The Big Picture

In conversation with the president of the Ottawa Real Estate Board

“No one in real estate expected this kind of year,” says Debra Wright, president of the Ottawa Real Estate Board. “We’ve always had hot seasons, but we haven’t had quite what we’re seeing lately. The offers that are so much higher than asking price is unusual for our market, but it seems to be becoming quite commonplace. It’s surprising to many of us what places are going for.”

Wright gives the example of a small townhouse that sold for just over $300,000 in 2018. “We had many people go through in 2018. It was an active market, but the townhouse was dismissed as being too small. Eventually it sold. It took about 50 days, but everyone was happy about the deal. That same townhouse was listed in 2021 for around $400,000 and sold in six days for over $550,000.”

The competitive market brings a faster pace and new strategies. Traditionally, Wright says, you get your property conditionally sold, and then you go shopping. “Now, we are seeing people buying the future home first, to make sure they have somewhere to go after they sell their current home.”

As for the future, Wright is buckling in. “Because we’re a national capital, we have a solid, steady economic base, so we’re somewhat protected,” Wrights says. “And it has always been more affordable compared with other national capitals. Interest rates are still low, and people are not spending on other things. I don’t see our market going backward.”