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OTTAWA REAL ESTATE SALES STATS – OCT. 2020

 

I hope everyone is doing well, and you’re ready for the winter months ahead.   Get your skis, skates, and snowboards ready to go!  🙂

 

Let’s dive into the numbers for October 2020 real estate sales.   HUGE sales & pricing records were hit this past month (again).

 

Average freehold residential prices saw an increase of 25% compared with October of 2019.   And condos saw an increase of 16% compared with this month last year.   As for sales volume, Ottawa had an increase of 34% over this same period last year.   Yep, prices are HIGH and sales volume is WAY UP.

 

OTTAWA REAL ESTATE SALES STATS - OCTOBER 2020

OTTAWA REAL ESTATE SALES STATS – OCTOBER 2020

That being said, it’s very important to note that we’re starting to see an increase in new listings hitting the market (particularly condos).   While I’m still not predicting a crash, I would advise buyers to be very careful when making decisions (talk to a good realtor who knows this business).    We’re still seeing a migration away from smaller condos and into freehold homes (rural houses, suburban townhomes, etc).

 

My predictions:  the low end of the market (affordable homes) will continue to be red hot.  Higher end condos will slow somewhat.  Higher end houses will also slow somewhat (depending on neighborhood & pricing).   And any affordable bungalows will continue to be in high demand, cuz hey, investors love them and the value is excellent.   If you’d like more insight as to where the smart investments are, please ask  🙂

 

Due to the current economic and political environment in Canada, I also recommend to REALLY KNOW YOUR NUMBERS be careful DO NOT  overextend yourself financially.   Overextending is rarely a good idea, but now more than ever, I suggest being cautious.  Why?   Because there’s many unknowns out there, and nobody really knows what the govt is going to do next.   Look at 2020; whatta rollercoaster.

 

That’s it for this month.   I hope everyone is enjoying this late ‘warm spell’.   See you outside biking, running, rollerblading, or whatever it is you love doing  😀

 

OTTAWA REAL ESTATE SALES STATS - OCTOBER 2020

OTTAWA REAL ESTATE SALES STATS – OCTOBER 2020