2017 Real Estate Ontario Market Update: Are Ottawa sellers expecting the real estate market to go down in 2018?
Transcript: The wording has been a bit modified to create a better reading experience for people visiting https://www.JustSellingHomes.ca
Jerry Schindelheim: Today, we are going to be talking about the 2018 Ontario market forecast and compare Ontario market sales activity across provinces and sale price averages across provinces between 2016 and 2017 years, as well as Ontario, provinces and Canada aggregate 2018 forecast.
Tom Witek: You can easily pull up these numbers from CREA® which is the Canadian Real Estate Association and look for their market report for residential national market activity, or I have made this simpler for you and I have included the table below this paragraph. Since we are located in Ottawa, Ontario I will mainly focus on Ontario real estate market report, Ontario real estate sales activity changes and Ontario residential home price averages changes. You can review the real estate performance for all Canadian provinces as well as Canada in aggregate.
|2017 Canadian And Provincial Residential Market Update And 2018 Market Forecast|
|Real Estate Sales||2016||2016 Annual||2017||2017 Annual||2018||2018 Annual|
|Activity||Change %||Projected||Change %||Forecast||Change %|
|Real Estate||2016||2016 Annual||2017||2017 Annual||2018||2018 Annual|
|National Average||Change %||Projected||Change %||Forecast||Change %|
SOURCE FOR THE TABLES: CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by the Canadian Real Estate Association (CREA) and identify the quality of services provided by real estate professionals who are members of CREA.
From the first table, you can see that the real estate sales activity, or the number of homes sold between 2016 and 2017, in Ontario, 242,673 homes exchanged hands in 2016 and in 2017 the number of homes sold in Ontario was 221,900, which is -8.6% less that 2016. The 2018 forecast for Ontario is an additional decrease of sales activity from 221,900 in 2017 to 200,600 (forecasted 2018) or additional -9.6% So the sales are going to be down for 2018 Ontario real estate home sales activity. This is comparable with Canada's numbers which have gone down from 535,165 (2016) to 513,900 (2017) or -3.97.%, then down again to 486,600 for 2018 (FORECASTED) or - 5.31%. This is a decrease in number of sales for Canada totaling 9.28%.
From the second table, you can see that the average sales price for residential homes in Ontario has gone up since 2016, from $534,899 (2016) to $586,600 (2017) or up by 9.7%. However, the forecast for 2018 indicates that average sales prices in Ontario will drop from $586,600 (2017) to $573,700 a change of -2.2%. This is comparable with Canada's aggregate average home sale prices which have initially gone up from $490,051 (2016) to $510,400 or 4.2% and then gone down to $503,100 or by -1.4% (2018 FORECAST FOR CANADA) You can review the table for all other provincial average home price sale changes.
On our the next Blog post, we will focus on Ottawa real estate residential market update.
You can Contact Me for your Ottawa Neighbourhoods sales activity in 2017 and 2018, so that I can provide you with average home sale prices for your Ottawa neighbourhood, days on the market in the area, number of homes sold in your Ottawa neighbourhood, and number of homes that expired in your neighbourhood etc.....
So looks like in 2018, in your Ottawa neighbourhood, it's going to be key to price your home right in today's real estate market taking into account the current real estate trends. If you don't price your home correctly, you're not going to sell it, since there's only a certain percentage of homes that actually do sell while others just sit on the market.
Soon, we will have an upcoming video series and a Blog Post series called Home Seller Tips: topic of discussion for the Ottawa seller real estate tips will be:
"Why my home didn't sell? Your local Ottawa neighbour sold their home, in fact many neighbours on the street sold their home, why not me???
Thank you, JustSellingHomes.ca
Source: CREA. The trademarks