Last Month we saw the season flip from winter to summer in an instant, and we can say the Ottawa real estate market did the same!
Ottawa Real Estate Board President Deborah Burgoyne explains, “Around mid-May, we started to see a restrained uptick in our numbers with monthly unit sales only 44% lower than May 2019, compared to the 55% year over year decrease in April’s figures. We expect that as the economy continues to rollout and consumer confidence increases, our real estate market will follow suit, the pent-up demand pre-Covid still exists. Our spring numbers are typical of our fall figures, with cautious optimism, we can hope that there is a ‘flip flop’ and our fall numbers are closer to spring figures.”
Even though the Canadian Mortgage and Housing Corporation’s forecast for Canada’s housing prices seem pretty dismal, their analysis doesn’t necessarily reflect what is really happening in our local market as the average home prices are continuing to increase – even during a global economic recession.
According to Burgoyn, “This spring market is performing more like a fall market with the number of new listings and resales on par with what typically occurs in late October and November.” We feel optimistic about these numbers coming closer to spring figures!
Even in the midst of a global pandemic, our region’s stable employment & continuous influx of newcomers can allow home owners to take comfort in knowing that owning a property in Ottawa & the surrounding area is a solid investment for themselves & their families.