Still Hot – Ottawa Real Estate Snapshot for January 2021
The sale prices of both condo and freehold properties are still rising.
Multiple offers are still the norm.
The number of sales was way up this January compared to January 2020 (30% and 22%). Looking at the full year ending January, Ottawa is only up a smidge in sales compared to the previous year. The biggest issue with comparing sales in a single month is the relatively small volume of activity, which can skew easily. (If 10 sold last month and 12 sold this month, that would be a 20% increase. But if 100 sold last month and 102 sold this month, it would only be a 2% increase. The same number of additional sales, but larger sample population.)
We hear that people want to wait for things to calm down in the market before buying into it.
But where else can you get such a great tax-free increase? And you can count on one hand the number of years when the prices of homes in Ottawa went down. So waiting simply makes it more difficult to buy in when you decide to.
We’d love to have you contact us if you’d like information that is more specific to your situation or if you have any other questions.