Welcome to Ottawa Real Estate Market Updates!
Many people keep asking me what’s happening with the market now. Are prices up? Are sales down? Will it keep growing? Are we about to crash? Is the world ending? 🙂
As of right now (October 2021) Ottawa’s real estate market is heating up once again. The main reason for this? The inventory levels (number of homes for sale) is dropping lower EVERY DAY. Home buyers have nothing to choose from, and it’s becoming a seller’s market more and more.
SEPTEMBER SALES STATS:
Year-to-date average prices are: Freehold residential homes are up 25% since last year, and condos are up 17% since last year. Needless to say, Ottawa is on quite the hot streak this year :))
September average home prices are as follows: residential homes are up 13% compared to Sept of 2020, and condos are up 14%.
ARE BIDDING WARS STILL THE NORM?
As I mentioned, the market is still moving well so we still see a lot of ‘multiple offers’ or ‘bidding wars’. When you see a listing that is priced abnormally low, expect it to go into multiple offers. Now, is this the best way to get the most money for your home? Not necessarily. Many buyers are tired of that game and they don’t want to bid on a house only to lose to the 10 other bidders. So they will deliberately choose not to compete. More than ever, now is the time to be very careful when either buying or selling. You will want to have ALL the tools and data necessary to make the most informed decision. Contact me if you have questions about markets or pricing.
WHAT TO EXPECT IN THE FUTURE?
Sorry homebuyers, but prices are going to continue to increase. The overall problem being the lack of housing in a growing city and country. Ottawa is expected to grow by 25,000 people per year. And we already have a shortage of homes. The government is NOT making it easier for home-builders to build more homes (tons of red tape, regulations, & costs/fees). This will be an ongoing problem.
The best thing you can do as a buyer, is to speak with your mortgage broker (call me), and get your financing & pre-approval lined up so that you’re ready to attack this market. Great opportunities come to those who are prepared!
Chris Steeves – eXp Realty – 613 262 1697