Home Prices Surge in the Ottawa Valley

August 16, 2020 Facebook Twitter LinkedIn Google+ Real Estate News Ottawa,Selling your Home

CARLETON PLACE– As if the Canadian real estate market wasn’t warm enough already, home prices surge in the Ottawa Valley. The COVID-19 pandemic is driving costs also higher in the Ottawa Valley.

” We are up 20 percent in the Ottawa Valley when it concerns residence sales, as well as 20 percent up when it pertains to list prices,” claims a local real estate representative. “If we list a home in the range of $400,000 for instance, typically enough we are getting offers at $440,000.”.

The typical residence price in position like Carleton Location, where the local real estate representative functions, and also Perth are hovering around the $540,000 variety. Contrast that mark to 2019, where the realtor claims the average price was $40,000 cheaper.
The interest rates are so low that most people are taking the money they normally spend on other things and spending it on housing.

Right now, you are looking at a 20% increase in this market. There is hardly any inventory in the Ottawa and surrounding areas. You can include Brockville ON and Cornwall. To date, there are approximately 400 condos on the market and only 1300 homes. The inventory is low, and that’s was perpetuating a lot of the increases in this market. It’s all about supply and demand.

It begs the question, why the Ottawa Valley?

” Due to COVID, it’s a real need right now for individuals appearing of the city,” claims a local real estate representative “They want to have the additional room in the smaller cities around the city and also this is what, as an example, Carleton Area and also Perth is providing.”.

Many of those purchasers coming from larger cities, but not the one the valley surrounds, “like 70 percent of those enquires are appearing of the (Greater Toronto Area),” states Mols. “Which remains in my expression, they are getting away out of the city.”.

Those high sales prices are not only costing buyers even more cash, however also testing their patience. Mols recounts the battles of among her present clients searching for a new residence. “( They) in fact underwent 8 different deals on 8 various homes and also still didn’t get it.”.

The marketplace is testing purchasers’ persistence, yet likewise their ability to react fast. “I just listed a home the other day afternoon as well as within hours we had 20 provings at already received 2 offers on it with an additional offer coming. To be considered, an offer has to come in without conditions.
If you’re thinking of taking possession of a home sometime in the future, you should start your search much earlier than you think. It’s an excellent time to sit down with your real estate professional to discuss the situation and your options.

We can explain to you how the market is reacting and why it is reacting. If you have an idea of what type of home you are looking for, your realtor can start tracking inventory and sales for you immediately. When the time comes for you to buy, you would have a better idea of the comps, Including what’s currently on the market, a record of what has sold and what you should expect to pay.

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