I hope everyone’s 2019 is off to a great start and I hope to see you all in the real world one of these days! In the meantime, you can follow me on Instagram (and I will happily follow you back!), where I will be making an effort to make video posting, aka stories, a new part of my routine! So find me @KaylaMeyer613.
2018 was quite a year for the Ottawa real estate market… great overall for sellers and a tad stressful for buyers, especially first time buyers looking in that ever-popular sub-$400K range, it was a seller’s market at this price-point for much of the year… If you were a frustrated buyer in 2018, things have started to cool a little on account of mortgage stress tests and rising interest rates, but the upward momentum for home prices is still there, so it’s as good a time as ever to get into the market.
In this edition, we’ll take a look back at what 2018 looked like in numbers and as usual I have included some other updates, news, and tidbits along the way… So read on and enjoy.
ps, let me know what you think of my new business card for the new year! You’ll find it at the end of the newsletter 😉
12 Month Sales Snapshot: Freehold Homes
2018 home sales by month:
- 13,418 residential class, freehold homes were sold in 2018, which was a very slight decrease compared to the 13,478 sold in 2017.
- However, inventory was also lower than in 2017 meaning that, on average, homes spent less time on the market – it took an average of 60 days for properties of all types to sell in 2018 which was a decrease of 18.3% (wowzers!!) from 2017.
- The busiest month for home sales in 2018 was May, with 1,794 homes sold and the highest average home sale price was also found in May at $464,401.
- Considering it takes an average of 60 days on market for a property to sell, if you want to hit that busy spring buying season the time to list is fast approaching!
12 Month Sales Snapshot: Condominium Properties
2018 condo sales by month:
- Condominium property class sales were up 13.1% (shazam!!) this year with 4,058 units sold in 2018 compared to 3,587 in 2017.
- The busiest month for condo sales in 2018 was also May, with 485 condos sold, however unlike the large margin we saw with home sales, April and June were extremely close runners up in terms of the number of condos sold, with 416 and 455 units sold respectively.
- The highest average monthly sale price for condos was found in June at $293,303.
Eeeeek Stop Renting!
According to a recent report by Rentals.ca, average rents across Canada are expected to increase by 6% in 2019 and by as much as 9% in Ottawa (eeeeek!), inventory for rentals in Ottawa is also quite dismal…
As you may or may not know, working with first time buyers is what I enjoy most in this business, so if you or someone you know is looking to take the leap and get into the market as a buyer for the first time, I would absolutely love to help!
On the flip side, this also presents an ideal opportunity for potential investors… If you have been considering becoming a landlord and buying an income property, this could be your time, let’s chat…
Apparently… we are finally, actually, almost, believe it or not… READY FOR RAIL!!
According to a CBC report last week, the Confederation LRT Line will be handed over to the City of Ottawa by the end of March and should be open to the commuting public by the end of April. FINALLY! (fingers crossed…)
Now that’s one good looking train! Sadly, while so unlike me, I did not take this photo… I did take the next one though!
Room with a view…
Are you looking to upgrade your view for 2019? Get in touch today and let’s make it happen!
That’s all for your 2018 wrap up friends! See you all in February, and if you miss me before then don’t forget you should be following me on Instagram @KaylaMeyer613!