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OTTAWA MARKET UPDATE – SUMMER 2018

CHRIS STEEVES - OTTAWA REALTOR - 2018

Happy end-of-summer y’all!    (yes, we’re all sad to see it go)

I truly hope that everyone had a phenomenal summer.   It was one of the best summer’s Ottawa seen awhile in my opinion, with so many hot, sunny days.  Perfect weather for many events: Bluesfest, Jazzfest, Dragonboat Festival, HOPE volleyball, etc.

And following the amazing weather, we’ve also had a continuously strong real estate market.  The demand for Ottawa properties doesn’t seem to be letting off.   Sorry, homebuyers, it won’t be getting any easier any time soon….

The average sale price of a residential-class property sold in August in the Ottawa area was $433,684, an increase of 3.1 per cent over August 2017. The average sale price for a condominium-class property was $276,720, an increase of 2.2 per cent from August 2017.   As for sales volume, Ottawa is up 3.3 per cent over August of last year.   One of the main driving forces for this rise in prices, is the lack of inventory.   Inventory levels are down dramatically and will likely continue to decrease as we approach winter.   Going back a couple years, we had about 1.5 years of inventory on the market (based on the active listings and absorption rate).   Now, we’re sitting on around 2 months of inventory given the absorption rates.   Bottom line is that homes aren’t sitting nearly as long as they once were, and it’s forcing buyers to move quickly.

For a closer look of how various neighborhoods have performed, take a look at this article.   It’s a breakdown of each neighborhood to see which ones have seen the highest appreciation.

In related news, the Bank of Canada holds its rates for now, but speculates that we may see another rate increase in October.   More details here.

If you’re interested in learning how to make money investing in Ottawa real estate, definitely ask me.   There are some great options in this city right now, from multi-unit buildings to private 2nd mortgages.

I also encourage you to contact me if you have questions about home prices and neighborhood sales info.  I’m very happy to help, and want to make sure you’re getting expert advice before making any decisions.

And lastly, you can vote on your favourite architecture/design project in Ottawa for 2018 through Ottawa Citizen’s GOHBA’s design awards site.  Some impressive entries to say the least!

That’s it for now.   Everyone have a fantastic week, and make the most of these last warm days!   (yep, fall is creeping up quick :))

 CHRIS STEEVES

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

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