The Ottawa housing market is heating up, what does this mean for home buyers and renters?
At the beginning of the COVID-19 pandemic, there were predictions that the ensuing economic collapse could result in a significant decrease in house prices. However, a year and a half later, that prediction is far from reality. Like many other cities across the country, the Ottawa housing market is heating up, and it’s a sellers’ market. There are significantly fewer active listings, homes are selling way above the asking price, and the renters’ market is just as competitive. So, what does this mean for potential home buyers and renters?
What to expect as a home buyer in the Ottawa housing market
Buying a home in a sellers’ market can be intimidating. The state of the Ottawa housing market means there’s more demand but fewer options – it’s incredibly competitive. For the average person, purchasing a home is the most significant investment you’ll make in your lifetime. Making such a big decision can be emotional and stressful, not to mention doing so in the middle of a pandemic. First and foremost, choosing the right realtor is crucial. Your realtor will help manage your expectations and create a solid plan of action – you’ll need it.
Anyone looking to buy a home right now should prepare to put down multiple offers on different homes. Unless you have a significantly large budget, you probably won’t secure the first home you bid on. Even those who bid an amount substantially greater than the asking price has a hard time.
The key to navigating the Ottawa housing market as a home buyer is to be patient. Don’t jump into the market unprepared; know what you’re looking for and what you’re willing to go without. It’ll undoubtedly be a wild ride, but interest rates are lower than ever, so now is a great time to lock down rates before they go up.
What to expect as a renter
The demand for buying a home in the Ottawa housing market is similar to the one in the renters’ market. Landlords are choosing to sell their properties, and financial difficulties are causing many people to search for a new place to live. Due to this increase in demand, many places see over 70 applications for rental units meaning vacancies are being filled at lightning speed.
If possible, renters should give themselves as much time as possible before their vacancy date to start their search. However, unlike the cost of homes, rental properties won’t see any significant rent increases because they’re on hold for the remainder of 2021.
Contrary to popular belief, hiring a real estate agent isn’t exclusively for buying a home. As a renter, you can enlist the help of a realtor to find a rental. Considering how competitive the Ottawa housing market is at the moment, a realtor may provide additional assistance and can make it a bit easier to find and secure a place.
Whether you’re looking to buy or rent, be sure to do your research and give yourself as much time as possible to prepare and plan. In your preparations, keep in mind that Ottawa moving and storage companies will also be in high demand at this time, so be sure to book ahead. The future of the Ottawa housing market isn’t 100% certain, but it doesn’t show any signs of cooling down just yet.
