Here in the Nation’s capital, we are amidst a bit of a real estate craze that experts suspect won’t fade any time soon. In some popular districts of Ottawa, bidding wars on houses for sale are becoming more common. Unlike previous years, it’s no longer strange to see quick closings and multiple offers. Ottawa’s housing market is currently driven by a lack of inventory and favors sellers quite a bit.
Luckily for buyers, housing prices in Ottawa remain reasonable and are priced out of obtainability, unlike some other markets in popular Canadian cities. Here in Ottawa, buyers will most likely still end up paying close enough to listing price in comparison to the volatile markets of Toronto. Buyers will just need to make fast decisions because listings are being scooped up soon after they appear.
Why is the market hot?
Several factors contribute to Ottawa’s current high demand in the real estate market, most of which follow simple rules of supply and demand. Here in Ottawa, we’re currently in a strong economy. Unemployment is low and median household incomes are high in this part of Canada, therefore our residents are experiencing comfortable job security and good purchasing power. We are also seeing an influx of people coming to Ottawa from other unaffordable housing markets nearby like Toronto. Another factor that has helped contribute to the recent increase in demand in the Ottawa market is that we saw some people trying to buy before the implementation of the new mortgage stress test.
Are You a Seller?
As a homeowner in today’s market, it’s wise to have a set plan before you put your house on the market. Because of the decrease in average Days on Market (DOM) for residential homes by 18 percent from 2017, the need to have a place to move into after sale is becoming more important. In this type of market, sellers will receive the most ideal price for their home. The city needs more people to list as inventory levels in the Ottawa market are low.
With the current Ottawa supply-side issue due to the inventory of residential homes and condominiums on the decline, this is a good opportunity for sellers to get their home on the market. We at Sylvain Bourgon Real Estate Group are available to help you understand more about the Ottawa sellers’ market and decide if this is the right time to sell your home.
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If you are seeking advice on selling a home in the Ottawa area, or have more questions for us, we are happy to provide you with helpful guidance and support. Email us at info@buyandsellottawa.ca or call us at 613-590-3036.