Tomasz  Witek

Tomasz Witek

Salesperson

YOUR CHOICE REALTY CORP., Brokerage*

Mobile:
613-314-1199
Office:
(613) 369-5199
Email Me
Tomasz  Witek

Tomasz Witek

Salesperson

YOUR CHOICE REALTY CORP., Brokerage*

Mobile:
613-314-1199
Office:
(613) 369-5199
Email Me

Ottawa-Real-Estate-Market-Update-February 2018

Low Inventory Of Homes For Sale Continues - Ottawa Real Estate Market Update For February 2018

 

Real Estate Statistics Are In For Ottawa Real Estate Market Residential Homes and Condominium Homes

 

 

 

Enjoy my video, here is the transcript for this video, thank you for tunning in.

You Can Download The PDF File Below From Ottawa Real Estate Board - Ottawa Real Estate Market Statistics For February 2018

 

Hi guys I'm pretty excited today I got the new Nikon 5500 camera to record my real estate videos so I'm gonna have

even more videos coming with short updates about the #OttawaRealEstateMarket

My name is Tom Witek I'm a #RealEstateSalesperson and you can find more information about me at https://www.JustSellingHomes.ca

This is going to be a #February2018OttawaRealEstateMarketUpdate you can go to the to my website https://www.JustSellingHomes.ca       

and and download the PDF file that shows you the tables with different price ranges usually for condominium and residential sales okay. So you can go to

https://www.JustSellingHomes.ca/Ottawa-Real-Estate-Market-Update-February2018

Ok so let's get into it.

Regarding #solds in #February2018 there were 979 #solds versus #February2017 which had 1,002 #solds so there's less #solds by only 2.3% You have #condos category which #sold in

#February2018 250 condos and #ResidentialHomes 729 now this is probably because breaking news there is a #LowInventoryOfHomes and it continues in #February2018

Okay so we have #December20017, #January2018 and now #February2018 with #LowInventoryOfHomes and I can show you exactly which #homes are actually best to sell right now but

let's go over through a few problems that have developed. Okay so if this trend continues of low inventory #Ottawa will become a seller's market and usually either buyer or

seller or balance market is defined when the trend continues for six months okay the second problem is compounded by new builders who are hindered because builders can not find

enough land, because the land prices went up and there are also urban boundary issues and development issues okay the third problem is the limited supply of rentals on the

#OttawaRealEstateMarket so you have not enough of rental units so what happens with the renters, where do the renters go?  

Well, they're turning into owners right and the most affected are the #CondoSales #TheCondoSales are going up now let's jump into this area now #AverageSalePrices for

#OttawaResidentialRealEstate for #February2018 it's $429,600 dollars versus #February2017 we are up by 2.7% In the #CondominiumMarket the increase is... The average sale...the

#AverageSoldPrices are $273,174 and that's an increase when you compare it to #February2017 by 5.6%

Now you can check out my website at https://www.JustSellingHomes.ca for the #NumberOfUnitsSold and #AverageSalePrices for each property class and that you are interested in now

most this is what's important #MostActivePricePoint is again it's between $300,000 and $449,900 for the #ResidentialMarket and this is the most active #sales okay you have in this

#pricepoint #pricerange you have 47% of #sales of the whole #OttawaRealEstateMarket so that means #sales below $300,000 and #sales above $450,000 account for 53% In the

#OttawaCondoMarket the #MostActivePriceRange was $150,000 to $250,000 and these #sales in that #PriceRange accounted for 56% so again, below $150,000 and above $250,000

#sales account for 44% so #LowInventoryOfHomes continues now another so this is what happens basically I took this #pricerange but you could have taken $300,000 to $399,000 but

even to make it a smaller chunk we can use $350,000 to $399,000 You have an increase of #housesSold in #February2018 by 30% okay and this spills over in my opinion between to

#homes being #sold between $500,000 and $750,000 which now account for 39.4% so what is happening? so people from this #PriceRange of $350,000 to $399,900 are #selling their

#homes and upgrading to the $500,000 and $750,000 #PriceRange

 

#MortgageRules that have changed in #January2018 so people are still people who qualifie for #mortgage in #November2017 and #December2017 are still shopping and closing #homes

because they have 120 days pre-qualification for their #mortgages so we want to get on the action within that period; close on the #home and move  using the old rules and interest rates

now interest rates went up a little bit and the #MortgageRules have change its much harder to qualify right now okay so the problem is supply shortage which leads to prices going up

prices going up creates #affordability issues and #affordability issues can give you this option of #CoachHomes #TheCityOfOttawa came up with an initiative in #October2017 to allow

owners to have #CoachHomes I'm going to be doing another video about the #CoachHomes already posted one but you can get the information about the #CoachHomes and and maybe

this is this is an idea for you. Basically, the way that #CoachHomes works is if if you comply with all the rules, all of the requirements you can build an extra structure on your #land and

then either use it as an #investment or use it as as let's say you have elder parents and you want your parents to move in they're not moving into your #house they're moving into a

separate structure anyway so my name is Tom Witek with https://www.justsellinghomes.ca I am an #OttawaRealEstateSalesperson and again if you go to this this website address I'm

going to post this in the comments you can download the whole information.

 

Please do #Subscribe and #HitYoutubeNotificationBell I'm going to be producing more and more videos for your enjoyment thank you very much. 

 

AttachmentSize
Ottawa Real Estate Market Update February 2018-Tomasz Witek-Ottawa Real Estate Salesperson.pdf687.55 KB
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Education: Master of Arts, M.A. with specialization in International Affairs. Bachelor of International Business, B.I.B. OREA College Real Estate Education

Languages Spoken: English, Italian, Polish, Spanish