I hope everyone’s been outside enjoying this beautiful summer heat. July and August in Ontario is about as good as it gets for just about anywhere in the world!
Speaking of extreme heat, our real estate market is still red hot hot hot. Ottawa had the highest number of July sales in 15 years with record sales volume for residential homes. Not only that, but prices are skyrocketing as well. The average price of a condo saw an increase of 6.8% over July of 2018. And freehold homes saw an increase of 10.4%. Boom!!
As usual, it’s the low inventory number of listings and the strong buyer demand that are fueling this hot market. Currently, we have about a 1 month supply of residential listings, whereas a balanced market would be about a 3 month supply. Thankfully, builders and developers are in full swing right now so I expect things will balance out a bit in the next couple years (as more development projects complete). Don’t expect a slowdown this year though, and probably not next year either… 🙂
If you have questions about specific neighborhoods and markets, definitely ask me. With this rapidly changing market, and the numerous bidding wars, it’s important to be fully informed when making any decisions to buy or sell. I welcome any questions you have on how to best navigate this hot market we’re in.
More positive news for this city, it looks like we may have an operating rail line/LRT within the next month. It’s been quite a journey, but it looks like it’s finally happening! More details on that here.
That’s it for now. Wishing everyone a fun-filled summer!
Sales Representative. Residential & Commercial.
Capital Homes Realty
217-1419 Carling Ave, Ottawa, ON
Cel: 613 262 1697
Connect on Linked In
Like My Facebook Page