Summer to 2022 Market
Wednesday Jun 30th, 2021
The Liberal Government since 2015 has added MANY new public Servants and added to Military and RCMP staffing in the NCR.
So each year they were in power the housing market has been exceptionally good. With all the new public servants in December 2019 there were
VERY few listings with prices up 19.7%. For December 2020 Prices were up 20%.
Due to Covid 19 during 2020 there was a double whammy. Sellers could not find what they wanted as the INVENTORY of homes was so low.
So they did not list. Also Sellers did not want strangers in their home that could have covid.
What about 2021? Inventory is still very low
The Liberals are doing well in terms of Vaccines. BUT much slower than expected.So I expect that they will call an election for August to September 2021
So the market in Ottawa up till then will be good. It actually slowed down in July in the since that most homes and apartments sold for the list price rather than a higher price generally.
Whomever wins will have a MAJOR problem. The Federal Debt increase will be around $450B. Liberal or Conservatives will have cut back on the number of Public Servants starting by December.
It will take at least 3 months from the election for real decisions to be made. There may also be various tax increases. All this to say for Buyers if you can wait until next year
If a Seller downsizing do it soon.