Good morning Ottawa! And welcome to spring! (is it time to break out the shorts n flip-flops yet? :-))
First off, a few stats on real estate sales in Ontario.
According to OREA (Ontario Real Estate Association), Ontario is now in a ‘seller’s market’. In simple terms, this means that there is more housing demand than supply, and there are more buyers than sellers in that sense.
Residential sales in Ontario are up 12.2% over March of last year. And the average residential home price is 11.5% higher this March than it was in March 2015. Read more at:
Nice to see some confidence in Ontario and our real estate markets. Ottawa is also feeling these effects, with many house sales going over-asking price in the past few months (I’ve been in so many ‘bidding wars’ this year that I’ve lost count). The hot market for Ottawa right now is definitely single family homes in the $300k to $400k range (which makes sense as they really are excellent value and a great investment).
As for condos, its still a little shaky out there. Developers have slowed down on condo developments somewhat, but there is still more supply than demand in many areas.
For more in-depth analysis on various neighborhoods and markets, please contact me. There continues to be many excellent areas for investment around Ottawa, and of course, many markets to be careful of. For anyone interested in investing, contact me about some attractive cashflowing properties in Ottawa.
To keep things interesting, here is an article on a very interesting condo development proposed for Toronto. While this may not get past the design phase, it’s nice to see some very thoughtful and refreshing designs being put out by some very creative architects.
That’s all til next month. Enjoy the warm weather and busy spring market, everyone!