Despite all kinds of ‘interesting’ predictions for Canada’s real estate markets, here in Ottawa we’re continuing to set sales records.
August was another hot month (in temperature as well as real estate sales :-)), with another monthly record being set. Compared to August of 2015, home sales are up 16.3% this year. And this is also up by 17.3% from the 5-year average for August. The future is looking bright for this city, and clearly buyers are confident in the direction things are going.
Speaking of market confidence, according to the president of OREB, we had a significant increase in million dollar home sales this past month versus August 2015 (always a good sign when the $million dollar listings are selling). And to date, 2016 has been a record-breaking year for total units sold. While houses are still selling quite well, thankfully for buyers, prices are remaining quite steady. There are always exceptions (such as the trendy neighborhoods downtown), but prices are fairly level across the boards (and yes, pricing continues to be a very crucial point for getting your home sold). When you look at the big picture, Ottawa remains to be a very affordable city comparatively. I still find it surprising that Ottawa, as the 4th largest city in Canada, still has detached houses in the central city areas, selling for under $400k. There are definitely some great opportunities around here 
As usual in Ottawa, the hottest market segments continue to be freehold homes in the $300k to $400k range. And for condos, it’s the $200k to $300k range. No surprise here; the most affordable properties are the quickest to sell. For more detailed analysis on what’s happening in various areas and micro-markets, give me a call and I’ll be happy to get into more detail.
And to keep things interesting (there’s more to real estate than just numbers ;-)), for anyone into cool design & architecture, here are some very impressive, smaller-scale projects happening in our city. Check out what these local builders are up to:
http://mapleleafcustomhomes.ca/
http://rndconstruction.ca/residential/custom-homes-for-sale/riverpark-green/
http://gemstonedevelopments.com/
http://rndconstruction.ca/residential/custom-homes-for-sale/riverpark-green/
http://gemstonedevelopments.com/
That’s all for now. If you have any questions about any area of real estate, you know who to call!
CHRIS STEEVES
Sales Representative. Residential & Commercial.
Capital Homes Realty
2059 Meadowbrook Rd, Ottawa, ON
Cel: 613 262 1697
Connect on Linked In
Like My Facebook Page