Strong March Amid COVID-19 Crisis

With the serious circumstances COVID-19 has brought upon the world, you’d think it would have an affect on the Ottawa real estate market. Surprisingly, properties are still being sold. Here are the month of March’s real estate numbers:

Here are the March 2020 numbers:

  • Total number of units sold: 1,525 – up 1.2% from 1,507 in March 2019.
  • Five-year average unit sales for March: 1,465.

Here are the specifics for each property class:

  • Number of residential-class properties sold: 1,170 – up 3.3% from 1,131 in March 2019.
  • Average sale price of a residential-class property: $559,739 – up 16.5% from $467,382 in March 2019.
  • Number of condominium-class properties sold: 355 – down 5.1% from 373 in March 2019.
  • Average sale price of a condominium-class property: $369,311 – up 27.3% from $268,489 in March 2019.

Upcoming Slow Down In April

Although it was a good month for real estate in March, things are pointing to a slower April. With the severity of COVID-19 becoming more and more apparent, buyers and sellers may be holding off on their future real estate ventures.

“Our results show that the Ottawa real estate market seems to have withstood the pressure of a worldwide economic event in March, however in context with our market’s performance up to this point, we can see the underlying effect. Before the pandemic, monthly unit sales were increasing between 10-16% from 2019, while March’s sales were just on par with a year ago. This is an indicator that there has been a slowdown in the real estate market due to COVID-19.” reports Deborah Burgoyne, Ottawa Real Estate Board President.

“Much of March’s activity likely began in the first two weeks of the month before the State of Emergency order was put into place. In fact, we had a head start on the spring market that was heating up earlier than expected, but activity seemed to fall off as physical distancing measures took effect,” she adds.

Evolving Real Estate Practices

COVID-19 hasn’t stopped Paul Rushforth and other real estate agents from continuing business and adapting to the current situation. While open houses aren’t being conducted, we’ve found other ways to showcase homes and communicate with clients while practicing social distancing.

“Our Members are evolving and adapting their business practices by leveraging the use of technology with virtual tours, live streaming, social media, and becoming more creative in their methods to facilitate the needs of their clients who may need to buy or sell right now because of their circumstances.”

“However, for those buyers and sellers who are not in that urgent position, our Members recognize the health and safety of our community is paramount. They are consulting with these clients on a case by case basis and may advise that they should delay the listing of their home or a purchase. They are doing what’s best for their clients in the context of government advisories,” affirms Burgoyne.