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

Ottawa real estate very strong in 2017


Ottawa real estate is seeing the strongest results in at least 7 or 8 years and overall is considered to be a seller's market right now. (June 1, 2017).  Not a happy prospect for those moving to Ottawa but on the flip side, our price increases have been very low the last 5 or 6 years and overall prices are still very reasonable compared to other large metropolitan areas.

Historically, our market is very stable and does not experience the degree of volatility of many other markets, so investing in Ottawa real estate is still a pretty safe choice.

As demand has grown over the last 12 months, we have seen sales and average prices rising while inventory levels have decreased.  Multiple offers are more prevalent, quality listings are selling even more quickly and combined with some tighter bank mortgage qualifying rules, this has resulted in challenges for both buyers and sellers. 

Anecdotally, we are seeing almost double the number of condtional sales falling through which is partly explained by mortgage hiccups and also inspection issues.

Give us a call if we can help with your relocation plans!

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


What you can expect to pay in Ottawa 2017


Here is a summary of average selling prices by housing type based on results for  year-to-date 2016.  These are only averages of course and will vary by area, age of house, house features etc.

Our current residential real estate market has seen unit sales increases but fairly flat prices and is probably one of the most stable markets in the country.  Decreasing listing inventory levels during 2016 have moved us from a market which favoured buyers in 2014 and 2015 to what we believe is a balanced market though there are signs that supply/demand metrics may soon be favouring sellers, so higher price increases are possible, as listing inventory continues to tighten.

Residential Housing:               Average        +-        

Overall selling price:               $396,699    +1.2%
Overall detached home price: $413,987   +2.3%
Detached bungalow:               $368,172   +1.7%
Detached 2 storey:                  $468,923   + .9%
Row townhome:                      $327,573    +2.1%
Semi-detached home:             $394,900   +1.2%   

Condos:
Row townhomes:                    $226,423    -1.4%
Stacked townhomes:              $223,399    -2.0%
Apartment condos:                 $291,199    +1.7%
overall condos:                       $260,880   + .1%             

Unit Sales 2016:
Unit sales in residential properties have been pretty solid in 2016 with a 5.5% increase in the number of units sold but prices continued pretty flat (as has been the case for 4 years) with an average price increase less than inflation of only 1.2%.

Condo unit sales improved quite significantly in 2016 with an increase of 9.6%.  Average condo selling prices condo pretty flat with an average price of $260,880 through November 2016.

New construction sales have been strong all year with sales up 18% compared to 2015.

Listing Inventory: 
Listing inventory had been elevated to some historical highs over 2014 and 2015 and fortunately, these levels have eased significantly in 2016.  New listings have declined by approx 7% this year and the number of listings available at the end of November 2016 shows residential listings down 14.3% and condo listings down 13.3% from a year ago.  This is a very positive development and a key area to watch in 2017, as it is a great indicator of supply/demand in the market.

Urban vs suburban:
Price ranges dramatically across the city with highest prices in the core urban areas with much more affordable choices in the suburbs.  Also a wide range of properties in the exurban or sub-rural areas for those who want more property in exchange for a commute.

Summary:
Strongest sales demand is in the $300-$400K and $200-$300K price ranges and these will be properties that should sell most quickly.  Ottawa continues to be great place to buy a residential property!

For experienced assistance with your Ottawa relocation or House hunting trip, please give us a call or send us an email.  613-435-4692  oasisrealty@rogers.com

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

Brookfield registered service provider for government relocations (IRP)


Should Sens players and coaches buy Ottawa real estate?


Merci and best wishes!


We say fond farewell (and many thanks for their efforts!) to Eric Gryba, Robin Lehner, David Legwand, Eric Condra and Paul MacLean, with the first 3 being traded, Eric Condra choosing to sign with Tampa Bay and former Coach Paul MacLean accepting a job as assistant coach in Anaheim.

This begs the question:  should NHL players, coaches and prospects be buying housing here in Ottawa?

There are very few Alfie’s, Phillip’s and Neil’s these days:
With the roller coaster trade, cap management and free agent machine that is professional sport, it is becoming super rare to see guys like Daniel Alfredsson, Chris Phillips and Chris Neil have such long careers in one city these days.  These players have had the longevity to have benefitted from the strong uptick in property values in the 2000-2011 timeframe here.  The current plateau over the last 3 or 4 years has not hurt them significantly, where average prices are not keeping pace with inflation.  Especially for Alfie, who sold his home to Robin Lehner.

5 year ownership should be considered minimum:
For just about any homebuyer, we recommend at least 5 years in a property before it makes almost any sense to be selling.  Given the uncertainty of professional hockey life it is a wonder any players buy homes or put down roots, unless either the player or their spouse is from the area, they have school age children or they plan on living here after retirement.

Given the life expectancy of coaches in the hockey business, they would be well advised to consider renting and forego purchasing altogether.

Current Ottawa Market:
Our current market is not growing or appreciating much these days and it has not been for a couple of years, so those who have bought during this period may experience a challenging selling experience with little or no price appreciation, particularly on higher end properties.

Higher priced housing especially risky in this market:
Some previously departed Ottawa players have had mixed success in the Ottawa housing market, particularly those who invested in high end properties; Dany Heatley, Mike Fisher and Jason Spezza come to mind.  Though housing costs are perhaps only a nuisance factor and a rounding error in the financial world of these players, it can still be a distraction and an aggravating ongoing cost if one is forced to carry an unsold property for an extended period.

Welcome to all the newcomers in the Sens family!

Have a great development camp and we look forward to seeing you on the ice sometime soon between October and June!

Our office is very close to the Canadian Tire Centre and Bell Sensplex, so we are happy to provide any real estate tips or advice for any newcomers to our marketplace.

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


Boutique buyer representation


Whether you are new to the city or returning from elsewhere, we believe we offer the highest possible quality buyer representation at our independent local brokerage.

We both grew up in and around Ottawa and can service the whole area on the Ontario side of the Ottawa River. (Real estate is licensed/regulated provincially)

We have moved corporately ourselves many times and understand the challenges and extra stress associated with adjusting to a new position and a new home.  We do our absolute best to make your buying process as efficient and effective as possible.

We both possess our Broker registration/licence which only 20% of the REALTOR® membership has achieved.

We are not a high transaction brokerage but rather focus on high quality individualized services which we feel provides the best service level and response times possible for our clients.  As a boutique brokerage there are less “moving parts” and we are both intimately involved with every aspect of your service delivery and file.

To see some of the detailed duties we do for our buyers and our philosophy:  http://www.oasisrealtyottawa.com/HomesAuthenticated.aspx?tabid=2541436

Give us a call at 613-435-4692 or email us at oasisrealty@rogers.com

*not intended to solicit those with existing buyer representation

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