Is the news confusing you? Is there too much information out there? You’ve heard the Canadian real estate market is cooling? You’ve heard the Ottawa real estate market is still hot? Interest rates are rising. What to do? What to do?
The experts rely on historical data, knowledge, and experience to predict future trends. Well, even the experts with the shiniest, most polished, crystal balls cannot predict everything. Yes, we knew a pandemic would come someday, but we didn’t know that on March 13, 2020, the Prime Minister would tell us all to go home and stay there until further notice. We also didn’t know that during the pandemic Ottawa home prices would skyrocket.
And yes, maybe home prices will drop, and maybe they won’t drop. In the Ottawa real estate market, through 1961 to 1962, the average home price dropped by -5%, going from $16,791 to $15,952. And then in 1963 climbed steadily up to reach an average sale price of $25,652 by the end 1969.
In the mid 90’s the average Ottawa home price took its second nose dive in 64 years. In 1993 the average Ottawa home price was $148,129. Over the next three years it would average out at $143,756, with an average decrease of -1.7%. From 1997 to 2021 it goes steadily up to 2021’s average Ottawa home price of $645,976, an increase of 22% over 2020. That is not the first time that the Ottawa real estate market saw those kinds of increases. In 1973 the average home price increased by 25.3% to $38,305, and in 1983, the average home price increased by 21.3% to $86,246.
So, after all that historical number talk, what to do? The Ottawa real estate market really is quite stable. Over 65 years the Ottawa housing market decreased only twice, and rebounded steadily. To quote Will Rogers “Don’t wait to buy real estate, buy real estate and wait”. I can help you do that. Don’t wait to call.
- All information provided by the Ottawa Real Estate Board
