Market Summary:
October 2021 was another solid month for real estate in Ottawa. Prices climbed by about $10,000 for both detached homes and townhomes and increased by about $20,000 for condos when compared to September 2021.
Days on market continue to be very low as compared to a balanced market. Homes and condos sold in about three weeks in the month of October 2021.
Key Insights for Buyers:
The Ottawa real estate market offers more inventory and less bidding wars as compared to a year ago. Qualified buyers are in a good position to secure in demand properties over the next few months. There is usually added value in purchasing real estate in November through January and July and August as the data shows that prices experience relative weakness in those months due to seasonal trends.
Key Insights for Sellers:
Sellers are still reaping the rewards of historic price appreciation in Ottawa. Property owners can expect their home or condo to sell in 1-4 weeks depending the location and pricing strategy.
I am always happy to answer any questions you may have. Do not hesitate to reach out via email or telephone.
Kiril Peev
Direct: 613.263.7883 / Email: kiril@sutton.com / www.kirilpeev.ca
Sales Representative / Sutton Group – Ottawa Realty / Brokerage, Independently Owned and Operated
Hintonburg – Orleans – Kanata
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Referrals are always welcome and greatly appreciated. Thank you!
