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OTTAWA REAL ESTATE MARKET – JULY 2017

OTTAWA REAL ESTATE - 2017 - CHRIS STEEVES REAL ESTATE

Hellooooo Ottawaaaa!  :)

Quick update on where we’re at right now with the real estate market in your favourite city (Ottawa, obviously).

While not quite as red hot as the springtime a few months ago, sales continue to be steady with condo sales being surprisingly strong.  After being in a slump for a few years, condos are slowing coming around again (finally).   This is due in part, to the lack of inventory in many neighborhoods, and the very high prices of freehold homes.

Homes are selling much quicker than this time last year, and average sales prices are up (condos are up 2.8%, and freeholds are up 5.3% over July 2016).   This market confidence is fueled by a number of factors, with the lack of supply being the number one cause in my opinion.  That and low interest rates, and a fairly healthy job market.

Where is our real estate market going?  I expect it to be more of a slow and steady, as interest rates begin to slowly rise.  And since there are new rules coming down the pipeline for another ‘stress-test’ that will force borrowers to qualify at higher interest rates, I imagine we will see things cool down in many areas.  These new rules will definitely make it more difficult for many people to get mortgage approvals.  Ask your mortgage broker for details and how it may affect you.   More info here:
http://www.bankofcanada.ca/2017/07/fad-press-release-2017-07-12/
http://www.foxbusiness.com/features/2017/07/06/canada-eyes-further-rules-to-curb-mortgage-growth.html

Good news for those who own higher-end ‘luxury’ homes and condos; the market for homes above $750k is heating up significantly.   The sales volume of these ‘lifestyle’ homes are up 32% over this month last year, while condo sales volume in this price range is up 16.5%.

Ottawa is also becoming a hot spot for investors.  Rental properties, multi-units, fixer uppers, and bungalows continue to be in high demand, with bidding wars still being quite common.   Get em while you still can, because these properties are selling like hot cakes  :-)

In other news, the Ottawa 2017 continues on, with many more exciting events left to come.   Check out what’s going on here:  http://www.ottawa2017.ca/events/calendar/

CHRIS STEEVES

Sales Representative. Residential & Commercial.
Capital Homes Realty
2059 Meadowbrook Rd, Ottawa, ON
Office: 613 744 0356

Visit our website:
WWW.CHRISSTEEVES.CA
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