Quote by Tom S.,What I will do for YOU - reduce stress, save time and get YOU the best deal!...
Quote by Tom S.,What I will do for YOU - reduce stress, save time and get YOU the best deal!...
Ottawa Real Estate News: August 2020 Update and 2021 Forecast
September marks new highs for Ottawa's real estate market as home sales reach 2,329, 15% more than August and 50% more than 2019. Average sold prices remain elevated above 2019 levels with condos at $373,565 and other residential properties including detached and semi-detached at $622,557. This high demand has been met with a similar growth in supply with 2,165 and 744 residential and condo properties entering the market in September, a 32% and 45% increase from Sept. 2019. Despite this increase in housing inventory, Ottawa still remains a seller's market with many more buyers competing for the limited number of properties available. Ottawa's real estate board (OREB) is optimistic that prices will remain steady for the foreseeable future.
The growth in Ottawa real estate leads real estate growth in other markets throughout Canada. Backed by record household savings rates and government programs including the CMHC First-Time Home Buyer Incentive, many Canadian housing markets have risen past their previous highs despite COVID-19. Ottawa also has the advantage of being a center for government jobs, which are usually stable and highly-valued in times of financial uncertainty.
The optimism in real estate markets may have been further boosted by recent announcements by the Bank of Canada promising continued Quantitative Easing and low interest rates into 2021. In addition, Prime Minister Justin Trudeau and the Federal Government have announced the extension of the Canadian Emergency Wage Subsidy until the end of 2020. This may protect Canadians from further unemployment shocks and support Canada's economic recovery.
Ottawa Housing Market Statistics for All Property Types in September 2020
Agents Who Offer a Commission As Low As 1%
Agents Who Offer a Commission As Low As 1%
Ottawa Commission Structure
Real estate commissions are the fees that home sellers pay to the seller and buyer real estate agents for their services. In Ottawa, the total commission rate is set anywhere from 3.5% to 5%. Seller agents usually get 1% to 2.5% of the total commission with the buyer agents getting 2.5%. You can use our calculator provided below to calculate your real estate commission estimate for Ottawa. For other cities in Ontario, please visit our Ontario real estate commission calculator page for more information.
Ottawa Real Estate Tools for Buyers and Sellers
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