The January market came in HOT.
January made quite the entrance to 2022. For a typically ‘chiller’ month, there was quite a bit of market activity. And while it may be a new year, the same issue persists—a housing supply much too low to satisfy buyer demand. The consequences of this expensive dilemma are showing itself through the continuous increase of sale prices, which are reaching new heights.
The $1M club
The Ottawa Real Estate Board (OREB) pointed out an astonishing observation: the percentage of homes that are selling over $1M has grown significantly in the past couple of years. In 2020, only 3% of residential properties sold at over $1M. In 2021, it was 9%, and this year, though only a month or so in, 14% are a part of the $1M club.
But it’s not just the $1M club that’s growing, residential-class properties selling in the $650-$900K range have also seen an increase. In 2021, 33% of residential-class properties sold in that price range, and in January of 2022, 47% did.
The soaring residential-class property prices are having a butterfly effect on the condo market, which is seeing higher sales and prices too. The OREB speculates this may be because condo prices can be more accommodating to buyers’ budgets, thus drawing in more attention and action.
Well, you know what this means…sellers, it’s still your market! But that doesn’t mean there aren’t opportunities for buyers too. We’ve got you! Reach out to us and we’ll help you strategize. With the team on your side, there’s always an opportunity to be found.
