Is it the election results? Or is it the warmer fall weather? Whatever it is, home sales in Ottawa over the past month have picked up considerably.
According to the Ottawa Real Estate Board, a total of 990 residential properties were sold through MLS in Ottawa in November 2015, an increase of 11.1% over the 891 properties sold in Nov. 2014. That’s a considerable hike in sales, and is a welcome change to Ottawa’s real estate market.
What’s especially surprising about these stats, are that condo sales also jumped quite a bit. Condo sales of this past month shot up 17.1% over the sales volume from November 2014. Bare in mind that this is only a 1-month comparison, and is not a long-term study (and should not be relied upon as a long-term market prediction). One thing is for sure, there are many property owners who are happy to see the market going in this direction.
Dave Oikle, president of OREB, has stated that inventory levels have begun to balance out recently. Homes are selling faster, and sales numbers are up.
I frequently encounter the naysayers who believe that we’re headed for a crash of some kind here in Ottawa, but I have to disagree. While I won’t tell you that the market here is going to shoot upwards at a double-digit rate, I believe we will see moderate growth for the next couple years. It is still a time to be careful when making purchase decisions, and there are still great opportunities for investment in Ottawa real estate.
More info here:
http://ottawacitizen.com/business/local-business/post-election-activity-cited-in-surprising-rebound-in-ottawas-resale-home-market
As always, if you have any questions about investments, properties, or markets here in Ottawa, definitely ask me.
CHRIS STEEVES