From the blog...
OTTAWA MARKET UPDATE: OCTOBER 2022
The market is still absorbing the most recent interest rate hikes. It has had an immediate impact on the market. Houses are more expensive for the average consumer due to the higher rate which will continue to put downward pressure on prices. There is also a consumer confidence problem. Many would-be buyers are concerned about the market and making a major purchase when prices are on the downswing.
In October OREB saw 2,047 new listings hitting the market, slightly above the 5-year average of 1,971. Prices have taken a slight dip of -5.4% for a residential home when compared to the same month last year. Tough times out there right now for sellers. You can really see the drop off in the amount of sales. We are down 40% from October of last year. In the last 3 weeks I have seen a slowdown in almost every area. Well-priced homes are taking much longer to sell. I predict we will be getting close to an average of 60 days on the market by the end of the year.
All that to say for buyers there is some good value out there right now. Especially if they have their rate locked in before recent increases. Ottawa always weathers economic downturns better than any major market centre. Buyers will never know where the bottom is. Important when you find value to lock in and get in the market. Much better than sitting on the sidelines and joining in when news is more optimistic because by that point prices will already be going up and you may have increased competition. Also, it is important not to speculate in the market. Any purchase right now should be made with a longer-term plan.
If you would like to see more focused statistics, click on our most recent blog post below that showcases Suburban Statistics for the 5 major neighbourhoods in Ottawa. Or if you would like to know what is happening down the street or in your neighbourhood, please reach out, we are always happy to help.
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