Do Federal election results affect Ottawa housing?

Do you ever wonder if it makes a difference which major party is in power or whether we have a majority or minority government?

When it comes to Ottawa real estate here are some recent average selling prices that might give you a hint:

Harper Majority:              Trudeau Majority:

2012: +2.4%                        2016: +1.2%

2013: +1.6%                        2017: +5.5%

2014: +1.2%                        2018: +3.8%

2015: +1.6%                        2019: + 9.1% (through Sept)

So if you are voting based on your housing wallet, the choice is pretty clear…..though a minority government of any kind, pretty much ensures the cash will be flowing and all will be good in Ottawa real estate.

All in all, no party seems to have threatened (promised) to make any significant moves to balance the books, so while perhaps not good news overall, it certainly doesn’t seem to predict the tight budgets of the Harper majority or even the previous John Chretien majority, where budgets and headcount were threatened and Ottawa housing often paid the price.

The link between Federal headcount and program funding has a huge impact in the Ottawa economy and therefore housing. (and in Gatineau,  “don’t’-call-me-Hull” too)  For every Federal job in Ottawa there is probably another job in the private sector that is also largely tied to their employers business with the government.  So if a Federal majority government decides to go strong on a “balance the books” principle, we are bound to see our economy suffer and our housing market flat line.

During the last Harper majority, we suffered through buyers’ market conditions for 3 or 4 years’, with average price increases barely beating inflation.  New home construction (and all the jobs that go with it!) also suffered during this period.  All this turned round with 2015 election and the Sunny spending ways of the Liberal majority and their “modest” deficits which helped prime the pump for a reboot in Ottawa real estate that continues to gather steam.  New construction has been at unprecedented levels, sales increases and price increases have been double digit and we have a strong sellers’ market at the current time.

So please vote today, as it is unlikely our market will suffer from the most widely anticipated outcomes,

Gord McCormick, Broker of Record
Oasis Realty Brokerage 613-435-4692 oasisrealty@rogers.com

Hello world! Ottawa Real Estate Guide 2.0

This is version 2.0 of our Oasis Realty Ottawa blog and we are keen to get it ramped up again. (we lost about 5 years worth of posts due to a misunderstanding between us and our website supplier…ugh! …not all their fault but it was surprising there was no way to go back and repatriate the content)

We think we can have a valuable role in creating a forum for consumers and Realtors to discuss real issues in today’s Ottawa real estate scene.  Many professionals in the business don’t have time to blog or don’t have much latitude, due to employee contracts, corporate brokerage policies or management practices.  Many others prefer to focus strictly on marketing and lead generation using their blog.

We hope to emulate in some small way, the super blog by a Realtor colleague in Toronto, David Fleming who has done a fantastic job in “telling it like it is”  in Toronto real estate.  He doesn’t pull any punches, either….something that is not possible for 95% of Realtors out there who are effectively muzzled or controlled, since everything they write or post, is subject to some management or corporate policy, scrutiny or legal potential.  We encourage everyone to check out https://torontorealtyblog.com/  for an interesting perspective on the GTA market and real estate in general.

We think we have some real insight to offer, with over 15 years of industry experience and 12+ years running our own small brokerage.  We have worked with 2 major corporate franchise brokerages prior to launching our own brokerage, so we feel we offer an interesting perspective.

We encourage you to submit questions and issues you would like to hear about it and we will address them, if we believe they are topical and of interest to other consumers.  So what are your thoughts on the Ottawa real estate market?  What have your experiences with Realtors been? What surprises, confuses, entertains or ticks you off about how real estate is done?

We look forward to hearing from you!

 

Gord McCormick, Broker of Record
Dawn Davey, Broker
Oasis Realty Brokerage
613-435-4692 oasisrealty@rogers.com