Yikes, I’m cutting it close for the February edition!
First off… HAPPY BIRTHDAY to my mom! who will be turning 40 tomorrow… or at least she looks like she is 😉 xoxoxo
It has been a busy month for me, both personally and professionally, so I’m just glad to be getting this newsletter out before this short month comes to an end… For those of you interested in seeing a bit of what I have been up to this month, I’ve included some photos from my adventures at the end of this newsletter for your viewing pleasure.
But the most important thing is I’m back now so LET’S GET MOVING!
The Ottawa Real Estate Market in the News
Now where were we, right, I’ve been busy, so instead of me spending soooooo much time and effort writing for you this month, just check out this article from The Globe and Mail titled How Ottawa has become a top real estate market to watch and we’ll call it a day! Juuuuuust kidding, I’m going to get you caught up on the monthly stats as usual, but I really did find this article to be insightful and spot on so I do recommend having a read… Actually, to make things even easier, here are some of the key take-aways:
- Ottawa’s real estate market is one of Canada’s strongest and steadiest, thanks in part to steady government employment and a booming technology industry (thanks Shopify!) both of which are helping to create a reliable economy.
- The new stress test on mortgages for new home buyers will likely have less of an effect on Ottawa buyers where affordability isn’t nearly as stretched as in other Canadian markets, namely Toronto and Vancouver. For instance, the average condo price in Ottawa in 2017 was just more than $269,000 (an increase of 3.4% over 2016) compared with $512,478 in the GTA, almost double!
- Affordability has certainly propelled the Ottawa market, almost 10,000 of the residential units sold in 2017 in Ottawa were less than $500,000.
- The tight rental market (the Ottawa vacancy rate is currently 1.7%) is also nudging people into purchasing homes.
- MoneySense magazine named Ottawa as the No. 1 Place to Live in 2017 and there is national recognition that Ottawa offers one of the best living environments in Canada.
- Developers launched more than 7,400 housing projects in 2017, the highest number in more than a decade, marking a 41% increase from 2016.
- Ottawa’s much anticipated light rail project, The Confederation Line, will become operational in 2018, connecting Blair Station in Ottawa’s east end to Tunney’s Pasture in Wellington West.
To sum it all up… Ottawa’s real estate market is showing no signs of slowing down!
January 2018 Highlights
- During the month of January 2018, 712 residential properties, compared to 664 in Jan 2017, an increase of 7.2%.
- Of these 712 sales, 539 were freehold houses, and 173 were condominiums.
- The average sales price for a freehold house sold in January 2018, was $427,487 showing an increase of 8.8% over January 2017.
- The total number of properties on the market in January was 3,734 a decrease of 22.8% from the same time last year – this is the lowest January inventory for the Ottawa resale real estate market since 2008… now is a good time to sell!
- It took an average of 83 days for properties of all types to sell in January 2018 which is 26 days faster than last year.
A New Year of Monthly Stats begins!
Pretty pictures from the Canadian West…