Not only is the temperature heating up in the nation’s capital, so is the real estate market!
As the COVID-19 global pandemic forced Ottawa into a lockdown during the last several months, the real estate market initially struggled to find a safe and consistent protocol for conducting business. At first, market activity moved lower as buyers and sellers without time constraints chose to wait for a safer environment.
Prior to the pandemic, our market had been heating up. In many cases, bidding wars and firm offers were pushing sale prices well over list prices. This trend slowed considerably during April and May, but the last six to eight weeks has seen a return to the feverish activity noted pre-COVID. The current activity is very representative of a strong Spring market.
Currently, the average sale price for residential properties in Ottawa tops $575,000, with condominiums exceeding $360,00. These prices represent a 15% increase over last year’s levels. The expectation is for prices to continue to appreciate through July and August. The Fall market remains a question mark, with much to unfold as we enter Stage 3 of the current easing in lockdown conditions.
Ottawa’s inventory of available housing is now the lowest of any city in Canada. This bodes well for sellers, but many buyers are finding themselves shut out due to competition.
Whether you are currently a buyer or seller, it is extremely important to ensure you have a solid strategy. Buyers must deal with a shrinking inventory and multiple offer situations, and sellers must ensure proper market exposure while also making certain that proper safety measures are taken and monitored.
Our team is always here to answer any questions you may have, and to discuss our heated market in Ottawa. Wishing you all a healthy and rewarding summer.