Where is the Ottawa Real Estate Market Going?

The Ottawa real estate market has been hot this year, but the question I’m hearing often from clients, family and friends is where is it going? Is it going to stay the course it is on? Will it level out? Well according to this CBC article there isn’t much of an indication that it is going to change. This of course bodes well for those with concerns of whether this is the right time to buy, invest or even sell.

Buyers prepare: Ottawa real estate market expecting steady growth

The for-sale sign in front of Edgar Chavez’s Kanata home still says the unit will be “coming soon,” but it already sold — and it only took one day.

“I know the house is a pretty good unit but I was surprised by the amount of offers that I had just the same day that we put in on sale,” Chavez said. “It was a great experience.”

The four-bedroom semi-detached end unit with 2.5 bathrooms was put on the market Friday at 9 a.m. and the deal was done by 5 p.m., he said. The unit is 2,500 square feet, including the finished basement.

“We had seven offers at the end of the day. All of the seven offers were above the asking price.”

Chavez is moving to Westboro with his wife after living in Kanata for five years. They bought the house new, but no longer need the space since their two children are moving out, he said.

Average price jumps from $396,266 to $434,502

for more: http://www.cbc.ca/news/canada/ottawa/real-estate-ottawa-sellers-1.4193916

 

 

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