Oasis Realty Brokerage, Ottawa Real Estate
Gord McCormick Ottawa, ON K2S0H6
Phone: 613-435-4692 Mobile: 613-371-9691

Best year of the decade for Ottawa real estate

Ottawa market strength continues in November

Ottawa real estate results for November continued the trend all year:  shortage of listing inventory, sales and price growth and homes are selling more quickly. 

November unit sales growth was strong (+24.9%)  and believed to be a late season surge by those buyers who would be affected by new mortgage qualification rules that will be in effect January 1st

November average prices were up 3.2% vs those sold in 2016.

Great sales growth in 2017:
Residential unit sales are up 7.5% year to date this year vs 2016 and condo unit sales are up 22%.

New listings continue to decline:
The number of new listings continued to moderate and year to date we have -8.9% fewer properties listed this year than last.

Listing inventory way down:
Listing inventory continues to a major issue for buyers and our numbers show that residential listing inventory is 24.4% lower than November last year and condos are 24.6% fewer. 

Best price growth this decade!
The average price of residential properties that have sold this year has increased by 7% to $424,548 and the average condo selling price is up 3.7% on a year to date basis.

Days on market:
Not surprisingly, the time required for the average property to sell is down this year, as buyers move quickly on properties of interest.  The average residential property has taken 45 days on average to sell and the average condo 67 days.

2018 outlook:
We see no reason to expect the above trends will change and we should expect another solid year for Ottawa real estate in 2018.  We would be happy to assist those with buying or selling plans!

Best wishes for a Merry Christmas and a Happy New Year!

Dawn Davey, Broker
Gord McCormick, Broker of Record
Oasis Realty Brokerage

613-435-4692 oasisrealty@rogers.com

Only 3% total commission for 2018 sale and purchase!

If you are thinking ahead to a purchase and sale in 2018, now is a great time to do some planning and make decisions on your existing property.  There are almost always a few “tweaks” to be done prior to listing and this is a good time to discuss and plan for those to be done over the winter or early spring.

Also, our market has been very strong, so it helps to have a good idea of what your current property will sell for thus clarifying the financial plan.  This has been the best year in a decade, so your property may be worth more than you think!

While selling is less challenging in this stronger market, buying can be a bit of a challenge, so having two experienced brokers helping plan your buying and selling strategy will help optimize those processes.

Posting out of Ottawa on an IRP Move?
Those who know they may be moving out of Ottawa on the Federal Government Integrated Relocation Program (IRP) may be interested in knowing how our “enhanced IRP” program makes sure your listing gets the best buyer representative support. For more details see:  http://www.oasisrealtyottawa.com/Enhanced_IRP_listing_program/page_2678721.html 

We also offer this same very attractive 3.7% total listing commission to all residential sellers.

Still time for a fast sale in 2017: 

The market continues to be very strong and listing challenged in Ottawa real estate, so we  are still seeing great activity, even as we enter the normal winter hibernation for real estate.  So if your circumstances favour a quick sale then this may still be a good time to get listed!  Call for a no obligation market evaluation!  613-435-4692  oasisrealty@rogers.com

Best time to buy new construction!

This is a great time of year to buy new construction, if you can secure a summer or early fall closing in 2018.  This allows the sale of an existing property in peak real estate season in the spring and summer.

Builders are very low on inventory too but we can help you find a good deal and save you a bunch of commission on the sale of your existing home next spring.

We also have some excellent new construction listings for immediate availability.( at time of writing)

Check us out on social media for what we believe is some of the best original real estate content around

Gord McCormick, Broker of Record

Dawn Davey, Broker


Listing scarcity dominant trend through September 2017

Listings (or lack thereof!) continue to be the dominant story in Ottawa real estate based on 3rd quarter results through the end of September.

Almost 3,000 fewer listings than at the same point only 2 years ago!
New listings in September are down 10.5% for residential properties and 20.3% for condos vs last year and 22.6% and 26.8% vs 2015.

Total listing inventory at month end is down this year 20.1% for residential listings and 24.1% for condos.  Compared to 2015, listing inventory is down 35% for residential and 33.6% for condos.  Combined this means the current market has a 2,922 fewer properties available for sale at the end of September than the same point in 2015.

Sales up, inventory down, scarcity looms
With total sales demand up 12.1% vs 2015 for residential and 24.6% for condos, it is easy to see how we are seeing average prices rise and more multiple offers.

Residential sales: price growth fuelled by demand
Unit sales were actually down 1.8% in September but average selling price was up 8.2% to $416,464.  On a year to date basis, residential unit sales are up 6.6% and the average selling price is up 7.2% to $425,139.

Condo market shows continuing strength:
2017 has been one of the best condo markets in many years with unit sales thus far up 23.5% and the average selling price up 4.6% at $272,220.

Who benefits:
Sellers benefit in this market but of course, those who are also buying face a challenge on that end. One of the basic facts of real estate is that those who own a home are stuck both buying and selling in the same market conditions, so while one may gain on one side, they suffer on the other.

