Ottawa’s Real Estate Market Shows Great Promise in 2021!
Posted On November 2, 2021
So, you’ve decided to relocate to Ottawa, Ontario. That’s great! Experts agree Ottawa is the finest location to live in Ontario. You have a lot to look forward to in your relocation to Ottawa, whether you’re a West Coast Canadian making the voyage across the nation or an American establishing a new life in Canada’s capital. Let’s explore the real estate trends in this magnificent city, the right time to buy a house here, and the benefits of investing in a home for sale in Ottawa.
Real estate in Ottawa:
Despite the recent fluctuations in Canada’s real estate market owing to the pandemic, Ottawa’s real estate seems to be on the rise. “Although Ontario was in a lockdown in both May 2020 and May 2021, the impact they had on Ottawa’s resale market was quite different – with this year’s number of transactions being well over the five-year average. Undoubtedly, enhanced safety measures and vaccine adoption rates have enabled potential Buyers and Sellers to feel more protected and comfortable in their home buying and selling process,” states Ottawa Real Estate Board President, Debra Wright.
In 2021, twice the number of new listings entered the market in May 2021, compared to last year at this time, with 2,386 residential properties and 727 condos added to inventory. The average sale price for a condominium-class property in May was $424,843, up 24% from the previous month, while the average sale price for a residential-class property was $741,206, up 35% from the last month. This “indicates that the condo market has recovered from the reductions suffered early in the pandemic, with the number of condominium sales transactions increasing by 85 percent in May 2021 over May 2020, paired with a 21 percent price increase in the same periods.” says Wright.
Ottawa housing market: Facts and figures-
In May 2021, OREB members sold 1655 residential properties, an increase of 78 percent. There were 1168 freehold house sales, up 78.9%, and 487 condo sales, up 75.8% over the previous year. The average freehold house price in Ottawa has increased by 29.94 percent to $781,337.
Ottawa’s average condominium price has increased by 22.7 percent to $431,247. Overall, Home prices in Ottawa continue to be much cheaper than those in Vancouver and Toronto.
Our Guide to purchasing houses for sale in Ottawa:
Try our easy-to-use but highly configurable search tool to browse through a wide range of single-family houses, multi-family houses, condominiums, commercial properties, and other real estate options. Our search engine can help you locate the home you’re searching for quickly, and it can be set up to suit your personal preferences.
Explore the neighborhood:
If you’re new to the Ottawa region and want to learn more about the many neighborhoods and communities, you can explore various areas in the community and houses in different sectors or avenues in the city. We provide thorough information on neighborhoods as well as complete listings of properties for sale in each one.
Use our simple mortgage calculator to determine how much your mortgage payments will be on the house you want to buy. This can help you estimate your budget and simplify the buying process manifold.
By using such features at the Save Max website, buying the house of your dreams in Ottawa can become really easy and fun! View the most affordable houses for sale in Ottawa .
Ottawa is a great place to relocate to! Here’s why:
Ottawa is the political capital of Canada, but it is also much more. It is surrounded by breathtaking scenery at all times of the year. The city is multicultural, attracting people from all over the world. With approximately one million residents in the metropolitan region, it is Ontario’s second-largest city after Toronto. Ottawa is located on the border with Quebec, a predominantly French-speaking province, providing visitors and residents with a unique and pleasurable experience at the crossroads of French and English Canada. Ottawa is one of Canada’s safest cities. Moving to Ottawa may be a wonderful, exciting experience, with multiple career options, a thriving construction sector, and a vibrant culture. It has a booming economy and a great passion for social and cultural celebrations of life.
With splendid picturesque sights and plenty of recreational activities, Ottawa is a great place to call home! Begin your house-hunting journey today with Save Max, and reach a step closer to becoming a proud home-owner!