Welcome to the white hot spring real estate market in Ottawa, and a lovely April snowfall today (I thought it was supposed to be ‘April Showers’ not ‘April Blizzards’?!)
With Ottawa’s continued insatiable demand for homes and condos, we’ve just surpassed Calgary for 4th most expensive housing market in Canada (not sure if this is something to brag about or not, but here we are ;)).
This past March, this city saw an average-home-price increase of 7.2% over March of 2018. And average condo prices are up 5.2% over March of last year. Keep in mind that these numbers fluctuate between neighborhoods & properties.
For anyone wondering why prices are skyrocketing, the issue in this city is a lack of inventory. There’s plenty of buyers, but little to choose from. And homes are not sitting on the market very long (sold in the 1st week has become very common). DOMs (Days On Market) are down 14% for residential and 36% for condos. More and more, we’re seeing the higher-end properties in good areas selling for wayyyyyy above asking price.
As an example of what’s happening in this city, home-buyers camped out overnight to get a chance at buying HN Homes‘ new development of single family homes in Riverside South. (Yes, this is reminiscent of a Vancouver condo launch in 2005 where people were sleeping on the streets to get a condo :)) More info on that here.
When will things slow down you ask? My estimate, in about 2-3 years. The inventory levels and demand levels need to balance out before prices slow down. And yes, that could be awhile.
For more specific info on certain areas and markets, definitely ask me. If you’re thinking of making a move this year, you’ll want to be very well-informed to make the smartest decisions possible.