new listings surged in March but buyer demand met the challenge with huge unit sales increases In a more normal market a 30-40% increase in new listings would be cause for concern. But not the case with our wild and crazy market that pumped out unit sales increases of 47% for residential properties and 65% for condos, during March.  This obliterated the new listing surge and pushed already soaring prices in to the stratosphere: The average residential property sold for $758,802 during March up 35% vs last year and the average condo sold for $437,046, up 18%. Price-low-to-sell-high: Unfort ..read more

biggest % price increase in 37 years in 2020 …but of course!  It’s 2020.Ottawa real estate ended this unusual year with a very strong December.  Monthly sales leaped 32.4% in Dec 2020 vs the same month in 2019.  While December and January are typically the two lowest sales months of the year ; the sales recorded in December of 1,002 actually outstripped April where only 913 total properties were sold.  April is normally the 3rd busiest sales month (after May #1 and June #2)  but the arrival of the pandemic in March really put a damper on April sales this year. Sales de ..read more

Are these key indicators suggesting a market shift in Ottawa real estate? Will we look back at the fall of 2020 and say:  “yes, we can see the beginning of the market change in the results posted in September and October? New listings surge in October:For the 3rd straight month, new listings continue to increase significantly, compared to a year ago.  Fortunately, unit sales increases have mostly absorbed these new listings and our sellers’ market continues, as does historically strong price increases. New listings for residential properties were up 47.9% vs last year in the month o ..read more

residential average sale price jumps 22%…how long can this continue? Ottawa’s market continued red hot through August with the average selling price of residential properties during the month rising 22% from a year ago to $592,548.  Residential sales recorded a 21.8% increase in transactions, while condo sales grew at just over 2% but recorded at 24% increase in average selling price to $383,640. Some good news on new listings….but…We had our strongest month of the year for new residential listings which grew 18.6% vs 2019 but alas, residential sales growth pretty well absorbed all those ..read more

huge bungalow on 50 x 120' lot in Stonebridge •  2700 sqft , 3 bath , 4 bdrm 1 1/2 story – FOR SALE  CAD875,000 . Monarch "Brookside" bungaloft in Stonebridge, Ottawa SNEAK PEEK! EXCLUSIVE (NON-MLS LISTING) In the heart of Stonebridge (phase 2) on a quiet crescent, awaits this venerable “Brookside” (aka Mahogany) bungalow with loft. This upscale neighbourhood has been a coveted location in suburban Ottawa since its inception. Close to the golf course, river and Stonebridge Trail. This bright, spacious home boasts over 2700 sq ft of above ground living space per builder plans (and MP ..read more

low inventory boosts prices in May Ottawa real estate continues to baffle just about everyone.  While sales plunged again in April, (transactions were down 44% vs May 2019) average selling prices surged 11.2% for residential properties and 15.5% for condos.  So what gives? Listing inventory down by 50.4%The number of listings available dropped an incredible 50.4% from the same time a year ago.  Compared to May 2015 (much slower market then) available listings are 81.4% lower…that represents over 8,000 fewer listings!  No wonder buyers and their representatives are pulling t ..read more

This topper on a For Sale sign may indicate an Exclusive listing  What is an “exclusive” listing anyway? An “exclusive” listing is one which is not listed on MLS® but is being marketed by a single Realtor, who has a signed listing agreement from a seller, allowing/directing them to market the property. (by law, Realtors must have written instruction from a seller to market their property)  In balanced markets or buyers markets, it is rarely used, as one of the many strengths of the MLS® system is to generate the widest possible exposure and this it does via an MLS® listing on the rea ..read more

agent and seller “FOMO” a factor in bidding wars Just released February results show a continuing and worsening trend in listing inventory shortages in Ottawa real estate.  A relatively strong unit sales increase of 13.9% was recorded during February and average selling prices shot up over 20%, as a result of strong demand and bidding wars on properties. Prices:Average prices for properties sold in February soared 21.1% for the average residential property to $563,694 and the average condo sale recorded was up 21.3% to $349,813. “FOMO” creates Bidding Wars: Once a bit of a rarity, this is ..read more

Realtors have some beefs with this market Most will think that Realtors must be rejoicing in this sellers’ market and that it is just a matter of fast sales and big commissions.  Must be “easy street”, right?  In reality, I think we would find that the larger % of real estate professionals would be happy to see a more “balanced” market that features a more equal number of buyers and sellers.  While it is true that listings sell quickly and for top dollar, there are many aspects to this market that cause Realtors heartburn, if not heartache. Not a lot of listings to go around:At ..read more

There are some important decisions to make with your listing broker to help you plan to accommodate winter showings, in this busy sellers’ market in 2019/2020.  Here are just a few: Initial showing period:How will you manage access to accommodate the largest number of buyers to your property?  High demand and low listing inventory right now means properties are highly sought after and buyers will want to see the property as soon as possible after it is listed. 8 to 10 showings a day (or more!) in the first few days is not out of the question. Some buyers are even vacating their prop ..read more