January 2020 Commentary and Stats
Big Jump in Ottawa Real Estate Sale Prices in January 2020
The number of homes sold in January 2020 (780) were slightly less than January 2019 (817) — about 4.5% less. That being said, we were still slightly over the moving 5-year average of 713. See video and additional commentary and statistics below.
Sale Prices
According to the Ottawa Real Estate Board (OREB), the average sale price (January 2019 vs. January 2020) of residential (non-condo) homes increased 19.3% to $516,229. Condos increased 19.1% to $338,077.
House Price Index
Another statistical tool that OREB uses is called the House Price Index (HPI). The HPI suggests that homes prices are up about 13.75% over last year.
What does this mean?
Well, I guess it depends on your intentions. Are you a first-time buyer, a down-sizer, right-sizer, someone moving to Ottawa, or perhaps someone leaving Ottawa for good? Your situation and tendencies need to be fully understood by your realtor.
Buyers
Straight-up, this means that buyers have to be hyper-prepared to buy. The biggest part will be education of home types, locations and pricing. This may seem obvious, but to be successful you will need to be confident in your intentions. You will not have a lot of time to consider once you find the right home.
Sellers
It’s a home-seller’s market in Ottawa right now. You probably have the best opportunity in your life (in Ottawa) to get a fantastic return on your current home/investment. But, of course, if you intend to stay in Ottawa you will need to find another home. There are ways to move forward with confidence and clarity. Discussing your hopes and fears will help me tailor a plan for your move.
Moving Forward
I’m here to educate, inform and guide you through the process. There can be many non-trivial subtleties to the moving process right now — your highest return on investment will depend on working with the right realtor. I may be the right realtor for you, but we need to discuss to find out for sure.
Let me know if you have any questions.
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