In 2019, Ottawa saw an increase of 8.9% for residential-class properties and an increase of 9.3% for condominiums. This year, OREB (Ottawa Real Estate Board) is predicting more of the same, although January sales volume is off to a slower start because the shortage of inventory is impacting market momentum. OREB reports that “high demand has shifted market values upwards in various neighbourhoods and prices are unlikely to go MORE UP…”.
If you’re buying this year, expect some competition when looking at homes in those common price points, especially in Kanata, Nepean, Barrhaven and Ottawa. Despite the new construction in these neighbourhoods, demand is still outpacing supply largely due Ottawa’s continued economic prosperity, particularly in the high tech sector and federal government.
If it’s not already obvious in Ottawa – it’s a sellers market! The increasing home values and lack of inventory means that homes are selling well! Qkar can help you with the right market decisions and highlight the very best details about your home, attracting the right buyer. This applies even for properties that are likely to sell quickly
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