COVID-19 has not put the real estate industry in a favourable light. With the amount of transactions down 44% since last May, people have been hesitant to enter the market.
However, there is pent up demand stemming from pre-covid and that demand will be fulfilled by a stable economy is the nation's capital.
The average sale price for condos in May increased to $343,589 from last year! That is a 15.5 percent increase. Residential homes also saw an increase to an average sale price of $548,140! That is an 11.2 percent increase from last year.
OREB also reminds us that the CMHC’s “bleak forecast” is “broad-based analysis for the country as a whole does not accurately reflect what is transpiring in our local market as evidenced by the steady increases in average home prices in Ottawa”
OREB President Deborah Burgoyne credits Ottawa’s average sale price increase to the current sellers market, our region's stable employment, and a continuous influx of newcomers.