I hope everyone’s been enjoying this beautiful summer heat (let’s be honest, the past 6 weeks have been phenomenal :))
Speaking of extreme heat, our real estate market is still red hot. Ottawa had the highest number of July sales in 15 years. Not only are sales volumes way up, but prices are jumping up as well. The average price of a condo saw an increase of 6.8% over July of 2018. And freehold homes saw an increase of 10.4%. Boom!
As usual, it’s the low inventory levels, and strong demand, that are fueling this hot market. Currently, we have about a 1 month supply of residential listings, whereas a balanced market would be about a 3 month supply of listings. Thankfully, builders/developers are in full swing right now so I expect things will balance out a bit in the next couple years. Don’t expect a slowdown this year though
If you have questions about specific neighborhoods and markets, please ask. With this rapidly changing market, and the numerous bidding wars, it’s important to be fully informed when making any decisions to buy or sell. I welcome any questions you have on how to best navigate this hot market we’re in.
More positive news for this city, it looks like we may have an operating rail line/LRT within the next month. It’s been quite a journey, but it looks like it’s finally happening! More details on that here.
That’s it for now. Wishing everyone a fun-filled August! See you at the beach
Sales Representative. Residential & Commercial.
Capital Homes Realty
217-1419 Carling Ave, Ottawa, ON
Cel: 613 262 1697
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