Andrew Miller, Sales Representative

RE/MAX Hallmark Realty Group‎, Brokerage

613-447-7669  |  Email Andrew

Ottawa Real Estate Market Update: Lucky #7 Hot AF!

*Insert all my talk about how great Ottawa is here*, you heard it before now and the word is out.  Ottawa’s real estate market is showing no signs of letting up.  So hot in fact that we at Dream Home Ottawa, have been too busy with our clients buying and selling that we haven’t even had the time to do our normal 6month market update.  So, short recap below.

Some say that July was a touch hot for them with temperatures hitting over 40 degrees… well our market was even hotter as members of the Ottawa Real Estate Board sold 1,842 residential properties in July through the Board’s Multiple Listing Service® System, compared with 1,605 in July 2018, an increase of 14.8%.  Of that residential units increased 12.3% and condos another great month at 23% increase over last years sales numbers.  To put things into perspective, even though inventory levels remain low, the 5 month average for sales is 1,579 units, and in fact this year is the highest sales amount in 15 YEARS!

Blah blah blah right?  You’re curious what this is all doing to house prices, I know.  Well, condo’s are slow and steady and the average sale price is up just shy of 7% over last year and residential homes are now at $487,308, an increase of 10.4% from only a year ago.  Compare this with Toronto and Vancouver still well over a million, and major cities everywhere, still higher than our beautiful growing city.

Don’t let anyone tell you any different, if you are thinking of buying or selling, now is an EXCELLENT time and with these market conditions, it is ESSENTIAL to have the guidance of a Realtor.  Some Sellers are walking away with 10’s of thousands less than they could have gotten, and some Buyers are paying more than they should, or not even getting homes that they want/need.  

Looking for more stats and figures for your type of home or your neighborhood?  Email and let me know amiller@dreamhomeottawa.ca

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Meet Your Next Realtor, Andrew Miller

Born and raised in the Ottawa area, with years of experience in the Real Estate industry, I have the tools needed to get you started on your next move. Be it buying or selling, I am confident that from your first home, to your dream home, I can help make your dreams become a Reality................ Read More

I was immediately impressed with Andrew Miller's high level of energy and salesmanship. While other agents we met seemed only interested in getting our listing, Andrew had a clear strategy for selling. We worked with him to implement the strategy and the house sold within 2 weeks. Cathy

Catherine and Don M.