Ottawa real estate monthy report Month of Apr, 2019
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Welcome to iDeal Properties Realty Ottawa monthly report. Your Real Estate Resource for the FAMILIES
of National Capital.
In March we realized that buyers are facing multiple offer situations, and properties are often selling over list price. These are signs of a seller’s market in Ottawa. While a benefit to those sellers, it is stressful and time consuming for buyers.
We are asked where these buyers coming from that made the market sellers market? The answer in this situation is related to a few parameters:
1- Dynamics of low inventory leads to reduced days on market, and multiple offers,
2- We have a population growth rate of 8.8% in Ottawa, which is higher than Ontario (5.7%) and Canada as a whole (5.9%),
3- Rental vacancy rates in Ottawa is at less than 1%, which pushes the renters to buy.
Below are the proof of our discussion:
The number of sold properties in Ottawa in March 2019, 375 condominiums, an increase of 5 % from March 2018, and 1,136 residential properties, a decrease of 12.4 % from March 2018.
The total number of sold properties in March 2019 was 1,511 compared with 1,654 in March 2018 a decrease of 8.6%.
The average sale price for residential-class property was $480,143 an increase of 7.2 % from March 2018.
The average sale price for condominium-class property was $290,181 an increase of 5.2 % from March 2018.
Condominium sales continued to lead the way in March which included a higher average price percentage increase than single-family residential sales this month.
So buying Investment and rental properties makes sense more that ever in Ottawa as well.
Condominium sales continued to lead the way in March which included a higher average price percentage increase than single-family residential sales this month.
If you are thinking of buying or selling your house, call us anytime for a FREE PRICING EVALUATION, it is never too early or too late to speak to us. We look forward to your call. 613-366-1713.
In March we realized that buyers are facing multiple offer situations, and properties are often selling over list price. These are signs of a seller’s market in Ottawa. While a benefit to those sellers, it is stressful and time consuming for buyers.
We are asked where these buyers coming from that made the market sellers market? The answer in this situation is related to a few parameters:
1- Dynamics of low inventory leads to reduced days on market, and multiple offers,
2- We have a population growth rate of 8.8% in Ottawa, which is higher than Ontario (5.7%) and Canada as a whole (5.9%),
3- Rental vacancy rates in Ottawa is at less than 1%, which pushes the renters to buy.
Below are the proof of our discussion:
The number of sold properties in Ottawa in March 2019, 375 condominiums, an increase of 5 % from March 2018, and 1,136 residential properties, a decrease of 12.4 % from March 2018.
The total number of sold properties in March 2019 was 1,511 compared with 1,654 in March 2018 a decrease of 8.6%.
The average sale price for residential-class property was $480,143 an increase of 7.2 % from March 2018.
The average sale price for condominium-class property was $290,181 an increase of 5.2 % from March 2018.
Condominium sales continued to lead the way in March which included a higher average price percentage increase than single-family residential sales this month.
So buying Investment and rental properties makes sense more that ever in Ottawa as well.
Condominium sales continued to lead the way in March which included a higher average price percentage increase than single-family residential sales this month.
If you are thinking of buying or selling your house, call us anytime for a FREE PRICING EVALUATION, it is never too early or too late to speak to us. We look forward to your call. 613-366-1713.
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