MARCH 2020 MADNESS IN OTTAWA:
Let’s all take a minute to say a prayer of gratitude for being in Ottawa right now. While many real estate markets around the world are grinding to a halt, this city is still going strong. Maybe it’s our massive govt employment, or our strong tech sector, or steady immigration… either way, homes sales are still up. With that said, my heart does go out to all the businesses, employees, and people who have suffered financial loss during this time.
As you recall, the market was EXTREMELY HOT coming into March, and that momentum has definitely helped keep things over the past few weeks. Bottom line, we’re still seeing many bidding wars, and listings selling over asking price (I know, kinda hard to believe). It’s not the frenzy that it was previously, but thankfully we’re in good shape here.
Here are some stats from the Ottawa Real Estate Board for last month (March):
March’s average sale price for a condominium-class property was $369,311, an increase of 27.3 per cent from this time last year while the average sale price of a residential-class property was $559,739, an increase of 16.5 per cent from a year ago. Year to date figures show an 18.8 per cent and a 23.2 per cent increase in average sale prices for residential and condominiums, respectively.
Before the pandemic, monthly unit sales were increasing between 10-16% from 2019, while March’s sales were just on par with a year ago. Much of March’s activity likely began in the first two weeks of the month.*
Yes, you read those numbers right. March was a HUGE month for sales and pricing.
The question is, what to expect for the near future? My prediction is things move back towards a balanced market for the next few months. Depending on when the dust settles on this pandemic, I expect real estate to heat up even more at that point. As I said, it’s times like these when many investors focus more of their money on real estate (since it’s typically more stable and steady than other more volatile investments).
If you have questions about any particular neighborhoods or properties, please ask me. And if you’re wondering about any changes to listing or buying processes, I’m happy to go over that as well.
Sales Representative. Residential & Commercial.
Capital Homes Realty
217-1419 Carling Ave, Ottawa, ON
Cel: 613 262 1697
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