Canada’s capital, Ottawa, is seeing a boom in its real estate market. It’s no wonder why people want to move to this thriving city. It’s a bilingual city that has a rich culture, and there are plenty of cultural activities to prove it. From incredible museums to festivals and a plethora of outdoor experiences, many Canadians are considering getting into the Ottawa real estate market.
But if you are thinking about buying or selling a home on the Ottawa real estate market, you need to know what to expect. Currently, the market is seeing a boom. Why? Well, it mainly has to do with low inventory. There aren’t many houses available for sale, meaning those that are to be had are going for increasingly high prices. While in years past, there was a surplus of homes available, the market is now seeing a bit of a shortage. That is driving prices up quite a bit.
The Outlook for Sellers
Thinking about selling your home on the Ottawa real estate market? Then, you’re in luck. You are likely to get a great price for it. Since the employment opportunities in the city are so good, that means that many buyers have the money necessary to ensure that they get the homes they want. Those who have a lot of disposable income can offer above asking price for homes, which allows them to have the first pick. In fact, over 50 percent of the houses in Ottawa sell for asking price or above, which is a huge percentage. That means buyers are getting even more than they are asking for.
The Outlook for Buyers
As you can imagine, this presents many challenges for buyers looking to enter into the Ottawa real estate market. Many bidders are making well above the average salary, which means they can bid high dollar amounts to ensure that they are getting the kind of home they want. However, for those who can’t afford to bid very high dollar amounts, finding a home is becoming increasingly difficult. According to Engel & Völkers Ottawa Central’s license partner John King, “Homes that used to sell for $25,000 over asking are now going for anywhere between $50,000 to $200,000 more. That happens with the younger, deep-pocketed professionals. The tech industry here provides above-average income, and there are also a lot of senior government people. Even the young lawyers working for justice departments earn incomes well north of $100,000 a year. These people can all get into the market.” Therefore, those looking for homes in Ottawa who cannot make such significant bids could run into some problems when looking at the Ottawa real estate market.
Whether you plan on buying or selling on the Ottawa real estate market, it’s in your best interest to ensure that you have all the information you need to make an intelligent decision. Of course, the best way to do that is to hire a trusted real estate agent who can help you figure out exactly what you should do to buy or sell your next home.