With the pandemic beginning to wind down, Ottawa’s housing market is set to have one of the best seasons for selling! With that, the housing market is already getting off to a great start, especially with the historically low-interest rates and the housing inventory in a slump. As a result, it looks like the Ottawa market is shaping up to have one of its best seasons to date. Don’t believe us? Let’s take a look at how the pandemic has affected the housing market going forward.
In April, housing prices surged 164% from last year, with a total of 2,402 properties. Although OREB says these numbers are skewed and that Ontario’s stay-at-home order has vastly affected the housing market, these numbers are well above the five-year average of 1,830 total unit sales. Additionally, OREB had estimated that once the stay-at-home order is lifted and the world begins to return to the new normal, there will be a pent-up supply and a surge in sales.
It is hard to gauge exactly what will happen once the province returns to normal completely, but we will have a chance to see some of the effects soon based on the upcoming reopenings. With the current surge in housing prices and sales, the outcome of Ottawa’s housing market has become a popular topic.
The common question is whether the Ottawa housing market will crash soon and what the effects of this will be. It is difficult to predict since there are various factors in play that will aid in determining this. With that being said, the Ottawa housing market differs drastically from those in hotter housing markets such as Toronto, Montreal, or Vancouver, since the capital has its unique draw. Ottawa’s housing market is dominated by two sectors: government and technology, which can be done remotely. Therefore, there will be a demand for living space, but the competition for the number of limited properties will intensify without the proper inventories to back it up.
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 a decade 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.