Ottawa Real Estate Board Statistics - August 2020 vs August 2021. The driving factor behind the price increases continues to be the scarce supply issue in Ottawa. We are only at about 1.5 months’ worth of housing stock. To achieve a balanced market, we need 4-6.5 months’ supply of inventory. Housing affordability and the supply shortage have been a predominant part of election conversations and federal party platform pledges. This is only the first step in the right direction. Homeownership should be available to all Canadians who deserve to own a home.
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Ottawa Real Estate Board July 2020 vs July 2021
Ottawa’s resale market appears to be moving towards a more balanced state . The month-to-month average prices decreased slightly by 4-6% compared to June; however, this minor dip is consistent to what typically happens during the summer months. The peak occurred around April or May and then slowed down as Buyers and Sellers turn their attention to vacations and other outdoor recreational activities. Average prices have increased considerably from 2020, and year-to-date values are holding steady. Sellers will need to keep in mind that the multiple offer frenzy experienced previously is no longer the norm and need to have more realistic expectations when positioning their homes. Our team loves finding opportunities everyday in every market for Buyers, Sellers, and Investors. Reach out to us today to find yours! “Opportunity doesn't come to the door knocking. You've got to go out and look for it "
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As we transition out of lockdown, we closely monitor other market factors including the effects of the increased stress test combined with the average five-year fixed mortgage rates climbing back over 2% since the beginning of 2021! Will pent-up supply decrease our supply shortage and eventually bring Ottawa’s real estate market to a more balanced state? Curious how your neighbourhood compares to May 2021 averages? Contact us today!
The Ottawa Real Estate Market is still experiencing a strong Sellers market. Not enough inventory on the market for the number of buyers and investors purchasing homes in the Ottawa area. April's Inventory was at an all time low in April 2020 (First pandemic lockdown). One of the reasons why these figures are so wild.
Average Sale Price all home types: $658,754 (up 41.6%) Average Sale Price of Single Family Two Storey: $780,990 (up 42.5%) Average Sale Price of Bungalow $695,464 (up 36%) Average Sale Price of Condo $427,145 (up 30.3%) Number of Sold Properties: 2540 (up 164.9%) Average Days on Market: 14 (down 67.1%) (April 2020- First COVID-19 lockdown).
The Ottawa Real Estate Market is still experiencing a strong Sellers market. Average Sale Price all home types: $664,552 (up 29.9%) Average Sale Price of Single Family Two Storey: $787,236 (up 36%) Average Sale Price of Bungalow $712,234 (up 36%) Average Sale Price of Condo $415,054 (up 16.9%) Number of Sold Properties: 2411 (up 55%) Average Days on Market: 18 (down 53.4%) Curious about how your neighbourhood and home compare to the average? Questions? Contact our team today!