Merovitz Potechin LLP
Menu Contact

The Referred to Law Firm

877-612-1123

Fewer listings, higher prices in Ottawa's real estate market

When there are significantly more prospective real estate buyers than sellers or vice versa, things can get competitive in any market. This appears to be the situation in Ottawa's real estate market, where there was a 21 percent decrease in residential properties for sale in Feb. 2018 compared to Feb. 2017. This is resulting in more real estate bidding wars in the city than in years prior, leading to some properties selling significantly over asking price.

There were only 3,028 residential real estate and 1,064 condominium listings in Ottawa in Feb. 2018. Hot areas in the city have seen higher closing prices as a result, mainly those along the Ottawa river to the east and west of downtown. The benchmark price for single family homes in Feb. 2018 was $409,200, a 8.5 percent increase from the year prior.

However, there was quite a bit of variance in pricing and increases throughout the region with more exclusive areas seeing the largest jump. Rockcliffe Park saw a 28.5 percent jump, with benchmark prices sitting at $1.5 million. Carlsbad Spring only increased by 1.9 percent and is the lowest in the city at $324,200.  Meanwhile, a lower number of listings mean that the number of properties sold was down 5.3 percent.

Ottawa's real estate market, like others in the country, will continue to evolve and change. One of the things impacting these trends is real estate law. There are a number of legal requirements involved in buying and selling property, so retaining an Ottawa real estate lawyer when undergoing one of these transactions is a good idea.

Source: Ottawa Citizen, "Bidding wars and scant supply: Ottawa"s housing market finds itself listings-starved", James Bagnall, March 6, 2018

No Comments

Leave a comment
Comment Information
Email us for a response

Request A Consultation

Request A Free Consultation

Bold labels are required.

Contact Information
disclaimer.

The use of the Internet or this form for communication with the firm or any individual member of the firm does not establish an lawyer-client relationship. Confidential or time-sensitive information should not be sent through this form.

close

Privacy Policy

Merovitz Potechin LLP
300-1565 Carling Avenue
Ottawa, ON K1Z 8R1

Toll Free: 877-612-1123
Ottawa Law Office Map