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March 2018
Well it is finally Ottawa's turn to have a hot Seller's market.  Good news for Sellers, bad news for Buyers.

In Kanata for example 80% of the townhouses listed in the last 6-8 months have sold in multiple offers well over list price.   Same thing for Barhaven and many other neighborhoods.  This is the burbs, this is only suppose to happen in the trendy neighborhoods of Westboro, the Glebe, etc.

Because some homes are selling so quick Sellers are reluctant to put their house on the market because supply is short so Sellers aren't doing anything until they can buy their next place.  While it is a problem, I think it is a nice problem to have.  We say "List" and get max $$ for your current home and then rent until the right place comes up.

Ottawa house prices gain 4.8%: behind only Vancouver and Toronto

Ottawa homeowners have been waiting many months for a sign that the country's lopsided housing markets are set to return to equilibrium. They didn't get one in January.

While the benchmark price for single-family homes in Ottawa increased 4.8 per cent year-over-year in January to $373,000, that was still far behind the 24.4 per cent and 15.9 per cent gains posted in greater Toronto and Vancouver, respectively, over the same period.

The Ottawa market did hold up well against Regina (up 4.6 per cent) and Montreal (up 3.9 per cent). Benchmark prices for single-family homes actually fell year-over-year in Calgary (down 2.1 per cent) and Moncton, N.B. (down 0.4 per cent).

The figures are from an analysis published Wednesday by the Canadian Real Estate Association.

Nor does CREA's chief economist Gregory Klump see much evidence that prices in the two big markets will reverse anytime soon. "The shortage of homes available for sales has become more severe, particularly in and around Toronto and in parts of B.C.," he said. "Unless sales activity drops dramatically, the outlook for home prices remains strong in places that face a continuing supply shortage."

Wanted: Ottawa Homes for Sale
News Releases - Ottawa Real Estate Board Mar 5/18

Members of the Ottawa Real Estate Board sold 979 residential properties in February through the Board's Multiple Listing ServiceĀ® System, compared with 1,002 in February 2017, a decrease of 2.3 per cent. The five-year average for February sales is 922. February's sales included 250 in the condominium property class and 729 in the residential property class.

"There is no doubt our sales numbers would have been much higher if we had more properties available for sale. Buyer demand is there, but our inventory in both residential-class and condos continues to decline. This is creating a supply side issue in the Ottawa real estate market," concludes Ottawa Real Estate Board President, Ralph Shaw. "If this trend continues, the market will move to favour sellers, and buyers will find themselves competing for a limited number of listings."

"Compounding the supply issue is the fact that after a record year last year, new construction is hindered getting to market because builders just cannot find enough land as a result of the urban boundary and land prices going up," Shaw points out. "Given this environment, it's a good opportunity for Sellers to get their property on the market," he advises.

To read the full article click here.
Ottawa could be heading into a seller's market

The head of the Ottawa Real Estate Board (OREB) says the inventory of residential properties is the lowest he has seen in several decades and could lead to supply shortages and increased housing prices.

OREB, which represents more than 3,000 real estate professionals in the Ottawa area, released February sales figures today.

"Right now just about every agent in the city has somebody looking to buy, but we can't find what they're looking for because our inventories are low," said OREB president Ralph Shaw

Shaw says it's a problem not just in the city, but in smaller centres like Arnprior, Almonte and Casselman.
In February, members of OREB sold 979 residential properties through its Multiple Listing Service System compared to 1,002 a year ago - a 2.3 per cent decrease. 

The five-year average for February sales is 922 residential properties. Since the start of 2018, agents have sold 50 fewer homes and condos than this time last year.

"There is no doubt our sales numbers would have been much higher if we had more properties available for sale. This is creating a supply issue in the Ottawa real estate market," said Shaw.
"If this trend continues, the market will move to favour sellers, and buyers will find themselves competing for a limited number of listings."

To read this article in full click here
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