What can we expect from the Fall Real Estate Market in Ottawa?
In Ottawa, we talk about the Spring market and the Fall market as being the two busiest seasons to buy and sell real estate in Ottawa. Our Spring market started earlier this year and instead of slowing down over the Summer it continued to be strong throughout the Summer months. Throughout the year we have seen consistent growth in both listing prices and sale prices. In June, the Ottawa residential average sale price climbed over $500K for the first time ever! There is also great news for condominiums. Now that condo prices have bounced back, more condo sellers are deciding to list to take advantage of the increased demand as buyers look for more affordable housing options.
Will the strong summer month slow down the Fall season?
We do not think that the market will slow down in the next few months. In fact, it is shaping up to be a busy Fall season. The president of the Ottawa Real Estate Board, Dwight Delahunt recently said “Coming into the Fall months, which are typically busy, we expect the market will continue to pick up steam”.
Here is what we can expect from the Fall real estate season
It is no secret that the number of sales has been increasing disproportionately to the number of new and active listings hitting the market in Ottawa. With fewer properties to choose from it is quite likely that the buyers who could not find what they were looking for in the Spring and Summer will be eagerly waiting to buy something in the Fall.
First-time home buyer incentive
It was exciting to learn about the Government’s new First-Time Home Buyer Incentive program which came into effect September 2nd of this year. It will make houses more affordable for first-time homebuyers. Click here to check out our recent post for all the details. We are very excited to see how this initiative will impact the market.
The Ottawa real estate market is still experiencing low inventory, so we predict that we will see bidding wars on properties that are appropriately priced and well-marketed by professional realtors®. The neighbourhoods that have been hot, will likely remain hot. In addition, we assess that you will see increases in the demand in urban settings for townhomes and single-family homes. If you are curious to learn more about bidding wars, please see our article on multiple offers.
Have you ever seen a “Coming Soon” sign on a property and then the sign changes to a sold sign a couple of days later? We are still seeing that properties are being sold before hitting the open market. If you are looking to buy a house in this market it is crucial to have a Realtor®. As properties are moving quickly you need the expertise of a Realtor® who has a network of other Realtors®, connections and clients as they are inside the market.
If you have questions about the real estate market in the Ottawa and surrounding areas please let us know. We are happy to help connect you with your Realtor®; if you don’t have one, please let us know. We would be happy to connect you with someone that can help answer any questions you might have about our real estate market.