By Deb Cherry, Broker with Engel & Völkers Ottawa –
If you’ve been thinking about selling your home, 2019 may be a great time to do so!
Personally, I feel so lucky to own real estate in Ottawa’s stable market. Since moving to Ottawa from Vancouver in 1989, I have owned homes and investment properties in Hintonburg, Wellington Village, Westboro, and on the Ottawa River Parkway in the Mckellar/Woodroffe corridor. The Parkway property reminds me of Spanish Banks in Vancouver, an area with beautiful views of the ocean and mountains—however, I do find the mountains block the view. After all, I am originally from Saskatchewan, the land of the “big sky”. But I digress; back to the Ottawa market place.
According to the Ottawa Real Estate Board, the inventory of homes available for sale for the last quarter of 2018 was the lowest reported in the Ottawa market in the past 10 years. For Realtors and real estate investors, it is a signal that home prices are set to increase, as buyers compete for a smaller inventory of homes.
Inevitably, this competition will drive up the price of homes in Ottawa in 2019. A steady demand coupled with a lower supply ultimately should lead to a very robust market.
With such a limited inventory, it is a great opportunity to list your home for sale. Over half of home sales in Ottawa take place in the four months from March to June each year.
Even though homes in our neighbourhood seem to sell quickly and at top dollar, one still needs to have a creative, multi-level marketing strategy to ensure opportunities are not missed. Timing, positioning and price point need informed consideration.
With Toronto and Vancouver markets dipping due to controls set in place, good old stable Ottawa is looking pretty exciting to the world. Make sure your marketing plan has the reach for more than just local buyers.