Home Buying and Selling in the Age of a Pandemic

Despite the recent economic uncertainty triggered by the COVID-19 pandemic, Ottawa’s real estate market shows no signs of slowing down anytime soon. As it stands, the Ottawa market is red hot, with many sellers capitalizing on the current situation and listing their homes for sale. Thanks to conservative housing prices in suburban neighborhoods like Orleans, more home buyers are finding greater value for their money in these areas.

Why is the Ottawa and Orleans Real Estate Market Still Hot?

Some houses in the Ottawa area have been selling for significantly over asking price. With a growing population and historically low interest rates, it may be time to consider investing in a home right now. Here are a few reasons why the housing market remains hot in the midst of a pandemic:

• Homeowners can take advantage of this time at home to make improvements and the market should still reward these efforts later on.
• Ottawa is a government town, meaning jobs are much more stable than they may be in other parts of the province. Stable employment results in a stable economy and a greater demand for housing.
• As a result of the pandemic, more people are willing to pay extra to live in an area outside of the overcrowded city centers, where they can get more value for money.

What is the Projected Outlook for the Ottawa and Orleans Real Estate Market?

With so much uncertainty surrounding the future of the pandemic, it can be challenging to predict with confidence, what the real estate market will look like years or even months from now. However, as home prices saw a significant decline at the start of the pandemic, they are expected to become a little more stable by early 2021. If you are considering buying or selling your home in Orleans, contact Marc-Andre Perrier. He is an experienced Century 21 Real Estate Agent who can help you find the right home for you and your family.