Continued Seller's Market in Ottawa
Summary statistics compiled by the Ottawa Real Estate Board and presented in a recent press release make it very clear that Ottawa is still a strong Seller's market for residential Real Estate. A shortage of listings prevails. It is our thinking at OttawaAgent.ca that inventory should begin to build to some degree in 2010 as more fence-sitting Sellers decide to take advantage of currently favourable conditions. However, as the Bank of Canada has also recently re-affirmed intentions to keep the prime rate at historically low levels through the second quarter of 2010 it is entirely possible that Buyer demand may continue to eat up any potential swell in the number of new listings. Prices are also rising at a rate that really is very surprising given the long run of year over year price increases. Ottawa, early in 2009, had income to housing cost ratios that gave us the most affordable major urban Real Estate market in Canada - if prices continue to rise as they are, it is conceivable Ottawa may finally begin to hit equillibrium sometime in 2011 or 2012 - sooner in some premium neighbourhoods where price increases have been close to sensational. If you are looking to buy, espeically in a premium neighbourhood, and you have the requisite downpayment available, you can hardly afford to wait. We know of buyers who have been holding on for a "deal" for over a year in prime neighbourhoods, and their buying power has declined in some cases by $20,000 to $50,000.
Read the press release here: November 2009 Ottawa Real Estate Market Update
Bruce Brown
Real Estate Broker
KELLER WILLIAMS OTTAWA REALTY, Brokerage
OttawaAgent.ca