Twin Team 2021 Year in Review
2021 was a difficult year for so many people, in so many different ways but we feel optimistic that 2022 will improve.
As our community navigated year 2 of the pandemic, we learned to adapt, improvise and overcome. In the spring and summer we returned to the normality of indoor dining, seeing friends and going to live sporting events and concerts. However, just in time for the holiday season, Covid has reaffirmed its presence in a dramatic way.
The Ottawa real-estate market however, remained as hot as ever, and we saw the sellers market continue from 2020. Multiple offers and over asking became synonymous terms to the general public this year, as the demand for houses significantly exceeded the market supply once again.
So after such a volatile year we wanted to take an opportunity to reflect on 2021, and also look to forward to what 2022 might have in store.
How Was the 2021 Year as a Whole for the Twin Team?
We’re happy to report that 2021 was another successful year for The Twin Team as we were able to help buyer and seller clients alike achieve their real-estate goals in a competitive and volatile market.
There’s no denying the stunning changes the past two years have had on the economics of buying and selling houses – especially for first time home buyers. We take great pride in the fact that we were able to help many first time home buyer achieve their dreams of becoming homeowners.
What Was the 2021 Ottawa Market Like? Any Surprises?
Historically low interest rates, a scarcity of listings, and the pandemic as a whole pushed home prices to record levels, which is fitting given the complexity of the last year.
For the third straight year, the sellers market continued, adding stress to the home buying process.
One thing that surprised us about 2021 was the fact that the COVID virus continued to make its presence felt in such a strong manner. We were also surprised how the shortage of inventory continued for yet another year.
What Emerging Trends did we See in 2021?
Due to the crazy sellers market, we saw home buyers having to get creative and use different strategies to see their offers selected. For buyers we had to employ strategic and aggressive measures to ensure they got their homes for the best possible price. In short, buying a home had become a difficult process that required aggressiveness and at the same time, being patient. For our sellers, the process was much easier and the task was to get the home sold as fast as possible while achieving the maximum selling price.
We did see the market begin to cool off in the fall, but there’s no guarantee things won’t heat back up again come Spring 2022.
So on that note, let’s take a look at our projections for the 2022 market.
What do we See for the Market in 2022?
Although it’s difficult to predict, we hope to see more balance in the market and an increase in inventory. Pay close attention to prices in the spring – as this will likely be a good indicator of how 2022 will play out.
Ottawa is an incredibly desirable city to live in and we don’t see the population growth slowing down anytime soon. Relocation from other major Canadian cities will likely continue, which could also lead to the seller’s market continuing for a fourth straight year.
So to wrap things up – 2021 was an up and down year to say the least. We move forward into 2022 with further restrictions looming among the emergence of Omicron, but we also have a lot to be optimistic about and thankful for.
Our community has adapted to big disruptions before – and we’ll do it again. In the meantime, we wish you a Happy new year and look forward to seeing you in 2022.
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