ELISABETH & JIM HAMILTON
Full-Service Consultative REALTORS®
Elisabeth: 613.276.1675
Jim: 613.867.1675 Jim@ElisabethHamilton.ca
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Elisabeth & Jim Hamilton
June 2021
THE MARKET INSIDER
Market Trends - In Search of Balance
Ottawa's Golden Age | Buyer Tips for a Sellers' Market
Are We Entering Ottawa's Golden Age?
The signs of progress are everywhere! While Ottawa has seen its share of boom times, life in Ottawa post-pandemic is poised to be better than ever.
- Ottawa was rated as the top city in Canada and sixth in the world for work-life balance by Kisi.
- Construction is everywhere! 2020 saw a record breaking 9,950 housing starts, up by more than 2,000 from 2019.
- Bold new developments are planned throughout the city including the redevelopment of Lebreton Flats, Tunney’s Pasture, and Trinity Centre at Bayview station.
- Ottawa and now Gatineau’s LRT is set to aggressively expand further connecting the city in the coming years.
- Ottawa’s economy and housing market is set to benefit even further during our post-pandemic recovery.
There has never been a better time to live in Ottawa!
Buyer Tips for a Sellers’ Market
Despite some recent relief for buyers, Ottawa remains a seller’s market. Here are our top tips for buyer success:
- List price is not an indication of sale price. The list price is used by seller’s to draw maximum interest to their property. Savvy buyers know this. Working with their Realtor, they already know the likely sale price (not list price) for properties of interest.
- Be prepared - work with your bank or mortgage broker to get pre-approved and risk insight on cash offers. Consider doing pre-inspections, and check with your insurance company ahead of time on property insurability.
- Mentally adjust your search criteria to well below your budget to accommodate over-asking sale prices.
- Watch for properties that have been on the market for more than 20 days. These properties are likely over-priced or problematic, and for the right price could be a good buy.
Market Trends
In Search of Balance
Ottawa’s red hot housing market finally broke in the buyer’s direction in May. While still very much a sellers’ market, a number of indicators show we are moving towards more balance. Consider the following:
- The average sale price in May for a residential class property was $741,206, a drop of roughly $2,000 from April
- The average sale price in May for a condominium class property was $424,843, a drop of roughly $2,300 from April
- Twice the number of houses were listed on the market compared to May 2020 and 50 more than the 5 year May average
- Ottawa’s inventory to buyers ratio dropped by 50% in May - the largest drop in the country, yet buyers significantly still outnumber sellers.
Despite this change, May saw strong volume as vaccinations and well-established safety measures made buyers and sellers more comfortable shopping for properties. 2,296 properties were sold this month, a 71% increase from May 2020. Also, prices remained strong with the 2021 average residential price at $736,241, 35% higher than 2020 at this time.
This is welcome news for buyers and sellers alike. Buyers who have struggled to find a home in the last six months will find it easier in June. Sellers will also benefit with close to record prices, and be able to sell knowing they will have less difficulty purchasing their next home. Like most things in life, it is good to have more balance.
OREB | Rina@oreb.ca
A Note from Us
Signs are everywhere that summer will bring welcome relief from the pandemic of 2020/2021! Our hope is that as we emerge from lockdown you will lose the hardships but retain the good things this odd year as brought. In the meantime, we hope you spend lots of time rejuvenating outdoors this summer with friends and family.
Please note our fancy new email addresses below. 🙂
Elisabeth
(613) 276-1675 | Elisabeth@ElisabethHamilton.ca
Jim
(613) 867-1675 | Jim@ElisabethHamilton.ca
Our Clients Say the Nicest Things!
“Thank you so much Elisabeth for your constant support and guidance throughout the process of selling our home. Well done….great job. You are the best!” Cheryl
Get in Touch!
Elisabeth & Jim Hamilton
REALTORS®
Sutton Group - Ottawa
4-1130 Wellington St W
Ottawa, ON K11
Elisabeth: 613.276.1675
Jim: 613.867.1675
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