From the blog...
OTTAWA MARKET UPDATE: NOVEMBER 2022
The Ottawa resale market has continued to cool this past month. Sales are down by 42% over November of last year. With average prices down 5.2 % in the same period. Important to note however prices are still up YTD by 7%.
The decline in sales volume is concerning. Buyers are just waiting to see where the economy and real estate market are going before making a purchase. The interest rates have gone up another 50 basis points which will freeze out some buyers while others may start looking in different price ranges to make it work. All to say homes are still changing hands just at a much slower pace. The average time a home stays on the market is now 50 days. For context, it was 25 last November.
With the Bank of Canada saying they may be done with rate hikes now might be a good time for buyers to execute on their purchases. Prices are reasonable and buyers have some negotiating power. I do think we will get off to a sluggish start in 2023 but when the economy performs better than expected hopefully, we can get things back on track for a very balanced market that will slightly benefit buyers.
