I hope you are all safe, healthy, and keeping up with social distancing.
These are changing times, and I wanted to share with you an overview of the Ottawa real estate market, what has changed, and how this might affect you.
March started with a bang, according to the Ottawa Real Estate Board, with sales projections ahead of 2019. These first two weeks seemed to have withstood the pressure of the economic downturn happening worldwide.
Then the State of Emergency order from the Provence came into effect. On March 17th, Canadians were facing unprecedented times. Real Estate was identified as an essential service to allow for all transactions in progress to be completed.
So, what is happening NOW!
The Ottawa market values are holding up, and of course, showings have slowed down.
GREAT news . . . Home and commercial sellers can still show their properties. As an essential service, we can continue to have showings, but they must be conducted under strict guidelines.
Larry Aldea Real Estate continues to work with serious buyers and sellers. We take everyone’s health seriously. There is a very stringent COVID-19 protocol set out which we follow to protect you, the homeowner, the buyer, and our staff.
These are not the times to view houses because you are bored or curious, nor is it the time to list your home to test the market. Still, if you have a property to sell, or in the market to buy a home, Larry Aldea Real Estate can help.
What you need to know!!
The Ottawa market has slowed down during these last three weeks as expected.
Unlike the rest of the country, in Ottawa, we are blessed with a relatively stable market.
To give you some perspective of the strength of our market, when I moved to Ottawa in 1982, the province was in a deep recession. At that time, mortgage interest rates were at 22%, which depressed the real estate market throughout the province. But Real Estate in Ottawa was moving along at its usual pace with no hint of recession.
Today, during these difficult times, employment security is top of mind, but we are fortunate to live in Ottawa.
Ottawa’s employment landscape is made up of the Federal Government, followed by the High-Tech Sector, the City of Ottawa, and finally, our heroic Health Care sector.
Our average family income, according to 2017 Statistics Canada, is the highest in Ontario at $105,050 and well above the country’s average of $84,950.
We are not immune to COVID-19; we have seen our seasonal and part-time employees around the city lose their jobs. The city of Ottawa laid off over 4,000+ seasonal and part-time employees.
Small and medium-sized businesses in the food, retail, and service industry have felt the most significant impact. Through innovative ideas, some are still working by offering their services and goods through on-line websites, home delivery, and curbside pick-up.
Show your support – buy local where possible.
April and May will continue to be a challenge according to experts, but together let us continue to be vigilant in our daily routines. History has shown that Canadians are robust, innovative, and determined. Our economy, our lives will return, probably to a new order, and the predictions are early summer.
Local contractors still cannot keep up with the demand. There is still is a housing shortage, and when this is over, buyers and sellers will come back into the market.
At a recent meeting of 25 agents, the consensus is that the Real Estate market is being deferred. Pushed out and will come back strong once the crisis has passed.
How will this new market affect the value of your home, commercial property, rental space? What will happen to your mortgage? What will it be like to sell or buy a home this year?
Larry Aldea Real Estate, with over 20 years of experience, can help you navigate this new marketplace. Helping you buy, sell, lease, or maybe you want to understand what is happening in today’s Ottawa Real Estate market.
Contact the experts at Larry Aldea Real Estate – we are more than your real estate expert, your neighbour, and a friend.
Stay well, stay safe, and observe social distancing!