We have seen an incredible increase of listings brought onto the market throughout July & August — approximately 300 more Residential & 175 more Condo listings added than what we saw this time last year! We suspect the surge in listings could be due to the fact that home owners feel ready to receive a return on their investment, baby boomers planning to downsize & potentially home owners who have decided to move further out of the city.
Ottawa Real Estate Board members sold 1,576 homes in the residential-property class, up 22 per cent from a year ago, and 441 in the condominium-property category, an increase of 2 per cent from August 2019. The five-year average for August unit sales is 1,668.
The state of the current market has been challenging for many, but this is amazing news for buyers who have been seeking to get into the marketplace. The surge in new listings will definitely help alleviate stressors for buyers who have been caught in multiple offer scenarios over the last few months. Plus, with record low mortgage rates, decreased debt/equity thresholds, now is an amazing time to get into the marketplace!