From the blog...
OTTAWA MARKET UPDATE: APRIL 2023
The real estate market has undergone significant changes in recent months. Initially quiet with limited activity, it has gradually picked up momentum. Prices are still down compared to the previous year, but the decline has reduced from nearly 20 percent to 10 percent. The main challenge in the Ottawa real estate market is the low inventory, which decreased by 25 percent in April. This scarcity is driving prices up and leading to multiple-offer situations becoming common. To address the situation, more listings are desperately needed. The inventory shortage has pushed the absorption rate to a high level, making it a seller’s market with less than two months’ worth of inventory available city-wide. As buyers encounter more competition, they are becoming more aggressive in their pursuit, which could further increase prices in the short term. The trajectory of the market remains intriguing, barring any significant changes in interest rates. If you want to know about your equity position or stay informed about the market, feel free to reach out to our team for assistance and information.
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