The Ottawa housing market has never been hotter than today, with it highly benefiting sellers but leaving some buyers in the dust. Since prices have skyrocketed, making the process of selling a house simpler and faster while buying has become more costly.
Before the pandemic and throughout the pandemic, many buyers have found it impossible to purchase a house in Ottawa based on the increasing prices. Several buyers were paying over the asking price by thousands of dollars before the pandemic, but this value is nothing compared to the prices after the pandemic hit. The reason for the surge has been described as a combination of low-interest rates, the government, and high-tech sectors that populate Ottawa, which has created this perfect storm for sky-high prices.
Currently, it is a seller’s market, with houses being sold as soon as they are put up for sale. Many of these homes are going for much more than their original listed prices, leading buyers to surpass their budgets and often be outbid by higher offers from other buyers. The process of selling a house has essentially become a faster process than ever before, with much higher offers.
The pandemic has caused many lifestyle changes amongst people, with the most significant change being working from home. This has directly affected supply and demand since it changes the way people work and what they value most in their homes. Many homeowners who were once content with smaller spaces and condominiums are now searching for more land to explore for themselves and their families. Each individual becomes more accustomed to functioning from home.
Although Ottawa’s current housing market trends have caused buyers some trouble, it has made selling homes much simpler. If you are looking to buy or sell, it is essential to align yourself with a realtor that will fight for you and walk you through all types of situations that may arise.
Whether you are looking to buy or sell property in the Greater Ottawa Area, it is critical that you have a real estate agent on your side who understands your needs. Adam Mills and his team have been in business for over ten years and have a proven track record for success. Our team is composed of knowledgeable and experienced professionals who are happy to help you navigate the ever-changing Ottawa real estate market. Please contact us at 613-825-7653 or email us at [email protected] for more information or help with your relocation.
