Key indicator shows cooling real estate market in Ottawa


State of the Ottawa Real Estate Market, May 21st 2010

10.3% of homes you see on Realtor.ca (In Ottawa) are already under contract

There were 429 homes sold in Ottawa last week.  Which is 47 more that were under contract last week.  When 47 homes sell from offer to firm contract in less than a week you can definitely say the real estate market is HOT….

However the % of homes under contract, which is considered a key indicator of market strength has been steadily declining since April 23rd, 2010 which is an indicator that the Ottawa real estate market is moving towards (we’re not there yet) a balanced market.  We expect to see that happen in the 5-6% range.  On that note you may notice above that the residential home market is much closer to that range than the condo segment of the market.

Real Estate Dave

If you have any questions on what/how these numbers affect you, please ask.

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