Hot is relative term obviously, it's hot compared to right now compared to previous performance of sales in Ottawa (not Toronto or Vancouver). You're also quoting historical data, which accurate lags behind what is happening now. The funny thing is most home owners in Ottawa don't even realize the value of their property, those that are listing are the ones cashing it in it.. who knows how long. Maybe it will fall a bit when supply increases. Speaking as someone looking to buy right now, properties are going from active to conditional in about 2 weeks. "Oh that looks interesting" quickly turns to "it's sold".skeet50 wrote: ↑ It isn't a sign of a hot market if it isn't pushing prices upward. Look at Jan's stats. Sales were up 16% from last Jan, but prices were up only an average of 1.5%. That would not define a hot market in my mind.
If you look at the historical numbers, up until 2012 we were enjoying average annual price increases of about 6.2%. It's the recent prolonged slow down that has dragged that number down to 5.74%. Sales numbers now are showing that there is some pent up demand, most likely as a result of the past 5 slow years, that is being met. But, it doesn't look like yet we are even back to normal, let alone exceeding it (with price increases exceeding 6.2% annually).
I just think that whenever I read comments on "hot" real estate market it seems that sometimes people have forgotten what the normal or average real estate market is in Ottawa. Is an average market a strong market? Well, we can argue adjectives back and forth, yet, imo, an average market is an average market. And, in Ottawa, at least, we are not there yet.
BTW: I am a homeowner and would love to see stronger house prices. I am cautiously optimistic. But I will tell you this, I would relish on the market numbers proving me wrong. :-)
I'll see you at the top, cause the bottom is too crowded