Ottawa Real Estate Board | July 2019 Market Stats

– Hey everyone, Richard Robbins here. Well the numbers are in
for the month of July for the Ottawa Real Estate Board, and all good news! But let’s have a look at what’s going on. This is January, okay,
through to the end of July. We’ve got sales, listings,
months of inventory and price. We start doing 820 sales. As the year starts to go along, sales up. Went up to 1,500 in March,
April, and then the best month of the year we did 2,423
in the month of May. Then it started to slide a
little bit in June to 2,100, which is normal. May is quite often the
busiest month of the year, and then of course with summer we slid a little bit down to 1842. So we’re off 12.5% over the month of June, nothing to worry about, totally normal. Inventory, we started with 2800 listings, up, okay, up, up, ‘course we got up here at almost 4,000 in May,
then we went down to 3,800, okay, and then 3,700,
so our inventory’s down by 2.5% over June. Months of inventory,
which obviously all we do is we take the amount of active listings, we divide the sales into it, tells us the strength of the market. You start in January at 3.5, came down to 3.1, 2.3, 1.8, 1.6, 1.8, 2. So what I can tell you, you
had a very, very busy market. If we have inventory that is below four, we got a seller’s market,
above six is a buyer’s market, you’ve been below four all year, so which way are your prices going? We started at $395k,
average price, now at $440k. You look at that, that’s up
over 10% already this year. Cool stuff. Look at this. Sales, 2018, 1,614 sales, 2019, 1,842. We did 14% more sales this
year than we did last year, and last year was a pretty
decent market for you as well. Look at your prices. $404k at the same period last year, we’re $440k so far this year. Now, here’s what’s interesting. This is your months of inventory. So this was 2018, this here is 2019. So you can see 2018, you started with about five months of inventory. That’s a balanced market. Then in February, we came down here to about just over four, still balancing. Then we start to move
into a seller’s market. Very, very strong. We ended July of last year with 3.1. But look at us right now. Sittin’ here just over three, okay, and we’re sitting here now
at two months of inventory. So what’s really cool is look
at the gap between the two. You can see that 2019
is a much stronger year price-wise and smaller
months of inventory, than we had in 2018. And I thought you’d find this interesting. Shows you how good your market is. Ottawa is a great place
to be buying real estate, ‘specially as an investment. Have a look at this. 1998, so say 20, 21 years ago, right? 5,000 sales. 2008, 7,800 sales. 2019, almost 8,600 sales. Look how much we’re going up here. Look at active listings. 20,000, 26,000, down to only 18,000. So we had less inventory, more sales, what’s happening with prices, they’re going up ’cause you
got 2.1 months of inventory. 21 years ago, you had 4.1 months, roughly 10, 11 years
ago you had 3.4 months, now you got 2.1. Look at this. 21 years ago, you would’ve bought the average house for $210k. Ten years later, was $371k. A nice increase, but not crazy. But 20 years ago till now,
up four times, 400% increase in real estate over a 20 year period. So if anybody’s saying,
“Should I buy in Ottawa?” You need to be showing ’em
some of these numbers right? Should I be renting, should I be buying? Buy! Buy! Buy! Because Ottawa’s a great
market to own real estate and not only that, it’s
not crazy expensive compared to maybe Toronto or Vancouver. Anyway, I think you’re in
for a very exciting fall, I think your sales are
gonna continue to rise, I think your months of
inventory will continue to fall. Great time to be out there making hay. Hope this was helpful, hope
you’re having a great summer, and remember everybody,
it’s a beautiful life. Make it count.

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