Understanding Ottawa real estate and COVID-19
How do we begin to understand our new normal and real estate in Ottawa during COVID-19? There are a million things to worry about these days, but if you’re someone who needs to move in Ottawa this year, you might be wondering what is going on with the real estate market in the city.
As Ottawa, Ontario, and the rest of Canada and the world look at opening back up, there are many questions to be answered. On the bright side, real estate in Ottawa is doing better than you think it might be! The Ottawa Real Estate Board has released some key information that may help answer some lingering questions. For everything else, you can contact us directly and we can help you!
Ottawa Real Estate Board 2020 figures
According to a news release by the Ottawa Real Estate Board, “Members of the Ottawa Real Estate Board sold 913 residential properties in April through the Board’s Multiple Listing Service® System, compared with 2,025 in April 2019, a decrease of 55 per cent.”
While the number of transactions are down in Ottawa, they remain promising in comparison to other markets within Canada. For example, prices for homes have held steady and even increased in some cases within Ottawa. There also remains a high level of demand among the Ottawa market because jobs in the government and high tech sectors ensure that our economy and job market remains relatively stable.
Ottawa Real Estate Board President, Deb Burgoyne said, “While the number of unit sales has decreased substantially, residential prices are still holding their own and are up over last year’s figures, with properties often selling above the asking price,”
The Ottawa Real Estate Board also predicts that there will be pent up demand once things begin returning back to “normal”.
Technology an asset when conducting real estate in Ottawa today
Technology has greatly impacted how our team and other realtors are conducting business currently. While there is nothing normal about our circumstances, there is so much we can do to ensure that this essential service is still available to those who need it.
Virtual staging, consultations, open houses, showings, video tours, and more have made it possible to buy or sell a home while protecting the health of all parties involved, “…these adaptations are key in mitigating risk for all parties and will certainly continue to be necessary as things normalize in the city and our working environment.” said Burgoyen.
Our team has always been implementing digital measures that make it easier to view homes, but we have adapted our strategy even more to serve our clients regardless of circumstance.
How do I buy or sell a home in Ottawa right now?
“If you are a potential home buyer or seller, and in a situation where it is essential that you buy or sell a property right now, there are means to do this in a safe and prudent manner. Do not hesitate to contact a REALTOR® to discuss, plan and protect you through this unique period,” recommends Burgoyne.
Now, more than ever, is the time to hire a trusted professional if you are buying or selling a home. A professional can help you adjust to our new normal in regards to real estate in Ottawa during COVID-19. With so many new provisions and safety measures implemented by licensed brokerages, it is in your best interest to consider a professional to protect you, your family, and one of your biggest assets!
The Christine Hauschild Real Estate team is committed to continuous service for your clients during this uncertain time and can walk you through our “new” process step-by-step. In short, things are the same – but not really. The critical components that keep you safe have as we adjust to comply with physical distancing guidelines – we welcome the challenge in adjusting to this new reality to serve your better!
If you want more of the great information the Ottawa Real Estate Board has provided, then click the direct link below to find the most recent news release. We wouldn’t be able to bring you the latest real estate news without the work of those at the Ottawa Real Estate Board!
You may not be sure if you want to buy or sell right now, but it’s never a bad time to start a conversation with our team to make sure you are informed as possible when you’re ready to make a decision.
We’re here to help you through the “new normal” Let’s have a conversation – about your goals and what you can except today.