Ottawa
June saw Ottawa’s year-over-year house prices rise by 15 per cent and condo prices rise by 17 per cent, boasting the largest price increases in Canada as predicted by Engel & Völkers in its Spring 2019 forecast.
Market Overview Ottawa strengthened its position as a seller's market,
Despite COVID-19, this market is holding its position as
maintaining its status as one of Canada’s fastest-growing
one of the most attractive for investment by virtue of its
real estate ecosystems. June saw year-over-year house
stability and healthy economic environment. Ottawa is
price gains of 15 per cent overall. The condo segment
uniquely positioned on the job front due to its high volume
increased by an unprecedented gain of 17 per cent
of direct employment in the public sector, tech, healthcare
year-over-year in June. Listings are priced at fair market
and
value and 56 per cent are being sold over asking.
Ottawa-Gatineau increased from less than five per cent in
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Overall,
June
inventory
was
52
per
cent
lower
year-over-year. Even as new inventory hit the market, prices continued to climb. Low inventory and high buyer demand are particularly prominent for properties priced up to $1.5 million. As restrictions lifted, high-end properties that had been sitting for years began selling. Properties with pristine finishings, upscale kitchens, wine cellars and inviting outdoor spaces are being sold over asking. Since
education.
The
unemployment
rate
in
early 2020 to just over seven per cent in May.26 This low unemployment rate amidst the pandemic is a key factor providing economic security in the area. Its healthy rental market, driven by academics, diplomats and politicos looking for leases in executive properties, offers a cash-flow opportunity for investors, despite the borders being closed. With two universities and several community colleges, students are a further segment propping up the rental market.
2018, the sales to active listings ratio has been under the number of active listings reducing
Through Q2, real estate quickly rebounded from the
year-over-year. The COVID-19 pandemic is further
impacts of COVID-19 as the market continued to favour
intensifying constraint on new inventory.
sellers with strong demand, low inventory and price
pressure with
increases, despite drops in home sales.
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Ottawa Real Estate Board, June 2020
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Ottawa Real Estate Board, June 2020
26
Statistics Canada, May 2020
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Engel & Völkers Americas Canadian Luxury Real Estate Market Report Mid-Year 2020
Engel & Völkers Americas Canadian Luxury Real Estate Market Report Mid-Year 2020
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