Businesses are opening and people are returning to work. It’s time for a losing of restrictions and increase personal precautions.
How is this impacting the Ottawa Real Estate market
Let’s look at the real estate market. No surprise that the Ottawa real estate sales were down for the Month of April – by a whopping 55%.
Home Prices Have NOT Dropped
Now the good news…home resale prices has not dropped. As a matter in fact there has been a 6 % increase in the price in both the condo and non-condo markets over the same period last year. Activity in the market is slowly picking up in both new listings coming on the market and sales taking place.
It still takes about 29 days to sell a home, but they are being sold with close to asking price and in some areas over asking.
Ottawa Rental Market
What we are seeing is rental prices are starting to come down. With almost all our festivals and concerts being cancelled more Airbnb units are remaining vacant longer, and many owners are converting them back into long term rentals at fair prices.
Our Traditional Spring Real Estate Market is Not Lost.
The traditional spring surge in listing and purchases is not lost, it has only been postponed. As the economy rebounds, the Real Estate market spring surge will blossom.
Thinking of Buying, Selling or Downsizing this year.
Spring is also the best time to spruce up your home and adds some upgrades to your largest investment.
If you are thinking of making a move into market, this would be the ideal time to get pre-qualified for a mortgage. Larry Aldea Real Estate Team has worked with some great mortgage officers and brokers over the past 20 years and can you refer you to one. Contact one of our team members at Larry@larryaldea.com or just give us a call. We have worked with many great mortgage officers and can refer you to one.
Ottawa’s Real Estate Specialists