A Look at Real Estate in Ottawa

If you read today’s Report on Business in the Globe and Mail you may be feeling richer because of your real estate investments. If you are living in some of the countries major business centres such as Toronto, Calgary and Vancouver this may be true. However, the market in the Nation’s Capital has enjoyed only modest increases.
The ROB stated today that the average price in Toronto is inching closer to $1,000,000! In July the average price for a single detached home in Toronto was $888,433, compared to $921,127 in June and $943,055 in May, and  $965,670 in April. Compare that with the average sale price in Ottawa, in July the average sale price was $377,000, compared to $389,000 in June and $401,000 in May, and $399,000 in April respectively, and there is a remarkable difference.
As a Seller it is important to stay in the here and now and be realistic about the market value of your asset. There is a constant in real estate and that is “the longer a house is listed, the more the price is driven downward.” Therefore, starting at the closest number to where the market value has been determined when listing your home will yield the most promising outcomes.
This comes from taking the advice of the person you have commissioned to represent your interests in the market.
If you have based your decision selecting an agent on a referral or qualities such as competency, which would include, knowledge of the market and results as well as integrity, personability and a commitment to results, then it makes imminent sense to listen to the counsel of the person you have hired for the job and take their direction. Your representative’s job is to sell your house for the most amount of money in the least amount of time. Because of the time factor, value and time are directly linked.
So what is the message in all of this? When considering listing or buying a piece of real estate, the most accurate source for trusted information is likely not the press, no matter how trusted a source they are. It is taking the counsel from those whom you trust, and who work in the market every day.
Look at the local market statistics, look at regions in the city and look at price points.
The Ottawa market was up modestly for the month of July from the same period last year but unlike other cities, the Ottawa condo market has not enjoyed the surge other markets have experienced.
Let’s keep our fingers crossed and hope that improved unit sales will continue across the board. Enjoy your August!