July Sales Mirror Ottawa’s Weather…Hot!
“Ottawa’s resale market offers solid returns for many Sellers, while Buyers continue to feel the squeeze. Those most impacted are especially those attempting to enter the housing market. Multiple offers are a common occurrence with over 57% of properties selling over the listing price compared to 33% of transactions last July.”
“With a market that is now characterized as hot, the question posed by clients, media and the public alike is, “when or where this will all end?” Since this is a newer phenomenon for the Ottawa market, which is typically very steady and predictable, we can look to other larger cities that have seen this type of sustained trajectory. As long as we have demand outpacing supply, this will continue,” Ottawa Real Estate President Deborah Burgoyne emphasizes.
Kanata saw significant growth with average prices up 17% year over year and inventory is down for residential real estate. Condominium prices are up 24% and inventory is also up. A great time to downsize and take out some of your equity or a good time to upsize with historically low interest rates. Because every neighbourhood appreciates at a different rate please contact us to see how your neighbourhood is performing.
As Stittsville continues to grow so does the average house price. Lots of new homes being built. If you are looking to buy a newly built home we can also help guide you to the best builders, help with choosing upgrades and picking the best lot.
Barrhaven has seen similar growth in average home prices just like Kanata and Stittsville.
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