This blog is for you guys, if you have any questions about the Ottawa real estate market, when is the best time to buy? When is the best time to sell? What's the best type of investment property? How do you make money in investments? How do you make money as a real estate agent? I'm here to answer all your questions. So just hit the contact tab.

So we just got the June numbers in, so I figured I'd do a market update. But also this week, do a little bit more and go in-depth about what's happening in the market. But why it's happening, what we can expect in the future.

So first, what I'll do is I'll pull up what's been going on since this year.

So if you take a look, you'll see the average price of a home in December 2020 was $492,987 and it's skyrocketed to $623,318 in March of this year. Why did this happen? The home prices are due to supply and demand. Due to very low supply and high demand, we're seeing multiple offers as much as 1,520 offers per property. This causes the prices to skyrocket. But as sellers began to see the home prices go up, we saw a lot of them rush to market, making supply increase. So as these buyers slowly started to buy their homes, the offers went from 15 to 10 down to 5. Now we're seeing some homes not even get offers are only getting, you know 1 or 2.

So you take a look at the average prices of the homes. You'll see overall the prices aren't really changing, but I want to take you behind the scenes and show you what's really going on. As more and more homes hit the market. More and more buyers were able to obtain those homes and we saw offers decrease. We're also seeing the sales decrease since March now as the same amount of homes are hitting the market but less homes are selling as more buyers have homes.

This can be noticed as well, we take a look at the average sold to ask ratio, which has been dropping consistently since March.

If you remember last month, I talked about the Long Fields neighborhood and Barrhaven and townhomes specifically. Because this is a market that we know very well. If you take a look here you'll see that this is one of the markets that it's affecting first,

you'll see the average price of a home has dropped $105,000 since March.

This isn't all doom and gloom though. If you take a look at the Ottawa home prices over the past 4 years,

you'll see every time it peaks, there is a valley followed by another peak.

This can be seen when we look at areas like Statesville north and the west end, and Avalon.

And so what does all this really mean for you as a buyer or a seller? For Buyers, this is a very unique opportunity, something that I was able to take advantage of with my buyers back in October, when we saw the same thing happen. A lot of these homes are priced under market value to get a bidding war, but some of them are getting bidding wars. So if you find yourself with a seller who needs to sell they've already bought a home, they have their home listed under market value and you're the only offer on offer date, you might just get lucky and be able to get that home way undervalued. For sellers, you need to pay attention to what's going on and switch up your strategy. It's not as easy as just putting a for-sale sign on the lawn. Listing low and holding offers to sell high. A lot of these homes are selling much under what they were selling for a month ago.

You're going to need to prepare your house for sale. Start to know your market and get the right strategy of marketing and listing plan together.

Now, this is a subject that I could talk about forever. So if you have any questions, hit the contact tab above.