with no choice but to purchase a home sight unseen due to our work circumstances. We originally considered not purchasing because of this. We deliberated and chose to purchase a home after participating in FaceTime showings and we could not have been more satisfied. Colin was objective, professional, calm, informative, and realistic. He listened to our needs and helped us choose our home. The fact that we were pleasantly surprised, and a year later remain pleased as punch, says everything about how talented this company is. Will, without a doubt, use this company when we leave Ottawa.

André Desjardins

2023-10-04

We worked with Chris to find a home back in 2011 that would suit our desire to be close to work. He was nothing but professional and courteous! Listening to our needs and showing us what we were looking for. Years later, when we thought about down sizing and finding a renovated home, he took us around to see some in the neighborhood. He always open to helping us out in our searches