Ottawa’s Real Estate Problem is an Inventory Problem
by Dave Williams
In January, 1981 homes & condos were listed for sale in Ottawa and 602 homes & condos sold, or about 30%
However there were already 4694 properties on the market, making the 602 sales represent a total of 9% of the total inventory of homes for sale in January 2013…
…thus reveals the true culprit of Ottawa’s Real Estate Problems, The Inventory of homes for sale is Very High. It would take over 8 months to sell all the homes for sale in Ottawa right now, assuming no new homes came on the market.
February 2013 started with 4956 properties
for sale in Ottawa, this is:
10% higher that 2012
40% higher that 2011
60% higher that 2010
In 3 years the inventory of homes foe sale has JUMPED 60% while the number of homes selling each years has stayed consistent with only minor fluctuations of 1 or 2%
Breaking it down further the inventory of:
has increased by…
It’s clear to me now that Ottawa’s real estate market has an Inventory Problem.
We have too many homes for sale or not enough buyers for them.
What is your solution? [Comment Below]
*The opinions expressed in this article are solely those of the author.