Courtesy of CTV news - read the full article here
OTTAWA -- After months in a red-hot real estate market, which has seen bidding wars and homes purchased for hundreds of thousands of dollars over asking, there are signs the market in Ottawa is normalizing.
“June’s resale market performed similar to a typical (pre-pandemic) June, with unit sales on par with the five-year average and a lower volume of activity compared to May, particularly in the last two weeks of the month,” said Debra Wright, president of the Ottawa Real Estate Board (OREB).
Wright said a tapering off this time of year is common, as families shift their focus over the summer, spending more time away and outdoors — even amid a pandemic.
“It will be interesting to watch the market over the summer to see if this normalization of the real estate sales' ebb and flow is indeed the case moving forward. Last year, summer resales skyrocketed due to pent-up demand when the first lockdown ended,” said Wright.