With all the uncertainty surrounding the pandemic, one thing is clear: the Ottawa real estate market is consistently red hot.
While inventory has managed to remain low, prices have steadily increased over the last 36 months since the start of the pandemic. Houses, of course, have seen the most significant impact. Of residential housing styles, the average price of hi-ranch-style homes has increased by almost 40%, bungalows by nearly 35% and two-storey houses by almost 33%. Furthermore, the average stay for houses on the market is 12 days (a decrease of 64.7%).
Condo prices have also increased, though not as much as houses. The price of 2-storey condominiums has increased by 39.2% on average, 3-story by 13.8%, and 1-level by 9.3%. The average stay for condos on the market is 18 days (a decrease of 24.6%).
This crazy escalation in price has been aided in part by historically low-interest rates – as low as 1%. Buyers have been maximizing this opportunity to purchase homes over the last year – and sellers have been maximizing this opportunity by getting the most value out of their properties as possible.
However, with the introduction of changes to the mortgage stress test, these highs may be short-lived. These changes will influence the approval amount needed to purchase a property, making it more difficult for some house-owner hopefuls to enter the market and pricing them out. In 2017 when similar changes came about, this induced a buyer frenzy as buyers swarmed to purchase their property before introducing the stress test.
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 firstname.lastname@example.org for more information or help with your relocation.