We have some good news and some bad news ??
What's hotter than a July summer day, the Canadian real estate market
I've got some good news and some bad news. Firstly, the market is, as you've heard the prospects in Ottawa, it's hot and things are 15 plus percentage points in growth.
What we're seeing though, is a slight, increase in inventory. Inventory is just starting to creep up. The first time we've seen creep up in the last 90 days, and that's a good thing for buyers. It's typical of July people especially in Ottawa, we have recreation all around us. People go on holiday, things slow down.☀️
This is a great thing for buyers because it'll allow pricing to somewhat stabilize and it'll be a little easier. So buyers don't give up! The July and August market, maybe that time for you to find that home and to win that bid on a multiple offer situation if they're still going to exist. So we are seeing some buildup in inventory and it's just happened in the last seven days.
The hottest part of the market, in June, was that 650,000 to Luxury Market. We break the Ottawa market into 3 price categories: Under $350,000; $350,000 to $650,000; $650,000 to luxury. And the luxury market is where the river's running the quickest. That's where the market is the hottest!
The market in June year to date. The $650,000 to the luxury market was up 26.5%, the average price or the opening price point of a detached 2,400 square foot home. June 2020 compared to June 2019 was up 69%. The largest hottest part of the market in Ottawa is the $650,000 to the luxury market. We participate very well in that, in those price points. If you're thinking if you're in those price points? If you're in the $650k, the luxury market, and you're thinking of selling a home in the fall of next year, we want to talk to you, now.
We want to talk to you now because we want to plan for the fall. So you're ready to hit the market when the market really starts to motor again, which is late August, through to the end in November, mid-December. We want to talk to you now if you're thinking of selling next year, we want to talk to you now because we want to get those summer photos of your property so that we can put your house on the market in, in January, February, when there's less, less competition and have summer photos to show them what it looks. Selling a house in January and February means closing in May or June.
✅ So lots of opportunities. If you're participating in the market, If you want a market update, please reach out to us. We're here to help. Ottawa is not in a bubble situation. It's a fantastic city to not only live in but to own real estate. ‼️
It's half the price of a home in Toronto. So we are half the price of two. You can buy two homes in Ottawa for the same price as one home in Toronto, it's very affordable. We're seeing a big surge in employment in Ottawa where high tech is booming and government services are required right now, because of the pandemics. So Ottawa is on a buying spree or on a job spree where you're getting a lot of good, talented, educated people coming to Ottawa from Toronto Vancouver, Montreal seeking jobs, where the average income in Ottawa is above the national income.
So good jobs, affordable homes in Ottawa. Again, if you're looking at purchasing a home or you want it, you want a market update. Well, you're thinking of selling. Please reach out to us, reach out to us now so we can prepare your home for the market. We can get you ready, with minimal ease and less stress. ☎️613-841-2111