From the blog...

OTTAWA MARKET UPDATE: JULY 2020

Posted on: August 10th, 2020 by Chris Scott

Prices are surging in Ottawa. Somewhat surprising given the current pandemic!! Employment levels are down by over 60,000 in Ottawa. So how is it that prices are going up? The biggest single factor is the shortage of listings. In July we were down 55% year over year. We are down in availability at a time where demand is up. That lead to a 19.4% gain in year over year prices. This is over a 2019 that people thought prices had peaked! Over 60% of homes were snatched up in bidding wars. That is up over 50% over last year. Essentially, if you want to buy this year you will be competing for it. This is great news for our seller clients but can be challenging for buyers. Homes in Ottawa are selling on average in 33 days.

What I am seeing on the ground is that Ottawa buyers are getting more comfortable paying 700k+ for their homes. As many of the people in this price point are also sellers. They are getting much more for their homes. Some townhouse sellers are now getting 500k+ and so the transition to an 800k “forever home” does not seem like as big of a stretch. Million-dollar listings and buyers are no big deal in Ottawa anymore. Our market is slowly starting to look closer to our neighbors down the 401. Right now buyers are looking for more space for home offices, bigger back yards, and all in all a better place to hunker down. Pools have been in high demand too. Interesting times for sure.

Are we in a bubble?

I wish I had a crystal ball and could see out into the future. It feels weird that prices are surging so much with the world where it is. Anyone else surprised to see the stock market doing so well? It is so hard to predict these things. All I can say is that the bubble question has been around since I started in real estate. Every year we would hear about prices coming down. Hard to see prices retreating in Ottawa without public service cuts. It is hard to see those cuts coming at a time like this. Only time will tell. For me, I believe that the next 6-9 months are still going to be very active. I have actually bet on the market a bit. Check out my recent blog post on buying my forever home during covid-19: https://chrisscott.ca/2020/08/07/buying-our-forever-home-during-covid-19-and-betting-on-the-market/

Tags: Amount, Average, Average Ottawa Home Prices, Buy, Buyer, Buying, Buying in Ottawa, Condo, Cost, Detached, House, Housing, Listings, Market, MLS, Ottawa, Ottawa Home Prices, Ottawa Housing Market, Ottawa Market Stats, Ottawa MLS Sales, Ottawa Real Estate, Ottawa Realtor, Price, Recap, Report, Review, Sell, Seller, Selling, Selling in Ottawa, Townhome, Townhouse, Units, Update

    
 
 
        
   Anny Metivier 
 2024-08-13
 
 
  Over the years, with multiple military moves, we’ve had the opportunity to work with many real estate agents, and we can confidently say that not all are created equal. Chris, by far, has been the most trustworthy and easiest real estate agent we’ve had the pleasure to work with.
  
 
       
   Jake Moffat 
 2024-06-07
 
 
  Colin has been the best realtor to work with and helped us buy a great house in the perfect neighborhood. Colin and the rest of the team at Chris Scott were incredibly helpful the whole way and always available to answer questions, show us houses at a time that was convenient for us and were just generally professional and friendly during the whole process. We will recommend Colin and the team to our friends and family.
  
 
       
   Faith Woodley 
 2024-03-13
 
 
  I was a co-Executrix of an estate, and we had a condo that we had to sell for the estate.  In order to get the property ready for sale, we had to have the over 5,000 square foot condo painted and the carpets replaced.  Since the property was empty, Chris recommended a home stager that he uses on properties that require these services, and she did a fantastic job of staging the condo. It took the condo to the next level. The condo sold for a phenomenal price, and we were very happy with Chris Scott and his abilities.  He always gives over 100 percent to get the job done!  I recommend him to anyone that requires the services of a great real estate agent.
  
 
       
   Emily Bozanich 
 2023-10-07
 
 
  We worked with Rachel and she was beyond diligent. She is so organised and meticulous with details, it really helps when buying a home. She even agreed to do a virtual walk through for the home we ended up buying because we weren’t going to get there ourselves prior to offers being reviewed. She was also great with recommending areas to consider and avoid. Highly recommend.
  
 
       
   Cy Dixon 
 2023-10-06
 
 
  Rachel was amazing. She helped me find the perfect home for me and my son during a challenging time in my life. She was extremely patient and empathetic, professional and knowledgeable. I highly recommend her. No one will work harder for you than Rachel.
  
 
       
   Jeff C 
 2023-10-06
 
 
  Awesome realtor team very helpful and knowledgeable
  
 
       
   Nathalie Groupe Godin 
 2023-10-06
 
 
  Great service. Very knowledgeable. Super helpful. I’d use this team again.
  
 
       
   D Hynders 
 2023-10-05
 
 
  I recently used Chris' team to purchase a new house and I have to say that it was a pleasure to work with them.
  
 
       
   Megan Bixby 
 2023-10-05
 
 
  My husband and I purchased a house in the surrounding Ottawa area with the assistance of Colin from this group of individuals. We unfortunately were left with no choice but to purchase a home sight unseen due to our work circumstances. We originally considered not purchasing because of this.
We deliberated and chose to purchase a home after participating in FaceTime showings and we could not have been more satisfied. Colin was objective, professional, calm, informative, and realistic. He listened to our needs and helped us choose our home. The fact that we were pleasantly surprised, and a year later remain pleased as punch, says everything about how talented this company is. Will, without a doubt, use this company when we leave Ottawa.
  
 
       
   André Desjardins 
 2023-10-04
 
 
  We worked with Chris to find a home back in 2011 that would suit our desire to be close to work. He was nothing but professional and courteous! Listening to our needs and showing us what we were looking for. Years later, when we thought about down sizing and finding a renovated home, he took us around to see some in the neighborhood. He always open to helping us out in our searches

From the blog...

OTTAWA MARKET UPDATE: JULY 2020

Are we in a bubble?

Leave a Reply