http://ottawacitizen.com/news/local-news...ing-market-finds-itself-listings-starved
Seems like Ottawa's housing market has been heating up and its not even spring yet.
I browse MLS just to see what's out there from time to time (even though I'm not currently living in Ottawa) and I definitely believe that low inventory is driving the high prices in some areas. The options available over the last few months have been pretty poor.
Take the Glebe for example, it has a defined area and inventory has been traditionally lower then similarly sizes neighbourhoods. But the inventory there has been so poor lately that it's been driving the price up for houses that have been sitting (and the asking is definitely overvalued for places that need a lot of work). Even Riverside South and Barrhaven inventory levels have been abysmal and has lead to overinflated prices/bidding wars as Rushforth noted in the article.
That's not to say places like Bell's Corner or Orleans are the same, I'm just nitpicking more popular areas right now. You can easily find fair asking prices for nice places in the aforementioned areas, but they just aren't that desirable at the moment. It'll be interesting how the market and inventory supply is in the spring.
Threaded Mode