Spring is definitely around the corner with this warm weather! (is it too early to put away the gloves and tuques? :-))
Either way, it’s shaping up to be a hot spring market as real estate sales continue to increase in Ottawa. February was a very strong month, and this winter in general was a busy one for property sales across the city.
Here are the simple numbers: average home prices are up 1.2% over February of last year, and total sales volume is up 7.2% over Feb of last year. Sales volume is also up above the 5 year average for Ottawa. Things are moving in the right direction 
My forecast is that we’re set for a solid year in sales, but it will continue to be modest growth (meaning we won’t have Vancouver-style double digit yearly growth). This balanced market is good news for buyers (and sellers). The slow, steady growth pattern for Ottawa offers predictability and safety for anyone thinking of investing in this city. All this being said, there are going to be different markets & areas that will perform better than others.
I suspect the ‘more affordable’ detached homes around the central areas of Ottawa will see the largest appreciation over the next few years. I base this on a number of economic and market factors. If you’d like more details on where to go for the best opportunities, contact me and I’ll be very happy to have a discussion. I may even go as far as to say that the condo market is now leveling off, and may start to slightly heat up again over the next year (I know there’s a lot of people who will be happy to see that happen).Here’s a link to an interesting article on the state of houses in Canada, and particularly more developed cities such as Vancouver and Toronto.
Spring is the time to start planning for an upcoming move. Buyers are coming out in droves (I had an open house last weekend with about 30 groups coming through to see it), and inventory on the market is starting to increase. Things are picking up! If 2016 is the year that you’re considering a move in real estate, definitely contact me to have a discussion about planning.
Until next month, enjoy the warmer days (and don’t be surprised when we get one more wet dump of snow! sorry, I had to say it :))
And for anyone intersted in checking out the latest in downtown condo towers, there’s an interesting hotel/condo building going in at the Arts Court in the Byward Market area. More info on that here:
CHRIS STEEVES
Sales Representative. Residential & Commercial.
Capital Homes Realty
2059 Meadowbrook Rd, Ottawa, ON
Cel: 613 262 1697
Office: 613 744 0356
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