Buyers, Strike While the Weather is Cold!

When people think of Ottawa in February, some have visions of the Rideau Canal, Winterlude and Beavertails. Others see this city as a truly frigid and unbearable place where the only way to survive it is to head for warmer climates.  Savvy home buyers on the other hand, are seeing dollar signs.  Like the seasons, real estate markets across Canada and around the world are cyclical, where the average sale price for homes fluctuate from month to month.

With January coming to end, the coldest month statically is almost behind us. Unlike the weather though, Ottawa’s housing market is entering the one month where typically things are the coldest.  The average sale price for homes in February is less than any other time throughout the year, making the next six weeks a great time for you to buy a home.

Based on statistics compiled by the Ottawa Real Estate Board, the average selling price for a residential home in Ottawa in 2010 was $327,225.  Since 2005, February sale prices for residential homes typically fell below average yearly sale prices 3.96%, further than any other month (January = 3.27%).  For example, using the average sales price from 2010, $327,225, and the average drop in sales price for February, 3.96%, one can potentially save a staggering $12,958.11 when purchasing in February, rather than in a hotter spring market.

For more information on the best times to buy and other market trends please do not hesitate to send me an email at tyler@bennettpros.com.

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About tylerlaird
Having been born and raised in Ottawa, this city is more than my home, it is a part of who I am and the basis from which all other cities must be compared. I have watched it grow and progress in its size and over time I found myself naturally drawn to the different neighbourhoods, with their varying characters, layouts and styles. After earning a BA in Law from Carleton University, Tyler discovered a new passion, real estate. In 2010, he began to use his passion for Ottawa’s various housing styles and diverse neighbourhoods, to help many people find that place that they can call home.

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