Ottawa real estate January 2014 results: mostly "chilly" except mortgage rates

Published 10 February 14 08:59 AM | Gord McCormick 

January 2014: Most indicators “chilly” except mortgage rates

January is always about the lowest transaction/volume point in our real estate year in terms of results and January 2014 was no exception and in fact this year was slower than most. 

Unit Sales:

The number of properties sold in January was pretty much even with a year ago but also -7.7% lower than the 5 year average for residential properties and -9.3% lower for condos.


Average Selling Price:

Residential properties averaged .9% higher than a year ago and condo property average selling price decreased by 1.1% in January.


Key Indicator to watch:

Listing inventory continues to run well above historical norms.  Current residential listing inventory is almost 23% higher than the 5 year average and condo inventory is 75.4% higher.

Though a relatively smaller number, we also note that MLS® rental inventory is 41% higher than a year ago and 95% higher than the 5 year average.

These inventory numbers are not disastrous but very much bear watching, as they could easily get out of balance in this slower sales environment.


New Construction:

Industry watchers report that new home construction was pretty much flat in 2013 vs 2012 which mirrors the results in the MLS® resale market.

Condo completions are forecast by CMHC to be as much as 33% fewer in 2014 than was the case in 2013.


Good News!

Mortgage rates have held or even slightly decreased, so this is good news for both buyers and sellers as we head in to the busy spring market.

New residential listings for the month were actually 4.3% less than in January 2013, although the number of new condo listings grew by approx. 23%


Sellers and buyers will want to stay in close contact with their REALTOR® to be up to date on fast changing market dynamics and make appropriate plans or adjustments.

If you do not have a REALTOR® representing your interests, please give us a call at 613-435-4692 and we would be happy to discuss how you may best achieve your housing objectives in this uncertain market.


Gord McCormick, Broker of Record

Dawn Davey, Broker

Oasis Realty Brokerage




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