Coming out of a very unusual (to say the least!) 2020, Ottawa real estate watchers will want to keep an eye on these critical market indicators:

Listing inventory:
Our residential listing inventory as we start 2021 is down 59.2% from a year ago, which was already down 26.5% from the 2018.  This is the most relevant statistic that translates in to continuing soaring prices, as experienced in 2020 where prices were up approximated 20% for both residential and condo properties.

The inventory shortage in residential properties suggests strong price increases will continue in that category, though the same may not occur with condos that have seen a trend where current listing inventory is above last year’s by 27% at the end of December 2020.  Rental inventory has also surged and is now 38.5% higher than a year ago.

New Listings:
Our strong upward price trend (highest annual increase in 37 years on a % basis in 2020) was driven by the foregoing lack of supply.  This imbalance in supply and demand, along with super low mortgage rates, created the environment for bidding wars and a large % of properties selling over list price.

The number of new listings did increase fairly substantially in the latter half of 2020 but the excess market demand absorbed most of these new listings as demonstrated by the strong monthly sales increases.

New Listings to Sales ratio:
A common indicator of market trend, this ratio compares the number of new listings to sales during a period of time.  If this ratio is less than 40% then we are said to have a buyers’ market.  If the ratio is between 40-60% then “balanced” market conditions are said to exist. (a roughly equal number of buyers and sellers are in the market)  If the ratio is above 60% then a sellers’ market is happening.  Though this statistic is not directly reported by the Board, we have estimated it to have been 70.2% overall (residential and condo properties) for 2020 but even higher for residential properties.

This lovely location in ideal Crystal Beach near DND Carling will be hitting the realtor.ca market in a just a few days, when last minute preparatons are completed. (currently on exclusive listing).  Since the property is vacant, it is likely to be available for new owners before the end of February.  List price of $599,900 is very reasonable for this sought after area.

For more detail, click on the link to have a look at the complete listing and photos: 

https://www.oasisrealtyottawa.com/Ottawa/Ontario/Homes/7002/Crystal_Beach/Agent/Listing_417381920.html

Gord McCormick of Oasis Realty helped us sell and buy our homes six years ago.  Our experience working with Gord, both as seller and buyer was great.  So when leaving Ottawa meant it was time to sell again our first choice for realtor was Gord McCormick.

Gord did not disappoint.  He gave generously of his time and in-depth knowledge as we prepared to sell.  Then he carried out a marketing strategy that was a perfect fit for the market.  Having received multiple offers, our home sold over list price with no conditions within the first week.  To have such a successful conclusion in such a short time was the best of all worlds.

Gord is a true professional that puts the best interests of his clients first.  He has a consultative style and is always tactful, never pushy and wise in counsel.  Combined with his most effective marketing strategies, you have a realtor that we can most heartily recommend.

Judy & Kerry