The new Ottawa Real Estate Board (OREB) statistics are out for December and they paint a picture of a slowing market.
When I started in this business about four and a half years ago, it took an average 27 days to sell a property in Ottawa. (We call those averages “days on market.”) At that time, if a listing expired or was terminated/cancelled and then the property was re-listed, the days on market were reset to zero. That was a little misleading since someone looking at the listing, without access to its history, might think it was a new listing when it could be quite stale-dated.
That statistic has now been changed by the Ottawa Real Estate Board so that the only time days on market will be re-set to zero is if the property goes off the market for more than 45 days. The new statistic is called CDOM (Cumulative Days on Market).
In November, it took 82 CDOM to sell the average property. In December, it was up to 106. So, it now takes almost exactly four times as long to sell a house as it did when I first started. And in terms of sales to inventory, we are at 12% sales to inventory (below 15% is a buyer’s market).
Which means if you want to sell, be prepared for it to take longer than you’d hoped. A property in this market has to be well-presented and really well-priced to get buyers to move, and even then, they’re taking their time.