From the blog...
OTTAWA MARKET UPDATE: SEPTEMBER 2020
September has shown us that the market trajectory is continuing upwards. There continues to be an increase in new listings and demand is remaining strong. September saw 400 more new listings than in August. These new listings were easily absorbed in our market. As I mentioned last month, if these new listings continue it may push Ottawa back to a more balanced market. I am already seeing some properties receive less offers than just two months ago. It will be an interesting few months coming up. With COVID cases rising will it finally be enough to slow down this market? That is yet to be determined. For now Ottawa remains very much in a sellers market.
Ottawa Realtors sold 2,329 residential properties in September through the MLS System, compared with 1,547 in September 2019, a year over year increase of 51 per cent. September’s sales included 1,759 in the residential-property class, up 58 per cent from a year ago, and 570 in the condominium-property category, an increase of 31 per cent from September 2019. The five-year average for September unit sales is 1,602.
Average prices in September have hit an all-time high, with the most movement at the higher end of the market which is driving the average price upwards in this section of the market. If you would like to know what is happening in your area, please get in touch.