Well, what can we say about Ottawa’s housing market other than: hot, hot, hot!
Anyone who is sitting on the sidelines waiting for the market to level out might find themselves waiting for a long, long time. There are no signs of things slowing down as inventory is still drastically low compared to the number of buyers. People are buying fast and buying well over asking.
Ottawa saw close to 1000 sales in the month of January, which is an increase of 31% from January 2020! January is typical a slow month. In fact, the five-year average for house sales in January is just shy of 800.
The average sale price is continuing to climb: we now sit at just over $675k for a residential property (condos excluded) in the city of Ottawa, which is a 31% increase from this time last year. It’s important to note, however, that part of this high average sale price is because there were many sales over $1M; however, it’s too early to tell if there will be more and more single-family homes selling above the $1M mark, or if January was an exceptional month.
The low inventory is driving up the average price. There are 43% less homes on the market compared to this time last year. Again, if you’re waiting to jump into the market for the first time, or waiting to upgrade a buy a bigger home, then don’t wait. This time next year, you might be wishing you had bought at 2021 prices.
Many people are saying: how are first-time buyers supposed to get into the market at these prices? The truth is, it’s hard, but it’s not impossible. There are always options, and we would love to discuss these with you. Most first-time buyers will tell you that you will need to adjust your expectations. You might not get your dream home in your dream location right away, but getting into the market and building equity will bring you closer to that dream.
Give us a call today! We would love to explore all the options with you.
Until next time, STYFiRE out!