From the blog...
OTTAWA MARKET UPDATE: SEPTEMBER 2022
The market continues to slow as the rising interest rates work themselves through the market. There seems to be a standoff in the market right now. Buyers can’t afford early-year prices with the high-interest rates while some sellers are still holding out for prices that are simply not there anymore. In turn, many sellers are waiting for conditions to improve before selling. The buyers that are active are being very careful in their approach.
In most areas, we have entered a balanced market. We have left the seller’s market that has been for the past 5 years or so. Very interesting times. The next question to be answered is if we will retreat to a buyers’ market for the first time in a decade. That remains to be seen. The new listing inventory is still pretty low so the supply might not be there to get us into that market in the short term.
In terms of pricing, prices are stable for the most part with slight movement each month. This stabilization will help give buyers confidence that maybe our market has bottomed out. The bank of Canada holds that hammer in this regard. Another interest rate increase could change this but I don’t predict the large increases that we have witnessed over the past few months. I think it is important they protect the economy and hope that inflation will subside based on the cuts they have already made. Just my opinion as I am not an economist.
One thing is for sure it will be interesting to see how the rest of the year plays out. As always, if you have any questions or would like to know what’s happening in your neighbourhood, please reach out!
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