Ottawa’s Fall 2020 Real Estate Market Update
As we enter the final quarter of 2020, Ottawa’s real estate market is trending very positively, despite the strange times we all find ourselves in.
According to the Ottawa Real Estate Board, the quantity of properties sold in Ottawa in October saw a year over year increase of 34%.
Deb Burgoyne, President of the Ottawa Real Estate Board said: “We are heading into the colder months, the second wave of the pandemic is upon us, and yet Ottawa’s resale market continues to hold steady”.
A Record-Breaking Year
October continued this record-breaking trend: average sale price for a condominium-class property was $368,936, an increase of 16% from this time last year.
These numbers are unusually high, and in some cases, record-breaking. They also continue a positive trend for the totality of 2020; even given the slowdown in the spring, sales are up for the first nine months of 2020 compared to 2019.
Reasons To Buy And Sell
There are also record low interest rates and borrowing costs, which is encouraging for those considering a purchase before the end of 2020.
Record low interest rates make it the perfect time for homebuyers.
With record sales and steady prices, now is the perfect time to either buy or sell in Ottawa.