The real estate market had a strong year in 2020. While the number of homes sold in 2020 rose 2% over the number sold in 2019, prices were up around 20% for residential properties and 19% for condominium properties.
Orléans finished off the year with 70 homes sold in December, with 67% of the homes selling over asking. We also sold 28 condominiums, 50% of them over asking. Of the 14 that sold over asking, 11 were condominium townhomes.
For all of 2020, we sold 1,579 freehold homes and 536 condominiums in Orléans. Continued low interest rates and first-time buyer incentives have helped keep the market strong.
One thing that has driven the prices higher is the low supply of houses available for sale, with home buyers competing in multiple offer situations in many cases. The rise in prices is great for homeowners, with the increase in equity, even if they are not selling.
It has been difficult for some first-time buyers as homes that would typically be considered by them rose significantly in price. For instance, on Monica Crescent, the 2 storey, condominium town homes sold for an average price of $240,000 in 2019. In 2020, the average sold price was $325,933, an increase of 35%.
Many homeowners have started renovations or modifications to accommodate working from home. With travel restrictions in place, many are using their allotted travel budget to make improvements to their backyards so they can enjoy “staycations”.
Some people have decided to sell their homes and buy homes that will fit with their new reality, ie, of working from home permanently.
This has helped contractors and home improvement stores to get through the pandemic. Folks do have to be patient though as there has been a lack of available materials and, with the contractors being even busier than usual, wait times for projects can be longer than anticipated.
The forecast for 2021 is for the market to remain strong. There are no indicators that the market is overheated. South of Innes, new home builders continue to offer new homes for sale.
Demand for homes is strong in Orléans and with the LRT coming here, and many other projects on the horizon, the future for Orléans is very bright!
Steve Sicard, REALTOR® | SRES®, Waybridge Realty Inc. Brokerage.
I have been a resident of Orléans for 14 years and have been a Realtor for 13 years. I am a Seniors Real Estate Specialist, SRES®,, and a proud supporter of the Orléans Cumberland Community Resource Center. Sources: The Ottawa Real Estate Board, The Canadian Real Estate Association, and the MLS®