Ottawa Real Estate Market Report for March 2020 – Prices still up over last year!
Ottawa Real Estate Market
Prices are still going up for resale homes in Ottawa – all properties are up more than 12% year-over-year.
Ottawa Condo Prices
Condos did particularly well in March 2020, with the average price up more than 29% than March 2019. There were almost 5% fewer sales March-over-March, from 368 last year to 350 this year. Year-over-year was strong at an average of 13% more sales.
Ottawa Freehold Prices
The average price for freehold properties also increased well: 12% year-over-year, and 17% higher this March compared to last March.
The current pandemic has created great uncertainty in the market. Rules and regulations are changing daily, and there are conflicting rules by different levels of government. We don’t know how long restrictions will last, or what they will be, but it has changed the current landscape of real estate sales and resales.
Showings are still allowed in the Ottawa area, although with many extra precautions now. Most tire-kickers are waiting it out, and motivated buyers are encouraged to limit showing requests to properties that they are extremely interested in and to watch videos or virtual tours and do drive-by’s before actually considering or requesting a visit and even then they may have to sign some paperwork. There are also new clauses being put in most offers to protect in the event that land registry closures or other Covid 19 related situations could cause a closing to be delayed.