Ottawa, Montreal stand out in piping hot housing market

November 6, 2020 Facebook Twitter LinkedIn Google+ Canadian real Estate Market,Ottawa real estate sales,Real Estate News Ottawa

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Residential sales in Ottawa and Montreal are up 34% and 37% respectively, defeating big city competitors like Toronto, where sales were up 25%, and also Vancouver, up 29%.

Early outcomes are out from the real estate boards, and RBC senior economic expert Robert Hogue claims they “show little in the way of a market cooling in general.”

After powering throughout the pandemic lockdown early in the year, Canada’s housing market has stormed through the summer and into the fall, defying all predictions that it would certainly be dragged down by economic headwinds.

Home prices are also catching up. A leading newspaper noted. Keeps in mind that between June 2019 to September 2020, the benchmark rate for a single-family house has actually risen 24% to $581,000. In all of Canada, just Woodstock, Ont. saw a quicker pace of development.

real estate market.

“Canada’s largest housing markets remained piping hot last month– at, or near record highs– with suburbs getting much of the action and downtown locations seeing a lot of condos put up for sale,” said Hogue.

The housing boom has actually even raised markets in Calgary and Edmonton, which have seen their struggles recently. Sales increased 23% and also 26% respectively, and also in Calgary, home prices rose for the first time in three years.

In Montreal, pricing rates in October were up 21% for single-family homes and 16% for condos.

Montreal real estate pricescondo sales fell 8.5%, as well as listings of condos for sale, soared 173%. Condos are still selling slowly in the residential areas, with sales up 2.2% in the 905 locations.

Ottawa as well as Montreal stuck out in October with sales up 34% and 37% specifically, beating large city competitors like Toronto, where sales were up 25%, and Vancouver, up 29%.

Single-family residences remain the star of this market, stated Hogue, and low supply is triggering prevalent bidding wars. Condos are a different story. Significant cities have been swamped with supply, however, units sold are still trending up except for Toronto and also Calgary.

If you’re in the market to buy or sell real estate in the Ottawa area, contact Jeraud Humphreys Real Estate (613) 986-9033.

Jeraud is a proud member of the Keller Williams Integrity real estate team. He will discuss with you the current trends with house sales throughout the country.

He will discuss with you the importance of doing a home inspection whether you are selling your home or buying a home.

You will also find information for first time home buyers on this website.