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STRONG START TO 2018 – OTTAWA REAL ESTATE MARKET NEWS

NEW OTTAWA HOSPITAL - DOWS LAKE, LITTLE ITALY

Ottawa, get ready for a state-of-the-art hospital at Dows Lake!   More info below.

 

2018 Home Sales – January:

So, 2018 is off to a solid start with strong numbers for home sales  :)   Great news for home sellers and home owners, but not so great for buyers (get ready for another tough year, buyers!).

To break it down, the issue here is the lack of inventory, and this will be the catalyst for increasing prices throughout 2018.   The 5-year average for new listings in January is 1,396 for residential and 500 for condominium.  For this January, 2018, these numbers are down to 994 for residential and 406 for condos.   This low inventory of listings, and the solid demand from buyers, will drive a continued upward pressure on home prices.   Of course, these numbers will vary from neighborhood to neighborhood.

As for home sellers, now is definitely a good time to sell.   Demand is strong (we’re still seeing bidding wars in the hot areas), and homes are typically selling quickly.

 

Interest Rates:

The talk of increasing interest rates continues, and there’s speculation on how it will affect the market.   While there is no question that a few buyers out there will be negatively affected by this, it looks like the demand for homes is strong enough to keep things leaning towards a seller’s market.  Keep in mind that overall, interest rates are still historically low here in Canada.

 

Developments in Ottawa:

To add to Ottawa’s already rapidly growing Little Italy & Civic Hospital area, the plans for a new  Hospital building at Dows Lake are moving forward.  And it looks like it’ll be a state-of-the-art facility (possibly with a rail station right in the building!).   Very exciting to see this kind of development in our city :)   To view the plans, check out this article:

 

Govt Home Rebates:

For anyone doing improvements to their homes, there are a ton of options for ‘green’ home rebates that the government is offering.  To find out more about how you can get money back for your home improvements, visit the govt site here:

Green Ontario Home Rebates

 

Get in touch with me if you have any questions about Ottawa real estate; I’m always happy to help  :)

 

CHRIS STEEVES

Sales Representative. Residential & Commercial.
Capital Homes Realty
217-1419 Carling Ave, Ottawa, ON
Office: 613 744 0356

Visit our website:
WWW.CHRISSTEEVES.CA
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