You may be wondering about the Ottawa Real Estate Market and the news that keeps mentioning the “bubble”. Do we think that we are in a bubble? What does that mean for homeowners and our clients that are looking to buy or sell this year?
These are great questions that we want to answer today. Ottawa is one of the most stable housing markets in Canada, and has always been a top pick for cities to live in. In recent years we have seen cities like Vancouver and Toronto have major booms in the housing market and it looks like Ottawa is finally playing catch-up.
Let’s look at the Average Annual Price Growth of homes in Ottawa in the last ten years:
As you can see, the 10-year average price of homes is steady and on trend, even a bit under the 65-year average. This is remarkably interesting considering the huge jump that we saw last year, and so far, this year. While we consider the few years from 2012 to 2016 when the growth in prices was negligible, the annual growth in prices is not as scary! This is great news for our clients.
We do not feel the huge spike we have seen will continue forever, and we anticipate it will settle into a steadier rate of appreciation. We believe that investing in a home is still an excellent investment opportunity.
Making a move in this environment, when prices are high and homes are selling quickly, can seem like an impossible dream. Our team is here to guide you through this challenging market and help you find your happy place. Contact us if you are looking to make a move, we are your Real Estate Professionals for LIFE!