COLLEEN LYLE REAL ESTATE INC. Brokerage

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(613) 417-3599
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COLLEEN LYLE REAL ESTATE INC. Brokerage

Phone:
(613) 417-3599
Contact Us

March Sales Stand Strong Amongst Pandemic

Ottawa Real Estate Board – The Ottawa Real Estate Board (OREB) is ...

Information sourced from the Ottawa Real Estate Board.

A total of 1525 residential properties were sold in March of 2020 compared with 1501 in March last year, a slight increase of 1.2%. Of these 1525 sales, 1170 were residential property sales (a 3.3% increase from last year) and 355 condominium property sales (a decrease of 5.1% from last year).

“Our results show that the Ottawa real estate market seems to have withstood the pressure of a worldwide economic event in March, however in context with our market’s performance up to this point, we can see the underlying effect. Before the pandemic, monthly unit sales were increasing between 10-16% from 2019, while March’s sales were just on par with a year ago. This is an indicator that there has been a slowdown in the real estate market due to Covid-19.” reports Deborah Burgoyne, Ottawa Real Estate Board President.

“Much of March’s activity likely began in the first two weeks of the month before the State of Emergency order was put into place. In fact, we had a head start on the spring market that was heating up earlier than expected, but activity seemed to fall off as physical distancing measures took effect,” she adds.

“Once the Ontario State of Emergency began, our Members and Brokerages rightly began to make all adjustments necessary for the health and wellbeing of our clients and customers. We welcomed the government’s declaration of real estate as an essential service so that transactions in progress could be completed. However, it was not and is not business as usual for our Members. They are heeding government and public health authority warnings and advice and are being diligent in taking extra safety precautions. All this, while still doing their best to help their clients successfully conclude or close real estate transactions that were already in progress,” Burgoyne acknowledges.

In terms of sale prices, an average condominium property sold for $369,311 and a residential property $559,739, an increase of 27.3% and 16.5% respectively from last year. 

“Our Members are evolving and adapting their business practices by leveraging the use of technology with virtual tours, live streaming, social media, and becoming more creative in their methods to facilitate the needs of their clients who may need to buy or sell right now because of their circumstances.”

“However, for those buyers and sellers who are not in that urgent position, our Members recognize the health and safety of our community is paramount. They are consulting with these clients on a case by case basis and may advise that they should delay the listing of their home or a purchase. They are doing what’s best for their clients in the context of government advisories,” Burgoyne assures.

When asked about the impact of Covid-19 on the number of new listings on the market, Burgoyne speculates, “The shortage of inventory has driven down the number of new listings for the past several years, so we cannot accurately state that the decrease in March was due to Covid-19 where we saw 1,579 new residential listings and 469 for condos. The 5-year average is 2,217 and 665, respectively. I believe that April’s number will provide a truer and more legitimate reflection of the impact of Covid-19 on our local real estate market.”

“In closing, I would like to say that we are grateful to have been granted the essential service designation and are working closely with all levels of government and our provincial and national associations to ensure that we implement the necessary steps and protocols to flatten the curve and remain the trusted advisors that the public have come to expect from the REALTOR® profession.”

In addition to residential and condominium sales, there have been 746 properties rented since the beginning of the year compared to 550 by this time last year.

Information sourced from the Ottawa Real Estate Board.

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At COLLEEN LYLE REAL ESTATE INC. Brokerage,  we uphold an ongoing commitment to providing an elevated level of personal Real Estate service. Our clients come first, and as a result, they are able to achieve more than they ever dreamed with their real estate investment.

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