Has COVID-19 Slowed Down Real Estate Sales in Ottawa?

When COVID-19 resulted in a lockdown back in March, the housing market came to a screeching halt. While the pandemic brought a new level of uncertainty, Ottawa home sales and prices have since proven to be remarkably resilient in the wake of these unprecedented times. However, this is due in part to the significant number of higher-income buyers whose employment has remained mostly unaffected by the social and economic impact of the pandemic. These days, the interest in house buying has completely flipped. Now more than ever, buyers are interested in escaping densely populated cities in favour of buying bigger houses with more land, which have been readily available in recent months. In fact, The Canadian Real Estate Association noted record-shattering home sales throughout the months of July and August, in addition to a forecasted rise in housing prices for the remainder of the year.

3 Reasons Why COVID-19 Failed to Slow Down the Ottawa Real Estate Market

With more and more businesses implementing a work-from-home strategy, buyers are more interested in space and different amenities when looking for a new home. Ottawa, in addition to areas outside of the city center have experienced a significant boom in real estate activity this year despite COVID-19 and there are no signs of it slowing down. Below, we take a closer look at some of the reasons why that may be:

• Economic Growth: Ottawa is home to a large number of tech and government workers, two industries that managed to escape the worst of COVID-19 lockdowns. As a result, there is a significant demographic of people whose financial well-being is conducive for home-buying.
• Population Growth: Many people are moving to Ottawa from other, more expensive cities like Toronto and Vancouver. This has contributed to the competitive nature of the current market and buyer demands.
• Low Mortgage Rates: Interest rates are at an all-time low. Historically, this stimulates the housing market, encouraging people who would otherwise not be in a position to buy, make the leap into homeownership. Interest in capitalizing off low mortgage rates has pushed the real estate demand even further.

Let Marc-Andre Perrier Help You Find Your Next Home

Looking for the perfect home can be challenging enough as it is, let alone trying to navigate the market during a pandemic. Fortunately, Marc-Andre Perrier is here to provide you with both residential and commercial real estate expertise, in addition to educating you on the buying process and getting you the best deal possible. Use our property search tool to help you narrow down listings and find the home that best fits your budget and lifestyle. Contact us to learn more about how we can help.