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Ottawa Real Estate Market Update December 2018 - Chantel Brownlee
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Ottawa Real Estate Market Update December 2018 Posted on: February 5th, 2019 by Chantel Brownlee Members of the Ottawa Real Estate Board sold 663 residential properties in December through the Board’s Multiple Listing Service® System, compared with 765 in December 2017, a decrease of 13.3%. YTD activity increased by 2.4% from 2017. The total number of residential and condo units sold throughout all of 2018 was 17,476, vs 17,065 in 2017. The last 2 years have experienced significant activity with a 12.6% increase in unit sales from 2016. The Ottawa area has excellent employment numbers and has proven to be one of the most affordable larger cities in the country. An overall shortage of inventory in 2018 caused residential unit sales to slide and condo unit sales to rise. In addition, the mortgage stress test – an attempt by the federal government to cool two major markets – has made it more difficult for first-time buyers and has made move-up buyers less likely to...
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