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Better Signs in the Market
Some interesting Local Real estate news:
Having decided Canada would not face the same scenario in the real estate market as the United States there was still speculation late last year about supposed free-falling property prices, fuelled by market trends in British Columbia and Alberta where rapid price increases and speculation had been prevalent. Based on current statistics there is now an emerging body of evidence that the Southern Central Ontario real estate marketplace is seeing what is best described as a “market adjustment” resulting in a soft landing and not the crash that much of the media projected.
In our local area, residential resale activity for June is up on the same month last year. In ottawa, by 18% and the ever
expanding manotick by 34%. Current data would suggest little movement up or down in average sales prices with ottawa
down 1% and manotick up 2% on last June.
The median sale price. which is the midpoint of all sales, in ottawa for the first six months of this year is $418,000 down
just 2% from the same period last year and in manotick at $325,000 is down only 1%. With the number of new listings also down, year to date and June statistics showing signs of pent up demand resulting in higher sales we could be moving back to a sellers market. Many of the economical problems facing home buyers today have been offset by lower mortgage rates and a stable market place.
There are signs that we may be recovering from the first recession since 1992. Buyers, Sellers and REALTORS® will certainly find this scenario much less stressful.Taking the stress out of buying and selling is our day to dayactivity.
