This MLS housing market in Ottawa has been active. We’ve noticed a continuing upbeat in confidence from buyers in recent months. This increased assuredness is partially caused by pent-up demand over the recent years, from recent job increases in the high-tech and public sectors and continuing low interest rates. The unofficial MLS results for Ottawa illustrate the following:
*ABSORPTION RATE (AR): The Morris Home Team, as always, continues to keep a keen eye on key market indicators, such as absorption rates, which show the relationship between housing inventories and sales. Specifically, the absorption rate (the inventory/sales ratios) identifies how long it could take for all current listings to be absorbed in the market, i.e. how many months it would take to sell all listings if no new listings entered the market.
In the residential sector it would take 3.4 months to sell all the 2,506 listed properties. This is good news for the industry because it shows we have a healthier market compared to recent years. The condo segment witnessed a massive decline in the AR this February compared to February 2017. This is very good news for both housing sectors.