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February 2018
Good bye January, hello February.  Different ground hogs give different results for ground hog day.  You choose the one you want to believe.

The market in 2017 varied by neighborhood quite abit in 2017 for residential while the condo market was on the decline.

We hope you enjoy this newsletter.

Perry/Helene
January house prices jumped fastest in western, wealthiest districts

Ottawa's real-estate market split in two in January as the number of residential properties sold actually slipped year over year while there was a surge in the sale of condominiums.

Perhaps not surprisingly, prices in the two sectors diverged. The average price for residential properties jumped 8.8 per cent year over year to $427,500 in January. In sharp contrast, the average price for a condominium in Ottawa slipped 8.6 per cent to $263,750, according to estimates published Monday by the Ottawa Real Estate Board.

Sellers in both sectors found buyers in relatively short order compared with a year earlier, suggesting that demand for housing is building - despite new rules requiring mortgage holders to show they can still make payments if interest rates rise.

 
Low Inventory Could Leave Some Buyers Out in the Cold
Members of the Ottawa Real Estate Board sold 712 residential properties in January through the Board's Multiple Listing ServiceĀ® System, compared with 664 in January 2017, an increase of 7.2 per cent. The five-year average for January sales is 638.

"While January is typically the month we see the lowest number of listings come onto the market, the numbers for this month are very low," Rick Eisert, 2017 President of the Ottawa Real Estate Board, observes. "The five-year average for new listings in January is 1,396 for residential and 500 for condominiums. January 2018's listings were at 994 and 406 respectively."

"We saw this trend throughout 2017, and the result is our resale market is being challenged by decreasing supply in both the residential and condo markets. Furthermore, as the supply continues to be reduced, it will tend to put an upward pressure on prices. This is simple supply and demand economics," he adds.

 
Advice from a Realtor: Tips for buying a home

While this articles is from one of my peers in Ottawa, it is still a good read.  :-)

Choosing a home is one of the biggest decisions you'll ever make. Whether you're a first-time buyer or a repeat buyer, the process is always a combination of exciting and scary - you're investing hundreds of thousands of dollars into a property, so it's best to take your time. You should feel both emotionally satisfied and financially comfortable that you're buying a home within your budget and that you feel confident in its value.

While focusing on finding a home that fits your priorities and needs is important, you should also consider whether you want to purchase a brand new home or a resale home. Both have their own pros and cons and it's important to figure out which considerations are most important to help you make an informed investment. Patrick Morris, leader of Morris Home Team and a broker with Royal LePage Performance Realty, offers the following information about purchasing a new home versus a resale home.

To read this article in full click here
  
 
This is the Canadian real estate market to watch heading into 2018

While there's been plenty of buzz about the Toronto real estate market in the past few months, there's another Ontario city industry players are keeping an eye on - one that saw a spike in sales in December.

"2017 was another solid year for the Ottawa real estate market in both the number of transactions as well as the...increase in prices," writes Ottawa Real Estate Board (OREB) president Ralph Shaw, in a statement.

The capital city closed out the year with 771 home sales in December, a 8.4 per cent year-over-year increase. The city's condo market was particularly hot, with a 25 per cent increase in sales from November to December.
40 Bucket List Things To Do In Ottawa This Winter

(1) Unwind at Nordik Spa-NatureWhere:  16 Chemin Nordik // Chelsea

(2) Check out Hog's Back Falls.   Where:  Hog's Back Park  // Riverside
 
If you or someone you know is considering buying, selling, or moving to Ottawa in the next 6 months, call us at  613-831-6747.   I n all markets it's important that you choose an agent to represent you who is experienced, knows the market and your goals, and is dedicated  to working first toward your best interests. Our commitment is in writing. Call or email us to help with your plan. 
Coldwell Banker First Ottawa Realty Brokerage | 613-831-9628 | 613-831-6747