When I say Ottawa is hot, I mean this real estate market is RED HOT! Inventory of homes is way down, and prices are skyrocketing at a ridiculous pace.
It’s an emotional ride for many buyers trying to get something ‘affordable’, and it takes a lot of tenacity and courage to fight the multiple-bid scenarios we’re experiencing on so many listings. It’s a time for buyers to be very well-prepared, educated, and able to move quickly.
Enough about that, here’s the stats on where we’re at today:
– residential freehold average prices are up 15% compared to this time last year
– residential condo average prices are up 17% over this time last year (yes, condos are HOT)
– freehold listing inventory is 52% lower than this time last year (can you say ‘housing crisis’)
– condo listing inventory is 42% lower than this time last year
To summarize, there is an EXTREME shortage of homes for sale in this city. And because of that, prices will continue to rise. According to the Ottawa Real Estate Board, we have less than one month’s supply of listings currently available.
If you’re hoping to navigate this market, you will definitely want to consult with a professional. If you’re thinking of selling, you’ll want to make sure you’re ABSOLUTELY MAXIMIZING the sale value of your property. And if you’re on the buying side, it’s best to understand the value of what you’re buying and where the smartest moves will be. As an example, the demand for detached homes with large yards (with inground pools, play areas, etc) is VERY strong now since many families are spending a lot more time at home with their kids (turns out parents don’t want to be cooped up in a tiny living space with their kids 24 hours a day :))). And with the increase of people working from home, the demand for homes that are ‘walking distance to the office’ will be shifting as well.
That’s my 2 cents for this month. As always, if you have questions about anything in the real estate world, please contact me.
Now get outside and enjoy this lovely heat wave! 🙂
Sales Representative. Residential & Commercial.
Capital Homes Realty
217-1419 Carling Ave, Ottawa, ON
Cel: 613 262 1697