Ottawa real estate market report Sept. 7th, 2015

Published 07 September 15 08:40 AM | Gord McCormick 

Ottawa real estate has had a pretty good summer all things considered, though prices are still pretty flat and we still have some listing inventory concerns, August was a pretty good month with decent unit sales increases for both residential properties and condos.  Sellers may have compromised on price expectations, as both residential properties sold were flat and the average condo sold during the month was down 7.3% compared to 2014.


Year-to-date performance:

Residential unit sales are up 5.3% YTD and the average selling price is up 1.9% to $395,437.

Condo unit sales are down slightly by .5% YTD and the average selling price is down by 1% to $260,017.


Listing inventory:

Residential listings continue to run at quite high levels with the number of listings currently reported by the Board being 31.8% higher than the 5 year average.  The number of current condo listings is 52% higher than the 5 year average.

We can expect to see continued price pressure with these listing inventory levels, particularly in the $500K+ market for residential properties and $300K+ condo market, where we have a fair amount of excess inventory.


Are some sellers leaving the market?

There may be an indication that some sellers are leaving the market, as the month of August showed a very high level of listing expiries, cancellations and withdrawls.  This number in August is 49.7% higher than the 5 year average for residential and 74.9% for condos and might mean some sellers are rethinking their marketing plans or waiting to relist at a later date, perhaps even next spring.

Some sellers may also be selling now and renting, as they await a new construction home or simply to ensure they get their existing properties sold prior to purchasing another. 

Rental transactions involving Realtors are way up this year so many sellers may also be looking to rent their properties if they cannot secure a satisfactory sale.


September and October the best time to sell before next March:

Fall business is steady in September and October but starts to fall off in November, so sellers will want to plan accordingly.  With properties generally taking longer to sell in our current market, the best time window for getting a property on the market is now!

If you are not working with another Realtor and would like to discuss your plans for a fall, winter or spring/summer 2016 sale, please give us a call.  613-435-4692 It is never too early to plan your housing strategy.


Gord McCormick, Broker of Record

Dawn Davey, Broker

Oasis Realty Brokerage



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