Buyers face more multiple offers, a very fast moving market on new listings and limited decision making time.

Builders have had a record year from anecdotal reports and we can certainly confirm that builder prices have been increasing and buyer incentives decreasing in the face of strong results and limited listing inventory in new construction also.  Buyers are encouraged to keep an eye on new lot or phase releases or in demand inventory homes.  Also take your Realtor with you to the sales centre and consider asking for a “hold” or “reservation” for a short time from the builder, if possible.(though builders may also be tightening up on their willingness to accept such good “faith” agreements)

Bottom line: should be a good fall and winter!
Though mortgage rates are creeping up with the Bank of Canada recent rate changes and there are continuing steps to tighten mortgage qualifications, our market appears pretty solid and poised for more growth.

Investors are still trying to figure out how new rental rules from the provincial government may affect them, so we could see some slackening in demand from this sector as a result.

As long as the federal government does radically alter their headcount and spending plans going in to the latter half of their mandate, our local economy should continue to be fairly buoyant and allow us to continue with the positive real estate trend lines which have been strengthening for the last 18 months.

This could be the best fall and winter in the last decade to be listing a property, given all the foregoing, so sellers should be reasonably confident they can find a buyer even in our historically seasonal hibernation between mid-November and mid-February. 

Buyers should keep a close eye on the market as there may be some off season listing gems hit the market from sellers who have been awaiting a new build completion and have to list in the off season to accommodate their move in plans.

Gord McCormick, Broker of Record
Dawn Davey, Broker
Oasis Realty Brokerage 
www.oasisrealtyottawa.com  blog.oasisrealtyottawa.com

11th year in business as a lower commission brokerage


"Tick-tock": timelines tightening on 2017 sales

“Tick Tock”: Clock is ticking on selling (& closing) this year

Forgive us if it sounds a little odd to be “counting down” on real estate sales and closings for 2017 but in reality, this is the case as we approach mid-August.  How so, you say?

There are several key factors that create this tightening timeline:

1) Seasonal slowdown:
Our market unit sales volume steadily eases from its peak in April, May and June to the start of winter hibernation in mid to late November when things are really quiet for 60-90 days.  Sales are progressively lower for each month following the end of June to the end of year and unit sales are lowest in December and January. Most buyers don’t want to move in during the winter (if they have a choice) and seeing properties in the winter and making a buying decision is more challenging.

Many buyers also like to get moved in time to enjoy Xmas season in their new home or before the snow flies, in early to mid-December.

2) time-to-sell and time-to-close
Typical selling time in our strong market for midrange properties should be 30 days or so and remember one must add at least a week for a buyer to firm up their conditions.

Most buyers are looking for a 45-60 day closing period, particularly first time buyers or those coming from rental properties where 60 day notice to the existing landlord is required.

3) prep and lead time to get a property on the market:
There are always a few more things to do to get ready for professional photos and for the onslaught of strangers visiting your home at the outset of a listing period.  Realtors need time to schedule photography, sign installation and marketing, so this “prelist” phase in most cases, will be at least 7-10 days.

While every property and sale will differ, adding the above takes somewhere in the order of 75-100 days, so the typical property listed by the end of August, is most likely to sell and close somewhere between mid-November and mid-December.

These timelines may be further skewed or lengthened if the property being sold is a higher priced or unique property or presents some selling challenges.

The best thing a prospective seller can do is to check with a Realtor and see how these timelines apply to their own property and what the likelihood is for success in line with the seller’s expectations.  Though we have a strong market this year and listing inventory is much lower than in recent years, it is important to remember that rate of sale for the balance of the year is quite different than what we have seen in the last 3-6 months.

If you are not currently working with a Realtor, please feel free to give us a call and we will be happy to provide a no cost no obligation market evaluation of your property and how we might be able to assist.  For more information or to get check out more information on Ottawa real estate, please see our online co-ordinates below.

Gord McCormick, Broker of Record
Dawn Davey, Broker
Oasis Realty Brokerage
613-435-4692 or 613-371-9691
oasisrealty@rogers.com   oasisrealtyottawa.com

A lower commission brokerage, 11th year in business

Strong sales, low listing inventory at mid-year in 2017 Ottawa market

The Ottawa Real Estate Board (OREB) released June results last week and reported another stellar month of sales and price gains.  Virtually every indicator is positive and suggests signs for continued growth in the months to come. 

Average prices upward bound:
Our best average price increases in many years with the average residential selling price up 7.2% to $427,721 and the average condo up 6% to $274,974 through the first half of 2017.

Unit sales:
Residential unit sales are up by 10.8% and condos by 26.2%.

Good news-bad news on listing inventory: 
 The one somewhat challenging statistic is the continuing decline in new listings (-10.3% year to date) and the overall listing inventory at the end of June which shows the number of residential listings down 27% from a year ago and the condos down 22.2%.  This is a good situation for those selling but not so much for buyers.

