By Lynda Cox
Let me tell you an interesting client story that will give you a picture of this strange Covid Real Estate season. Before Christmas a childhood friend of mine referred an acquaintance of hers that was moving to Ottawa to work on the refurbishment project on Parliament Hill. Very quickly in the New Year he found and purchased a beautiful condo in the market area. He moved in temporarily with just the basic necessities because his wife was still at home working and awaiting a job offer in Ottawa. Then the Covid lockdown hit.
He began working on-line from his home base in Southern Ontario. He never did come back to work in Ottawa but continued to work remotely. What to do????? Sell and perhaps take a loss or rent for a while. Well as you all know the Covid crisis enhanced property values here in Ottawa and after staging the property we sold at a price that, after all expenses, still left money in his pocket even after owning it for less than 6 months. A happy ending.
That is the real estate reality in Ottawa. Now that we are into the second wave of the Covid crisis the Ottawa resale market is holding steady and then some. Condominium properties have increased in value by approximately 19 % over this time last year and residential properties 25%. October’s new condominium listings have increased by 70% over 2019 and residential listings by 48%.
Who would have guessed it? So yes, now is a very good time to sell.
Lynda and Jim Cox form the COX HOME TEAM and are Sales Representatives with Royal Lepage Performance Realty. lynda@coxhometeam.ca
Lowertown Update August 27-November 6th
Residential
Active Listings 9
Conditional Sales 1
SOLD 8 Sold over list price 4 (selling from $8K to $74K over list)
Condominium
Active Listings 47
Conditional Sales 3
SOLD 29 Sold over list price 7 (selling from $100. To $160K over list)