Slow April Comes As No Surprise

As the COVID-19 crisis continues to have Ottawa residents social distancing, April has seen a slump in residential and condominium sales. Although this doesn’t come as a shock, it is interesting to see how realtors still continuing to sell homes even with the current precautions one has to take.

Here are the April 2020 numbers:

  • Total number of units sold: 913 – down 55% from 2,025 in April 2019.
  • Five-year average unit sales for April: 1,692.

Here are the specifics for each property class:

  • Number of residential-class properties sold: 700 – down 55% from 1,085 in April 2019.
  • Average sale price of a residential-class property: $521,694 – up 6.8% from $486,319 in April 2019.
  • Number of condominium-class properties sold: 213 – down 51% from 322 in April 2019.
  • Average sale price of a condominium-class property: $327,813 – up 6.3% from $307,161 in April 2019.

Limits To Real Estate Provide Opportunities

This COVID-19 crisis has put many restrictions on how buyers and sellers conduct business. Even so, all Ottawa realtors seem to be following Government-regulated guidelines to ensure the safety of Ottawa residents.

“While the Ottawa real estate market statistics for April come as no surprise, they are a stark contrast to the previous month and the year-over-year figures for April 2019,” states Ottawa Real Estate Board President Deb Burgoyne. “I am proud to say, our Members have rapidly adapted to following the “State of Emergency” guidelines and are limiting work activity to assisting those who must sell and or buy during this pivotal time – while keeping the health risk to all parties to a minimum.”

Some Ottawa realtors have taken these guidelines and regulations as a chance to grow and change as a real estate business. If you are a potential home buyer or seller, and in a situation where it is essential that you buy or sell a property right now, there are means to do this in a safe and prudent manner

“Our Members have been adjusting and retooling the way real estate is conducted. They are finding new ways to market properties and provide options for viewings using technology such as live streaming open houses, posting virtual tours, and holding virtual showings, etc. These adaptations are key in mitigating risk for all parties and will certainly continue to be necessary as things normalize in the city and our working environment.”