What’s up Ottawa!!
2017 has been quite the year for real estate sales in Ottawa, and June was no different. Many properties continue to go into multiple offers, and end up selling over asking price (doesn’t everyone love a bidding war?! :-).
Residential sales in June of 2017 are up 8.9% over the same time period last year. This is on course with the record year we’ve been having here in Otown. What’s causing this increase in home purchases? To summarize what I’m seeing; the economy as a whole is stronger, confidence in Canadian real estate is stronger, stock markets are hitting all-time highs, interest rates are at all-time lows, real estate inventory in Ottawa is extremely low, investors are very confident, and on top of all this, Ottawa is a great city that many people are choosing to call home (and it’s the Canada/Ottawa 150th bday year!). It’s all adding up to a situation that is exciting for many, and frustrating for others (sorry home-buyers, my heart goes out to many of you).
Where are things going in the near future? In my opinion, they will continue to grow or at worst, just level off. As the crazy spring market subsides, I expect things will slow down slightly, but not by much. If you’re hoping to get a ‘deal’ on a property, you may have to wait until the fall/winter. Either that, or you have to move extremely quickly to lock something down as soon as it hits the market (the good ones are selling within a few days of hitting the market).
Interestingly, the number of properties sold over $1 million in Ottawa has more than doubled compared to 2016. As pricing rises, we will see more and more of this trend around here.
That’s it for now in the real estate market department. There’s a ton of very exciting things happening in Ottawa this summer with our 150th bday year. Check out the action here:
And while you’re at it, check out:
Have a great month and enjoy the summer, everyone!
Sales Representative. Residential & Commercial.
Capital Homes Realty
2059 Meadowbrook Rd, Ottawa, ON
Cel: 613 262 1697
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