As a new year is upon us, promising hope, and the fulfilment of dreams, and possibly even a covid-free future, the Ottawa real estate market is still going strong. Are you wondering if it is still possible to buy that home you have always wanted? Or will house prices continue to rise? Or will interest rates hold? Well, without the help of my shiny crystal ball, I cannot answer those questions definitively. What I can do, is give a brief overview of the state of the December market in Ottawa. In the residential market, in December 2021, the average house price was $709,980 with an average of 22 days on market. This is an increase of 17.6% from December 2020 sale prices. In the condo market, and that includes townhomes and apartments, the average sale price in December 2021 was $399,125, with the average days on market at 27. And that was an increase in sale price since December 2020 is of 12%.
The expectation is that the Ottawa real estate market will continue to hold these prices, and for the most part, they are priced correctly at current market value; and that the crazy market of over-bidding that we saw most of last year, seems to have settled a bit, but the year has just begun! If you are considering selling, it is still a prime time, and if you are buying you will need to be well-prepared and patient. If you have the real estate market on your mind, I would be happy to consult with you to develop a personalized market strategy. Happy New Year, everyone!
