Ottawa Market update for Residential and Condominium Homes - December 2021 compared to December 2020.
Here are the numbers for Ottawa Residential and Condominium homes and the comparison of average days on market, average selling price, and properties sold from December 2021 and December 2020.
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Information sourced from the Ottawa Real Estate Board.
We are proud to have been nominated once again by Faces Magazine for Best Real Estate Brokerage in Ottawa, and for our own Colleen Lyle being nominated for Best Real Estate Agent. Voting starts on Jan 6 - we would love to have your support in helping us pull off another win this year again.
Home prices continue to rise, and many of our first time buyers are having a hard time finding a home that they can afford. For some we have recommended changing their search to include condos that are more within their budget but even those are highly competitive among buyers. One way to get ahead of other buyers is to work with a proactive realtor who will keep you on top of new listings before other buyers see them and give you that edge.
Here's a great article describing more about the Home Buyer's Plan and how to borrow from your RRSP to buy a home.
Click here to read the full article by Corben Grant, sourced from Canadian Real Estate Wealth
Here is the Canadian Real Estate Association's prediction on the 2022 real estate market for the country. Ottawa being a strong market will continue to see rising house prices, and competition from buyers due to low inventory.
Click here to read the full article by Tara Deschamps, sourced from the Canadian Press
Should you wait until spring to list your home? Traditionally spring has been the strongest real estate market with many sellers waiting until then to list their homes. With home buyers currently outnumbering home sellers, the ongoing low inventory of homes for sale has created a seller's market and has driven up prices. This current market situation has disrupted the wait until spring market thought, with sellers currently benefitting from multiple offers, and often having their home often being sold over asking.
With the increase in home prices over the past year, we've had a number of new investor buyer clients work with us. Some are using the new increased equity in their existing home to finance their new investment property purchase. Between the projected property value increase for 2022 plus having a tenant help pay off the mortgage, investment properties are an attractive option. A good article on the suject can be found at...
Since the start of the pandemic more people have been working from home than ever before. We've seen a trend of people selling their home in the city in order to move out to their cottage, or to a quieter country property since there was no longer a need for commuting into the office (or at least not as often). A good article on this subject can be found at...
Preparing your home for sale, along with ensuring it looks its best to potential buyers, can be an intimating process, and alot of work for sellers. We always recommend to plan your sale in advance, slowing start decluttering, and refreshing your home with paint, and/or upgrades so that you are not rushed doing so at the last minute once you find that dream house you had been looking for. Below is a good article that talks about staging. To get our sellers started, all our listings include a consultation with a professional stager.
