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OTTAWA MARKET – INVENTORY DOWN, PRICES UP

OTTAWA REAL ESTATE 2019 - CHRIS STEEVES REALTOR

While it continues to be cold outside, the real estate market is staying RED HOT!!

Inventory is at all-time lows, and demand is still strong.   So it comes as no surprise that prices are shooting way up.

Comparing this February to Feb 2018, average home prices are up 8.6% for residential homes, and 5.6% for condos.   That’s a pretty substantial increase to say the least. If we want to see prices remain somewhat constant, this city will need more inventory.  ASAP.

As predicted, get ready for another red hot year in Ottawa.   And I expect we’ll see more of the bigger condo developers start to launch new projects again (think 2010 – 2011 type of markets).  Let’s hope these builders put more effort into building cool, more current-style condos (ie, the Gotham, or Soho).   The out-dated and tired looking condos are still a tough sell (let’s be honest, people don’t buy these things for the land value ;))).

And good news for Ottawa as a whole!   A majority vote was passed today, in favor of Phase 2 of the LRT line.  Looks like that will be moving ahead, which will be a huge game-changer for so many neighborhoods (and will open up doors for RE investments!).   More info on that here.  And you can see the proposed plans here.

CHRIS STEEVES

Sales Representative. Residential & Commercial.
Capital Homes Realty
217-1419 Carling Ave, Ottawa, ON
Office: 613 744 0356

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WWW.CHRISSTEEVES.CA
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