We’ve said it before, and we’ll say it again: the Ottawa housing market is on fire and there are no signs of things cooling down anytime soon.
While it may seem to buyers that there aren’t many properties on the market, we actually sold 50% more houses this past March than we did in March 2020 (granted, last March was the beginning of the pandemic). Ottawa had just shy of 3000 residential properties listed last month, which is higher than the five-year average.
House prices continue to climb as the average sale price for a condo rose to just over $435K, while the average sale price of a house is now just under $760K (a 35% increase from last year). “Ottawa has always been a great place to live,” says Sean Tasse. “This is purely a supply and demand issue. With lower interest rates and less new homes being built, there are more and more people looking to buy.”
Everyone is talking about bidding wars, so it’s no surprise to hear that 80% of homes sold for more than asking. It is important to remember that, in a sellers’ market, the list price is not indicative of a house’s value. Many buyers get stuck on the list price or only wanting to pay a certain percentage over the list price. Different agents and clients will have different strategies as they relate to the listing price, but homes are not always listed at the actual “Fair Market Value”. The important numbers are the sale prices of the recently sold homes, but we will explore this more in a later blog!
As we head into our busiest season, we expect there will be more inventory, so this is a great time for potential buyers to reach out and get their ducks in a row. For sellers, you want a real estate agent who can market your property and ensure you get the most money in your pocket. Check out why you should hire us to help you buy and/or sell!
As we head into Ontario’s third state of emergency, many people might be nervous about buying or selling, but rest assured, all safety protocols are in place, and Real Estate Agents have been defined as providing an essential service, so we can continue to offer you top-notch service in the safest way possible. Please reach out to us to find out how we can help you buy or sell (with proper Covid safety protocols in place) in this exciting market.