TIPS FROM THE PROS

Ottawa RE/MAX Brokers offer their observations on our market, and a few words of wisdom:

Kevin Grimes, RE/MAX Affiliates Realty

On the Ottawa market: This year has been extremely busy compared to the same period the last couple of years. Inventory levels are low, creating pressure on prices to go up and multiple-offer situations. “It’s very active, but at the same time it’s not Toronto, for which we’re thankful.”

Tip: For buyers, be ready with a pre-approval from your financial institution so you can act when you find a home you like. “It’s a very busy market and we’re seeing situations where people are disappointed because they hesitated or they didn’t have their financial ducks in a row.”

Jarrod Davis, RE/MAX Core

On the Ottawa market: Along with seeing multiple offers and values going up fairly quickly, we’re also seeing some influx from other markets such as Toronto. “It’s a very strong market and leaning more into it being a seller’s market.”

Tip: For both buyers and sellers, don’t try to wait out the market. Sellers will sometimes hold off thinking prices and demand will go up, but it’s hard to predict when a strong market will stop. “The opportunity right now is less time on market and potentially more money.” And for buyers, it’s the same, but from the opposite perspective: “What if values still go up? If they do, then their best opportunity in the market, other than yesterday, is today.”

Joanne Goneau, RE/MAX Absolute Realty

On the Ottawa market: “The market is starting to pick up quite aggressively – if you’re priced correctly – because there’s a lack of good listings. A lot of people are thinking it’s going to turn into Toronto but I’m pretty sure it won’t. We’re not Toronto, we do have a very stable market.”

Tip: It’s key to be priced correctly and have an experienced agent who knows how to market your property. “It’s all about using the value that’s behind the brand. It really is about the marketing and pricing and the person behind it who’s striving for that price for you.” Steve Tabrizi, RE/MAX Hallmark Ottawa On the Ottawa market: It’s increasingly attracting out-of-town millennials for its affordability as they start families. It may not have the “buzz” of Vancouver or Toronto, but it’s no longer a sleepy city, creating enough buzz to be appealing.

Tip: “Consider investment in the real estate sector in Ottawa, big time.” It’s a city that will grow continuously and “I’m confident that Ottawa will become among the top three or four cities for immigrants choosing their first point of entry in Canada. So, Ottawa has a bright future.”