Members of the Ottawa Real Estate Board sold 1,611 residential properties in November through the Board’s Multiple Listing Service® System, compared with 1,284 in November 2019, a year over year increase of 26 percent.
“We continue to experience strong activity in Ottawa’s resale market during the time of year when we would typically see a slowdown,” observes Ottawa Real Estate Board President Deb Burgoyne.
“Now more than ever, Buyers and Sellers will benefit from the knowledge and experience of a REALTOR®. Our resale market continues to experience multiple offers and bidding wars, and you would want the guidance of someone who has maneuvered through this many times. Particularly if you are looking at purchasing a recreational property, which have become very desirable in the past 6 months or so. These properties’ considerations are different than those you are used to seeing in the city, such as wells, septic tanks, conservation considerations, etc. A professional REALTOR® can explain these features to you, so you don’t risk any surprises down the road,” Burgoyne cautions.
In addition to residential and condominium sales, OREB Members assisted clients with renting 3,120 properties since the beginning of the year compared to 2,559 at this time last year.
Here’s a breakdown of the average sale prices & year & over-year increases/decreases in Ottawa:
If you’re a potential home buyer or seller, and in a situation where it is essential that you buy or sell a property right now, there are means to do this in a safe and prudent manner. Do not hesitate to contact one of our agents to discuss-plan and protect you through this unique period. We have been working hard to move the majority of our business online so your entire real estate transaction can be completed virtually and safely. Get the scoop of our featured listings here.
Disclaimer: The Board cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Price and conditions will vary from neighbourhood to neighbourhood.