Ottawa Real Estate Statistics - June 2016

While Pokemon Go was breaking downloading records, Ottawa real estate was setting a record of its own.  This past June saw 1,985 sales in the month which was the highest number EVER for monthly sales in the Ottawa area!  Compared to June 2015, residential sales increased by 16.6% to 1,654 and condominium sales increased by 21.2% to 331 (not only are these numbers impressive, but purchasers of these homes were also far less likely to get into traffic accidents or fall off cliffs while partaking in this record-breaking trend, which is more than I can say about their Pokemon Go counterparts).

As sales were heating up, we saw a decline in the inventory available in the area; in June 2016 an additional 3,220 new listings were introduced to the market increasing the total number of listings to roughly 8,300 or 11.5% less than this time last year.

With the number of sales increasing and the inventory numbers dropping, the real estate market is returning to levels local Ottawans saw in the 2000's & early parts of 2010's.  For the better part of the last 4 years, Ottawa's real estate market was considered a 'Buyer's Market', meaning the inventory available for sale exceeded the demand.  A few factors contributed to this market change; an over-abundance of new homes and condos, the rise in popularity of 'for sale by owner' companies, and the shifting demands of the market (Baby Boomer's inching closer to retirement, Gen. Y starting families later than their parents, etc...).  But if the current sales pace in maintained and the inventory continues to drop, the local real estate market will quickly shift back to a 'Seller's Market' - which means if you've been putting off the decision to buy your next home or an investment property, now is the time to act before prices start to jump back up.