The pandemic has brought on an unprecedented boom in real estate in the country as a whole – and the Greater Ottawa Area is seeing these effects.
Overwhelming demand, bidding wars, multiple offers scenarios and movement to suburban areas have led to a surge in real estate prices in the Greater Ottawa Area.
Members of the Ottawa Real Estate Board (OREB) sold 2,285 residential properties last month, in March. This is a whopping 51 per cent increase compared to last year – 1,514 in March 2020. This increase is seen across various property types: in March 2021, sales in the residential-property class are up 47 per cent and 65 per cent in the condominium-property category compared to March 2020.
OREB President Debra Wright attributes this increase to the early rise in warm weather – the remarkable and unseasonably warm temperatures facilitated buyers’ ability to view and purchase homes. On the other hand, she posits that the intense jump could also be contrasted with the figures of March 2020 because of the previous year’s State of Emergency – forcing people to stay home and halting all non-essential activity – including real estate purchase.
No matter the reason, the fact is that property values are escalating. Wright notes that 80% of home resales in Ottawa sold over asking. This is due to several factors, including long term inventory shortage, multiple offers scenarios, bidding wars, and movement beyond urban centers.
If you are ready to buy a home:
- Know your financial capacity clearly, and be aware that many offers are now unconditional
- It may help for each party to complete separate home inspections to ensure there are no surprises
- Be prepared for the competition. Stand out from the crowd. A personalized thank you note goes a long way!
- Don’t do it yourself. A real estate team will help you navigate the market strategically, and can help you if problems arise
If you’re ready to sell your home:
- Be sure to follow pandemic public health guidelines. With the possibility of hundreds of showings, it could be hazardous for you to remain on site. Be sure that as you are listing your property, make arrangements to stay elsewhere.
- Sellers will benefit from the advice of a professional who can ensure they are marketing and pricing their properties competitively and strategically.
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 comprised 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 firstname.lastname@example.org for more information or help with your relocation.