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SPRING MARKET COMES EARLY TO OTTAWA

Welcome to the red hot spring real estate market, and a lovely April snowfall today (is this really happening?!)

With Ottawa’s continued insatiable demand for properties, we’ve just surpassed Calgary for 4th most expensive housing market in Canada (not sure if this is something to brag about or not ;)).

This past March, this city saw an average-home-price increase of 7.2% over March of 2018.   And average condo prices are up 5.2% over March of last year.   Keep in mind that these numbers fluctuate between neighborhoods & properties.

For anyone wondering, the issue in this city is a lack of inventory.  There’s plenty of buyers, but little to choose from.   And homes are not sitting on the market very long (sold in the 1st week has become very common).  DOMs (Days On Market) are down 14% for residential and 36% for condos.

As an example of what’s happening in this city, home-buyers camped out overnight to get a chance at buying HN Homes‘ new development of single family homes in Riverside South.  Yes, this is reminiscent of a Vancouver condo launch in 2005  :)    More info on that here

When will things slow down you ask?   My estimate, in about 2-3 years.   The inventory levels and demand levels need to balance out before prices slow down.   And yes, that could be awhile.

For more specific info on certain areas and markets, definitely ask me.  If you’re thinking of making a move this year, you’ll want to be very well-informed to make the smartest decisions possible.

CHRIS STEEVES

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

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WWW.CHRISSTEEVES.CA
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