These inventory levels suggest continuing strong demand for the foreseeable future. (see chart above for 6 year comparisons)

New home sales up 44%
The Ottawa Home Builders Association reported that housing starts are up 44% this year to date, compared to last-so builders are seeing very strong activity also.  Accordingly, builder prices have bumped up this year and buyer incentives have generally decreased from a year or two ago.

More sales falling through:

Conditional sales that do not firm up normally run about 5 or 6% but we notice that this is up to more like 8 or 10% this year.  This may be caused by buyers who make an offer quickly and then have some buyer remorse.  Another possibility may be sellers are less inclined to adjust prices after home inspections discover some latent issues, thus causing buyers to walk on signed conditional agreements.  Tighter mortgage qualifications may also be a factor.

More offer dates and multiple offers:
We are seeing many more offer dates or “no offers before”, as listing agents try to ensure as many buyers as possible get exposure to the property to optimize value for their sellers.  Ottawa has always been more of an “early-bird-gets-the-worm” type of market but listing scarcity and stronger demand are forcing more agents and sellers to hold back offers. Though multiple offers have increased, it is still not the norm (perhaps 5-10% or fewer), so sellers should not be concerned if they do not receive multiple offers.

Gord McCormick, Broker of Record
Dawn Davey, Broker
Oasis Realty Brokerage
613-435-4692 or 613-371-9691 (mobile)

oasisrealty@rogers.com  oasisrealtyottawa.com


Quality brokerage services at lower commissions, 11th year in business




Let's dispel a myth about Ottawa real estate in summer

Let’s dispel a major Ottawa real estate myth:  that summer is “dead” in real estate

It has long been held that summer is dead in real estate and things pick up in the fall…but is it really true?

….not so much, as our research has proven! (See monthly unit sales chart)

We hear this all the time from sellers, home owners and even other Realtors who seem to think that there are two “prime” or “peak” seasons in Ottawa real estate:  spring and fall.  We hear statements like "everyone is on vacation” or “gone to the cottage” etc. thus explaining why real estate “dies” off in the summer and somehow is magically reborn and “things pick up after Labour Day”.

While it is true that summer sales decrease compared to the peak season in May and June, July and August are the next best sales months the market will see until the following April, so serious buyers and sellers should not put their real estate plans “on hold” until the purported "2nd season" in the Fall.

Summer unit sales:  July and August 4th and 5th strongest months

Sales in July and August are some 20-25% less than those in April-May and June but are still usually well ahead of sales in September and October which are a further 10-20% lower, followed by November when sales start to go in to the winter hibernation phase of Ottawa real estate.

New Listings and total listing inventory are also typically higher in the summer months than in the fall and winter, so it is a great time to be buying also.

How did this myth get started?

....hard to say but possibilities include:

After a busy spring season, some Realtors may be looking for a bit of a break themselves, which is hard to do when one has to be “on call” and readily available close by to support a new listing or buyer client.  So if a buyer or seller plans can be deferred a couple of weeks, the Realtor can sneak in some summer vacation time for themselves.

Some Realtors may possibly be trying to save or defer some business activity until Fall, in an attempt to spread out demand (via listing supply) in what is a pretty strong seasonal business. 

Also, some Realtors may feel that for whatever reason, a certain property may get more attention in the fall or they may simply be trying to save some business activity to anchor the balance of their business year, especially with the typically slow winter season approaching from mid-November on.

There may be some valid reasons in terms of market circumstances, competitive listing inventory, seller vacations, property preparation for listing and so forth but let us be perfectly clear:  don’t delay listing your property in July or August because you think business is stronger later!

Gord McCormick, Broker of Record
Dawn Davey, Broker
Oasis Realty Brokerage
613-435-4692 or 613-371-9691

One of Ottawa’s best liked/followed real estate pages: https://www.facebook.com/oasisrealtyottawa/

Our real estate guide/blog: http://blog.oasisrealtyottawa.com/

2 experienced brokers working for you…11th year in business!



Budget beater: new fiscal year 3.7% special MLS® offering for sellers!

The new government relocation contract calls for full service commission of only 3.7% for Federal employees who are relocating under the government Integrated Relocation Contract (IRP) which is administered by Brookfield Relocation Services.

We are offering this 3.7% rate to residential sellers in our coverage area and you will pay even less if you also buy with us!  (some conditions apply. condos slightly higher at 3.99%

If you are a government employee posted out of Ottawa, we also have a special “enhanced or improved IRP”program rate and strategy that helps ensure your property gets sold quickly. 

Check out the attached blogpost to see why this improved IRP program is necessary: http://blog.oasisrealtyottawa.com/fedbrookfield-irp-contract-cuts-realtor-commission-to-3-7/ 

*not intended to solicit those with existing representation agreements

Gord McCormick, Broker of Record
Dawn Davey, Broker
Oasis Realty Brokerage


a lower commission brokerage for sellers!

Ottawa real estate guide