Some Key points to take from the News Release Below and Ottawa Real Estate Market in February 2019:
- Ottawa Realtors sold 1005 residential properties in February 2019 through the MLS system, compared with 978 in February 2018, a increase of 2.8 %
- Out of the 1005 sold units the breakdown is: 756 in the residential property class, a rise of 3.8% from a year ago, and 249 in the condominium property class, a decrease of 0.4% from February 2018..
- The average sale price of a residential class property sold in February 2019 in the Ottawa area was $466,540, an increase of 8.6% over February 2018
- The average sale price for a condominium class property in February 2019 was $288,354 an increase of 5.6% from this month last year.*
- The $300,000 to $449,999 range remains the most active price point in the residential market, accounting for 44 % of home sales and 26% of residential sales were in the $500,000 to $750,000 price range.
- Between $175,000 to $274,999 was the most active price point in the condominium market for February 2019, accounting for almost 48 % of the units sold.
- Affordability and high rental costs is pushing people towards cost affective condos which is driving that market and as to why we see the more cost affective condos being sold more and more.
This February was a very busy month for Ottawa Real Estate and just like January the snow didnt affect the very active buyers even with a cold tempetures and snow storms. The biggest reason for a higher volume of sales in in February 2019 compared to February 2018 is that there was a lot less inventory and if there was more inventory available we would see alot more sales volume. The Bank of Canada held the rates instead of increasing it gave people a another push to get there mortgages secured and we saw some banks reduce rates because of this and on the last announcement yesterday that they will maintain the rate at 1.75% because the economy has had a slowdown more then they anticipated. The next announcement is April 24th, 2019 and will see what they announce at that point.
Caustion -The strong activity is not in all areas of the city and not on all homes so it is important to understand that just because the inventory is low in one area that it is low in other areas. Each neighborhood and area of the city has different demands and needs; so talk with someone to understand if your neighborhood is perrming well on sales and price increases or to just get a general idea of demand for the area.
This past February was feeling almost like the spring market has come early with alot of activity going on and so many buuyers still trying to find the right home. We have alot of buyers still looking for homes from the fall and winter so properties are not staying on the market fast as Inventory is incredibly low and the amount of buyers out there is high . We are seeing significant increases in value for homes in many areas in the city because of the Inventory Crisis going on and for people owning homes this is great news. Alot of buyers are finding it more difficult to get the home they want now as those homes have increased in value by $20,000 or $40,000 and in some cases have to get smaller home or search in a different areas because they cant qualify for the higher amount. There is alot of ways to secure a home during this type of market or in bidding wars and that is why it is important to work with a realtor who has the experience and knowledge in working in this type of market. If you have questions on how to prepare for buying in this high demand market please let me know.
Ottawa is still growing quickly and with a lot of major developments and changes throughout the city this is a great to time buy and invest in the Ottawa Real Estate Market. The Stage 2 of light rail hass just got approved for financing which will change how and where people buy real estate in Ottawa as it will connect the East, West, South and Central Ottawa . This is just one of the major projects happening throughout Ottawa and in the next 10 -15 years Ottawa will not look the same I believe
Check out full article from Ottawa Real Estate Board Below
"February Buyers Snap Up Limited Inventory
March 5, 2019
Members of the Ottawa Real Estate Board sold 1,005 residential properties in February through the Board’s Multiple Listing Service® System, compared with 978 in February 2018, an increase of 2.8 per cent. February’s sales included 756 in the residential property class, a rise of 3.8 per cent from a year ago, and 249 in the condominium property class, a decrease of 0.4 per cent from February 2018. The five-year average for February sales is 949.
“February has been a strong month, and with year-to-date unit sales 8% higher in both the condo and residential categories, it is looking very favourable for the spring market,” states Ottawa Real Estate Board’s 2019 President, Dwight Delahunt.
“Days on market continue to decline, and although inventory has fallen to its lowest level in many years, we are still managing to satisfy demand even with 900 fewer listings than this time last year,” he adds. “If we had more supply, our unit sales would be even greater.”
The average sale price of a residential-class property sold in February in the Ottawa area was $466,540, an increase of 8.6 per cent over February 2018. The average sale price for a condominium-class property was $288,354, an increase of 5.6 per cent from this month last year.*
“The Ottawa market is well ahead of inflation in regards to average prices for both condo and residential properties. We are in a comfortable position and remain one of the most affordable markets in the country,” Delahunt points out.
The $300,000 to $449,999 range continued to represent the most active price point in the residential market, accounting for nearly 44 per cent of February’s sales while 26 per cent of residential sales were in the $500,000 to $750,000 price range. Between $175,000 to $274,999 remained the most prevalent price point in the condominium market, accounting for 48 per cent of the units sold.
“If you are thinking about selling, don’t wait – get a jump on the spring market! Now is the time to have a conversation with your REALTOR® who understands the best way to position your home in the market and has the experience to guide you through its complexities,” Delahunt suggests. “This is the type of market you certainly wouldn’t want to navigate without one.”
In addition to residential and condominium sales, OREB Members assisted clients with renting 342 properties since the beginning of the year.
* The Board cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Price and conditions will vary from neighbourhood to neighbourhood."
Thank you to Ottawa Real Estate Board for the article and can also be found on their website and the link below:
This is can be a great time to get your house on the market to sell in Ottawa as the inventory is still low again but I feel that it won’t be like this for long as we get closer and closer to spring. If you thinking of getting your home on the market soon or in the future please contact me and we can see exactly how the market has affected your home value.
If you would like to see the details on the Ottawa Real Estate Stats for last the previous month of January 2019 then check out the link below please:
January 2019 stats: https://www.soldbysorin.com/node/1008905
Full sales data is attached in Blog
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