December Market Update
Posted by Leif Olson on Thursday, December 3, 2020 at 1:31 PM
By Leif Olson / December 3, 2020
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Let me tell you what you'll read in tomorrow's paper about the Ottawa real estate market.
It's great news.
My name is Greg Hamre from RE/MAX Affiliates in Ottawa.
And I've got a market update for you, but first I want to tell you about a little story!
I've been asked: "Is this a good time to list my home, Greg?"
The truth is there's never a better time.Buyers play on emotion more than ever. Right now our homes are decorated or in the process of being decorated. 
There's Christmas, cooking happening, cookies, cakes, and holiday turkeys and hams.
The home never has a more emotional feel to it than it does in December. The look and feel of home that buyers are looking for.So don't wait!
It's a great time to put your house in the market. There's no better time.To have that comfort feel that really grabs emotions and inventory is low. 
What you'll read in tomorrow's paper though, is there's no sign of a slowdown in Ottawa. Predictions are high for next year.There is a predicted price increase of 7%.
Last year, they predicted a price increase of 6% and it ended up being 19! The same market conditions should apply to next year without the surprise of COVID. Which nobody predicted.Low inventory of new builds and long delays. The infrastructure is not in the ground for new home construction.
There's delays in construction material and the weight. We are selling new homes, but those closings are in 2022. At the moment.As of this month of December, there are three times as many cranes in the sky in the downtown market.
Cranes mean productivity, mean new builds.
The majority of those cranes, more than 80% of them are for residential leasing only. They're not for buying.So that'll put a lot of pressure on the pricing of condominiums in 2021
Weather conditions right now are phenomenal.I'm outside. It's December. There's no snow. You can see decks, patios pools, you get a real feel for how the landscaping sets up, how the streets sets up. 
At night, the streets are lit up. And it looks beautiful!
Year to date though you have increases of 26% in units.
Residential units are up 27%.Condominium units are up 23%.
The average price for a residential home right now is $582,000.
It exceeded that in the month of November. The average condominium price is up to 362,000 for year to date in price.
The market continues to experience multiple offers, bidding wars, listing selling quickly.There may never be another year like this in history with the type of market that the Ottawa real estate market has been experiencing. 
For more details on this market, to talk about being a buyer in December, and or to list your house in December, reach out to us.
We want to talk to you. (613) 841-2111Reach out through our website: https://www.weknowottawa.com/contact/
We're busy selling homes. We know how to do it. We can win for you. Let's make this start of 2021, a wonderful one for you.
My name is Greg Hamre from RE/MAX Affiliates in Ottawa. Hope to see you soon. Take care.
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