So, I’ve got good news for anyone who owns property in Ottawa. The market is off to a very strong start in 2017, and looks like it’s only going to get hotter. Yes, I think it’s safe to say that after about 4 years of being a ‘buyer’s market’ the tides are finally turning in favor of Sellers (it had to happen eventually!).
Why has it finally turned to a seller’s market you ask? The cheap and easy answer here is that there is a lack of inventory currently. We’ve got more buyers than sellers, which allows the sellers to call the shots (to some extent ;-)).
The long answer for this seller’s market, is that inventory has been lowering for some time now, builders have slowed down over the past few years, interest rates are still incredibly low, various other markets in Canada are making Ottawa a more affordable option, there are numerous billion-dollar developments scheduled for this city, and add on top of all this that 2017 is Canada’s 150th bday with a ton of exciting events coming to our doorstep. And I could probably also add that there continues to be economic uncertainty in many areas of this planet, and people continue to turn to real estate as a safe place to invest their money (and in Ottawa, that is typically very true).
Here are the stats for this month: The Ottawa Real Estate Board (OREB) sold 667 residential properties in January of 2017. This is an increase of 11.5% over the 598 properties sold in January of 2016. If this is any indication of how the market will be this spring, it’s going to be a very hot one. I expect prices will start increase at a more rapid pace, and the number of days a property sits on the market will decrease substantially. And I should probably add that these stats are quite general, and will not necessarily apply to all neighborhoods and property categories (expect condos to remain slower). Real estate is very local, and data will vary for each property and area.
Contact me, Chris Steeves, to find out all of the details of your property.
Sales Representative. Residential & Commercial.
Capital Homes Realty
2059 Meadowbrook Rd, Ottawa, ON
Cel: 613 262 1697
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