March 2021 Real Estate Newsletter
Tuesday Mar 09th, 2021
Spring is around the corner!
Spring will be here in just a few weeks! With warmer temperatures on the horizon, an increase in housing inventory is also expected. Interest rates remain at historically low levels – some lenders offering less than 1%. Where does it go from here? I think eventually, if this pace keeps up, townhouses in the suburbs will eventually sell in the 800’s and most single homes will be in the millions. If you are thinking of selling your home, this is the best time to do so!
Home Maintenance Tips
Remember to check your furnace filters and replace them every 1-2 months. Air quality in your home is important for healthy living and maintaining your furnace will prolong its life span. Also check your exterior vents to make sure there are no obstructions that will restrict exhausting such as snow build up. Keep you window blinds up and drapes open during the day to allow your windows to breath and prevent condensation and mold. When the snow melts, make sure your gutters are connected properly and water drains away from your foundation to prevent build up and possible penetration to your basement.
Buying a Home in Today’s Market
The Real Estate market in Ottawa has drastically changed over recent years. With many people relocating here for employment or a change of lifestyle, this has created an incredible amount of demand for more housing options. COVID has also impacted the real estate market but not in a negative way. With lockdowns and being able to work from home, people have re-evaluated their living situation. It appears there is less of a need to be closer to downtown and less concern about commuting to work. Rural neighbourhoods like Greely, Kemptville, Osgoode, Embrun, Rockland and others have drastically increased in value. Barrhaven and Kanata prices have also skyrocketed – townhouses selling in the mid 600’s-700’s. The big question I hear from many buyers – will the market crash and should I wait? Real estate is fluid and always changing, today the market is hot, tomorrow prices are down. However, prices have gone up year or year and are continuing to do so. The longer you wait, the higher you end up paying until eventually you are out of the market entirely. Let’s compare 2020 to 2021. The average residential-class sale price in February 2020 was $563,694. The average residential-class sale in February 2021 was $717,914. That’s a price increase of over 27%! If we look at 2020 vs 2019, there was 21.1% increase. That’s approximately over $250,000 in growth. Now imagine you continue to wait, and the market continues to grow at this rate. You will not only miss out on a great investment opportunity, but you might also push your self out of the market entirely. My advice – don’t wait, contact me today and get started.
As always, it would be my pleasure to assist you, your friends and family with any Real Estate needs. Please don’t hesitate to reach out with any questions!