The article “Shift Could Push Ottawa’s Balanced Market into Seller’s Territory” says the following about the Ottawa housing market:
“A renewed sense of confidence within the civil service sector, following last year’s federal election, combined with more affordable housing options throughout Ottawa and the surrounding areas, have contributed to an upswing in residential resale home buying activity in the second quarter of 2016.
“Close to 6,850 residential homes sold in the first half of 2016 in the nation’s capital, up almost six percent over the same period last year (6,836 vs. 6,478). The year-to-date average price for residential properties softened slightly to $392,717, down just over one percent from $397,846 in 2015. Stronger sales and fewer listings coming onto the market are reducing the inventory of active listings in the residential category.
“Momentum is beginning to build in the residential resale market, particularly under the $500,000 price point,” says Jeff Hooper, a Broker and Partner at our Brokerage. “Almost half of all residential sales have occurred in the price range between $300,000 and $450,000 — demonstrating how affordable housing is in Ottawa compared to other major Canadian cities. Should this trend of stronger sales and shrinking inventory continue, Ottawa’s balanced market could transition into seller’s territory in coming months.”
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