Ottawa real estate showed a slight unit sales increase in the month of February 2019 of 2.8%, just a handful of sales ahead of last year.  Continuing listing inventory shortages pushed prices up but curtailed unit sales increases.
Here is a snapshot of key indicators for the month’s sales:

Unit sales:
Residential sales were up 3.8% during the month and condo sales were flat compared to last year.

Average prices:
The average residential sale was up 8.6% to $466,540 and the average condo sale was up 5.6% to $288,354

Listing inventory:
Residential listing inventory is 20.1% below last year and condo listing inventory is 31% lower than last year.

New listings:
Further compounding the listing inventory situation is the fact that new listings during the month were also on the negative side, with 6.5% fewer new listings during the month and 21.9% fewer condos. 

If these trends continue, we should see continuing upward price pressure and a continuation of the sellers’ market conditions.

For your neighbourhood specific details, contact your Realtor or the undersigned.

Gord McCormick, Broker of Record

Oasis Realty Brokerage  613-435-4692 oasisrealty@rogers.com

text:613-371-9691

January is normally the 2^nd lowest monthly sales in the Nation’s Capital which would be no surprise to most.  This year however, buyers and sellers shook off the winter blues (and the snowiest January on record) and pumped out a 15.8% unit sales increase, in what was a record January.

Listing inventory remained a key factor, as residential inventory was 20.3% lower than a year ago and condo listing inventory was down 30.9%.

New listing trend is somewhat positive, as new residential listings were up 2.2% from a year ago, though condo listings were down 11.8%.  So our seller’s market conditions continue.

Some average price growth, with residential properties sold up slightly by 1.5% to $432,829 and the average condo selling price was $283,990 up 7.7%

With our seller's market conditions and limited listing inventory, it might be easy to think that listing a property this year is a pretty simple matter.  There are still quite a number of key decisions to make however and we have discussed some of these on our blog here: http://wp.me/p8m8ue-Qh

2018 has been a solid year for real estate in Ottawa, with sales and average prices showing reasonable growth.

Year to date sales and average prices:
Total unit sales in the residential category were actually fairly flat vs 2017 in the MLS® market and the average residential selling price over the year increased 5.1% to $446,415 (as of Nov 30)  total residential unit sales reported on MLS® 12,950

Condo sales have shown a healthy 14.3% unit sales increase, with the average selling price up 2.8% to $278,330.  Total condo sales this year 3,844

Listing inventory still the key stat:
Listing inventory remains a critical indicator of market conditions and current listing inventory levels show residential listings are down 18.9% vs November 2017 and condo listings are down 32.9%.

The number of new listings has been down 5.1% for residential properties and 7.2% for condos this year.

Seller’s market?
The Ottawa market favours sellers when one looks at all of the above but the average price increases do not seem to equate with the limitations in listing inventory.  One would expect higher overall price increases if the inventory limitations (and the multiple offer stories) served to drive demand for scarce inventory. 

So we are experiencing a good market favouring sellers but not a runaway sellers’ market, as one might expect from some of the headlines and new stories one sees.  A strong sellers’ market would certainly be driving selling price increases at least in the double digits and we are a long way from that.

Best winter to sell in a decade:

All in all, prospects look generally pretty good for 2019 and this promises to be the best winter in a decade or more for those considering a sale. 

Big news this week in Canada of course, is the legalization of cannibis which occurred on October 17th.  Many issues to be resolved in this process and it will provide some complications for real estate also.  To see our take on how cannibis smoking in a property affects market value...check out our blogpost here: http://wp.me/p8m8ue-IH

Many sellers must be asking themselves this question after watching “ For Sale” signs go up and then get marked “ Sold”  in just a few days or seeing endless online posts about how fast a listing has sold and for over asking price.

Seller’s Market:
We are in a sellers’ market in Ottawa in 2018 and listing inventory is scarce, prices are rising and things are selling much more quickly than in a typical balanced market. (a balanced market is one where there are roughly equal numbers of buyers and sellers)

Agents earn their keep…but..
A sellers’ market brings different challenges and experienced Realtor expertise is still important in getting the marketing strategy right and managing the complexities of offer dates, bully offers and multiple offers to a successful result.  Clearly however, the marketing time and cost has to be lower, so shouldn’t the seller get a lower rate?  After all with average prices increasing (8% in March 2018) the Realtor is getting an automatic raise, since their remuneration is based on a % of the selling price?

Why not save $7,000-$14,000?
Our programs offer full MLS® service by two experienced brokers and most of our sellers will save the above commission and HST using our 3.7% or 3% commission programs. (not intended to solicit those with existing representation agreements)

Example provided is based on current residential average selling prices and savings will vary by property being sold.

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

613-435-4692  oasisrealty@rogers.com

For real estate news and information at one of Ottawa’s best liked facebook pages, check us out at: https://www.facebook.com/oasisrealtyottawa/

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
613-435-4692

www.oasisrealtyottawa.com

a lower commission brokerage for sellers!