It's the classic question: What's the market like?! Always a complex answer based on location, type and style of home, condition, etc, there are some general trends that can help you understand the overall market in Ottawa.
As you can see by the table below, there have been significant price increases in certain neighbourhoods in 2013. Although Barrhaven and Nepean have lower prices, much of that can be attributed to the townhomes and semis that have been built over the past few years that people are re-selling now. Keep in mind these numbers are only MLS statistics - many new constructions don't list through MLS!
In this table, you can see the growth in 2014 so far. It looks daunting, but keep in mind our long winter which often affects home sales. But even here you can see that different neighbourhoods are doing better this year than they did last year. Stittsville has the most growth from last year, but you can see that the downtown and east end neighbourhoods are fairly consistent and stable markets. The east end growth can largely been attributed to the lower sales prices from the west-of-downtown areas which appeals to a larger group of buyers.
What is very telling is the DOM - or "days on market" - trend. This table is telling us that most properties are on the market for 30-60 days before they sell. What this table DOESN'T tell the public is that, when homes have been on the market for some time, instead of doing a price reduction, many homeowners opt to re-list their homes at a lower price.
Although this seems - and it is! - complicated, it's good information to know as homeowners so you have the education you need to prepare for a good future in your investment! Ask me questions, too...I can probably help you work some of this out :)