Posted by Leif Olson on Wednesday, July 7, 2021 at 10:33 AM By Leif Olson / July 7, 2021 Comment
What does the NEW NORMAL look like in OTTAWA?
IMPROVED inventory levels........ More HOMES FOR SALE....However still only 30 days supply.
We are expecting this summer to be the busiest summer in real estate history. What does the new market look like?
My name is Greg Hamre from RE/MAX Affiliates and the Hamre Real Estate Team, and I'm really excited to give you a market snapshot of June.
It was a wonderful market!
SALES were up! Year to date they're up 48%.
We saw an increase month to month in June.
So 2020 June to 2021 residential homes were up by 5%.
Condominiums were up by 13%
Average price for a residential home in June was $725,000.00
Average price for a condominium in June was $435,000.00
And you're really seeing that surge in condominium sales, in the downtown part of the market.
I'm downtown right now, downtown Ottawa, along the canal. It's a beautiful city and we're seeing lifestyle here at all times.
Monday night was last night. We were out my wife and I for a bike ride.
We came along the Canal. There were boats like the ones behind me, transient boats at the bottom of the Ottawa locks
The train went by. The LRT train went by. There were people on it.
We biked all along Lansdowne through Lansdowne park. It was an hour and a half wait to get on a patio up Elgin street.
Al's Steakhouse was full! Down at sparks street today, in to get some alterations done. I saw my buddy Dom at Morgante's Menswear.
There's people out, people are buying suits. Life is returning.
Those people that were very COVID savvy, the 50 plus buyer and seller, they're just coming out.
They're coming out.
We're seeing lot more listings at this time of year than normal in saying that there are only 30 days worth of inventory on the market.
So not, not a ton of inventory, we're still seeing multiple offers, but we're not seeing 13, 14, and 15 at a time.
We're seeing everybody's attracted to the listings that look fantastic.
Everybody wants a turnkey move right now.
And the move is happening around Ottawa.
It's a neighbourhood switch or it's a lifestyle switch, it's a home improvement or it's a condo because they want it from here on end.
They're going to be traveling and they don't want a lot of maintenance or they want a pool.
We sold three pool properties last week, all in the million dollar range within 72 hours.
All to local people.
So you don't have the you're not competing against the relocation buyer in Ottawa, like you normally would be.
You're not competing against the people coming in from overseas to Ottawa in general.
It's local people moving within the city, and it's a lifestyle change and it's an opportunity.
Ottawa is still very affordable and offers great lifestyle, safety, recreation inside and out.
We're really seeing that in all in the suburbs, urban areas. And of course downtown.
We just kicked off the first week of July.
People are active.
You can see them out on the streets.
There's a good vibe of "Hey we're moving on. We've got our second shot or a buck to get our second shot. Now's the time to live life. We've just come through a near death life experience. "
Let's get on with it!
Year to date, sales are up 48% in Ottawa.
It's a very healthy market.
Please reach out
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