Ottawa is Currently Sitting with 1 Month of Home Inventory

The Ottawa real estate market has been hot ever since the COVID pandemic made its appearance. Despite the many job losses, business closures and many uncertainties about the real estate and financial market Ottawa's real estate is increasing in price. 

Since April Ottawa has been seeing increases in sales compared to the previous year. In fact, Ottawa saw an 11% increase in home sales from 2019 to 2020. This can be attributed to many factors including the desire of many to find larger spaces. With many working from home and the uncertainty of ever going back full time as we were once used to many were looking for more footprint. Some even decided to take a different approach and completely change their lifestyles. We saw a big increase in interest in homes with hobby farms around Ottawa. 

Since June 2020 Ottawa has been sitting at just about 1 month of inventory. It would take only 1 month to sell all of the residential home inventory found on the MLS today. This is a much lower volume than we are used to seeing here in Ottawa. The graphic shows the gradual decrease in inventory for Ottawa over the past 5 years. In fact, 5 years ago we saw Ottawa having about 5.6 months of inventory. This fell to 4.25 months of inventory in 2017, 3.25 months of inventory in 2018, 2.25 months of inventory in 2019 and now at the end of 2020 Ottawa is sitting at about 1 month of inventory. This change in the market has helped in making Ottawa a seller's market.

Although there are many buyers and not enough sellers in many of Ottawa's neighbourhoods the story is sometimes different depending on the property type and the location. For example, the downtown condo market has seen a continued increase in inventory since the start of the COVID pandemic. If you want to discuss a specific neighbourhood or property type be sure to call or text me directly at 613-889-7732. You can also email me at roch@rochstgeorges.com I'd love to chat about your real estate goals. If you are a buyer we can talk about where we can find good value in Ottawa's current real estate market.

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