By Dean Caillier, Sales Representative, Engel & Völkers Ottawa –
I think maybe just maybe, summer has finally arrived and sunny days are here again. School is out, families go away on summer vacation, restaurant patios are open, outdoor festivals are on and it’s time to relax and enjoy the outdoors.
Fortunately, real estate doesn’t take a holiday. The resale real estate market is open 24/7, 365 days a year. Traditionally, peak sales periods for the resale housing market are spring and fall,
but the times they are a changing.
According to the Ottawa Real Estate Board (OREB), the month of May’s figures show the average sale price for a condo at $297,731—up 5.8 per cent from last year—and the average residential-class property was $493,691—a rise of 6.4 per cent from a year ago. Year-to-date numbers show a 6.6 per cent and 7.9 per cent increase in average prices for residential and condominiums, respectively.
OREB president Dwight Delahunt points out that, “Home prices are steadily increasing at a reasonable rate, and the fact that they are not spiking confirms that our market is healthy and sustainable.”
With these statistics in mind, resale housing activity continues to be strong through the summer. If one is looking to buy or sell a property, don’t be fooled by the nice summer weather and think real estate sales are on summer holidays, too. It actually may be one of the best times to buy or invest in a property. Buyers may have less competition when looking at a property, and sellers’ properties may stand out even more with less activity. So don’t be fooled by the nice summer weather: Real estate doesn’t go on summer break.
Have a happy and safe summer, everyone!
Engel & Völkers Ottawa