From the blog...
OTTAWA MARKET UPDATE: JUNE 2020
The first half of 2020 is one for the books! We are living in a time that will be talked about for generations to come. COVID has irrevocably changed how we go about our daily lives now and in the future. The long term impacts on our economy are yet to be fully understood. Interestingly the impact on the Ottawa housing market has been quite the opposite of what most people would have thought.
I have been a Realtor for almost 16 years now and I have never experienced a roller-coaster real estate market like we have seen this so far this year. It was very much a seller’s market in January and February. Things grinded to a halt for basically the second half of March. Then April hit and the pace started to pick up. Now that pace is a full sprint! The driving factor is the lack of available inventory. COVID has taken out a huge amount of homes that would have been listed. Buyers are slugging it out for very few homes. I was up against 30 other offers on a house this week! How the heck do you beat 30 other buyers. Over 56% of homes in June sold for above their asking price.
For the first time since COVID happened, we have had a normal week of inventory hit the market. I expect that trend to continue and hopefully take off some of the pressure buyers are feeling out there. We will be in a sellers market territory for the foreseeable future.
The bottom line is our local economy is really showing just how resilient we are to outside economic factors. I believe that Ottawa is the most stable real estate market in the world. Bolded that for effect. It may not even be close. We are so fortunate to have this stability in our local market. Some market centres like Edmonton, Fort McMurray, Cold Lake, and others have had major swings one way or the other. Ottawa has historically not had any major swings at all. Our prices even go up in a pandemic! Seriously though that is pretty crazy.
Our team is committed to helping our clients get their house ready for the market. It is important to help our seller clients receive as much out of the sale as possible. Call us if you have any questions. We are always happy to help.
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