COVID as a catalyst: How real estate in Ottawa changed in 2020

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Several catalysts were at play, including historically low interest rates (which makes mortgages relatively cheap), a shortage of listings and, most importantly, a landlord rush for more space in the COVID era. -19 – whether in the form of a larger office house or physical area in the peripheral areas.

The game for more space can be seen in the detailed sales data for the greater Ottawa area. So far this year, real estate agents have sold approximately 2,100 residential properties in 15 neighboring cities for an average of $ 450,300. While volumes are just a little ahead of what they were last year, prices have jumped almost 25 percent.

This compares to a 19% price gain to nearly $ 640,000 for residential properties within the city of Ottawa.

Of the eight cities with the highest price increases for the year to date, four were in the west (Pakenham, Braeside-McNab, Mississippi Mills and Arnprior), while two were each in the east (Russell , Rockland) and south (Kemptville East and Beckwith Township). Residential property prices in Pakenham increased the most (37% to nearly $ 500,000). Average selling prices within this group ranged from nearly $ 400,000 for Arnprior properties to $ 596,000 for rural properties in Beckwith Township, which lies between Carleton Place and Smiths Falls.

The search for more space was also evident in the city of Ottawa, where four of the top five real estate districts ranked by price growth were semi-rural. These included: Bells Corners and Area (average price to date was $ 586,000 – up 38 percent); Greely ($ 704,000 – a 31% gain); Manotick and region ($ 866,000 – up 27.5%) and Carp and region ($ 743,000 – a jump of 25.5%).

Indeed, all the rural and semi-rural districts experienced higher house price increases than those posted by the city’s brokers, with the exception of Dunrobin, where 158 residences were sold for an average of $ 539,000. . This was a relatively modest gain of less than 12% from the first 11 months of 2019.

In most other years, of course, this would have been something for sellers to celebrate.

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