While many industries have slowed down their operations due to COVID-19, the housing market has done the opposite. The Ottawa housing market is booming, but the needs of consumers are evolving. Here are some of the ways that COVID-19 is having a significant impact on the housing market in Ottawa.
COVID-19 Housing Impact #1: A Demand for Bigger Homes and Better Amenities
People are spending more time at home, and so space and design are more important than ever.
A year ago, having a den or office was more of a luxury for people. Now, with more families working from home, it’s become practically essential to have a den or office.
After a while, conducting business in a living room, with Dora The Explorer playing in the background, is not ideal.
Home amenities have always been important–but now, whether a home has the right amenities can either make or break a sale.
Let’s take pools for example. Last year our clients were split 50/50 on having a pool. Now pools have become a sought-after amenity.
Our clients want to get the most out of their homes since they’re spending so much time there. Especially if there’s more self-isolating in the future, they can at least be comforted by the fact that their home has everything they need.
In Ottawa, pools are so popular that installations are being scheduled well into next year.
And in the wintertime, why not a Nordic style situation with a hot tub? If you must isolate, you might as well do it in style.
COVID-19 Housing Impact #2: Prioritizing Lot Size
Just like the size of the house and the number of amenities, lots of space has also become more important.
For families who want to eat outdoors but cannot go to a restaurant, a backyard BBQ is a perfect solution.
So, we are seeing urbanites moving to suburbs like Barrhaven. And at the same time, those in the suburbs are looking for more space and peace and quiet in more rural regions or smaller towns like Carleton Place and Almonte.
COVID-19 Housing Impact #3: Prices & Bidding Wars Have Skyrocketed
The price of all types of homes has increased, but certain builds are more popular than others.
Condos are desirable among young people because they are often more affordable than houses. As a result, however, this has meant the price of condos has increased substantially.
Hold onto your wallets before you hear this next statistic.
According to CTV News, in August 2020, the average cost of a condo in Ottawa increased by 24% ($383,640) compared to last year. The average cost of a home increased by 22% ($592,548) compared to last year.
Aside from the hefty price tag of the average home, the other stressor is the intensifying bidding process.
Currently, houses are listed lower than they should be to bring in more offers and naturally, this creates competitive bidding wars.
This strategy has led to homes being sold for over $100K over asking price. While we’re sure the sellers are happy, this makes it incredibly stressful for the average homebuyer.
How Great Realtors Can Help During COVID-19
We know that COVID-19 is having a significant impact on the housing market. While the housing market shows no sign of slowing, we always recommend to our clients to think about their three to five-year plan.
We know it can be tempting to sell right now, but we always encourage our clients to find a place they love first and then sell.
We’re living in an unpredictable time and it can be an overwhelming time to buy and sell right now.
That’s why we want to help make this process as easy and stress-free as possible.
We can help you from the comfort of your own home with these online services:
- Virtual Tours
- Electronic Document Signings
- Video Chat Meetings
At MacDonald Property Group, our ultimate goal is to make sure you feel safe every step of your home-buying/selling journey.
Buy and Sell with Confidence. Choose The MacDonald Property Group.
At MacDonald Property Group, we have a dedicated full-service team under one roof ready to provide the expertise you can trust. With over twenty-five years of experience in real estate, we have sold and bought over a thousand homes. We’re proud to say that we’ve helped thousands of clients in Barrhaven and across the Ottawa area close a deal with confidence and satisfaction.