The result of a lack of affordable listings has resulted in long line ups at the doors of newly published listings and the deliberate creation of bidding wars on new affordable listings in Ottawa.
The amount in my neighbourhood of Stittsville which is in the west most suburb of Ottawa has had less of the normal listing stock, in comparison to the past few year. Thank goodness for new home subdivisions offering some loft product and freehold townhomes for some options under $300,000 but to look for any of the same product on the resale market is almost a dream. Now don't get me wrong there have been more sales but less options to choose from which has prices continuing to be strong.
In a recent conversation with another long time realtor worried the general public is leaning even more to holding tight as they are expecting even higher prices in the spring but this thought could lead to a flood which could lower the prices in the spring. In this agents' opinion he had seen it before and greed takes over and it will create a check and balance in the market.
Lets hope those really wanting to make a move will call now as we have a need for some of the basic, small lot singles and freehold towns for the first time buyer and condo clients wanting to move up but keeping affordability in mind.