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Elisabeth & Jim Hamilton
THE MARKET INSIDER
Market Trends – A Brisk November
2021 Holiday Entertaining Ideas | Rural Property Buying Tips
2021 Holiday Entertaining Ideas
Spending time with family and friends is an important part of our holiday traditions. Here are tips on safer and more inclusive ways to do this in 2021:
Rural Property Buying Tips
With the red hot Real Estate market in Ottawa, prospective buyers are increasingly considering rural properties as an alternative to city living for both economic and lifestyle reasons. Before making the jump, here are a few things to consider:
A Brisk November
Ottawa’s busy housing market extended further into November than usual this year, but month-to-month price increases appear to be tapering off slightly.
While sales were 9% lower than November 2020 (due to the market extending later into the year due to pandemic lockdowns), they were 14%
higher than 2019. “Furthermore, the number of properties that changed hands in November was 8% higher than the five-year average. And we also see an 8% increase in year-to-date sales over 2020, so it is fair to say that the resale market remains active and brisk.” Said Debra Wright, Ottawa Real Estate Board President.
The average sale price for a condominium-class property in November was $432,099, an increase of 19 per cent from 2020, and the average sale price for a residential-class property was $716,992, also increasing 19 per cent from a year ago.With year-to-date average sale prices at $719,956 for residential and $420,762 for condominiums, these values represent a 24 per cent and 16 percent increase over 2020, respectively.
“Despite significant increases in average prices over November 2020, month-to-month price accelerations have tapered off slightly, with average prices for residential units on par with October’s and condo average prices increasing by 7%. This is a far better situation than the monthly price escalations we had seen in the first quarter of 2021,” suggests Wright. “However, there is no question that supply constraints will continue to place upward pressure on prices until that is remedied.” said Debra Wright
Market supply continues to be an issue. “While the drop in volume of new listings is typical for November, our inventory, at one month’s supply, is much lower than it should be. 1,430 new listings entered the market last month, a 27% decrease from October (1,960) and 13% less than last November (1,635). While still 30 or so units over the five-year listing average, this is simply not sustainable and is taking us further away from the balanced market that will bring much-needed relief to potential Buyers,” Wright cautions.
OREB | Rina@oreb.ca
A Note from Us
Wishing each and every one of you a very happy holiday season spent with family and friends.
(613) 276-1675 | Elisabeth@ElisabethHamilton.ca
(613) 867-1675 | Jim@ElisabethHamilton.ca
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Elisabeth & Jim Hamilton
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