From the blog...
OTTAWA MARKET UPDATE: MAY 2023
The spring market hits its peak stride in May. Historically it is the busiest month of the year and this May is no exception. The surge in activity can be attributed to a slow start in January and February. Sales in May rose by seven percent compared to the previous year, signaling a positive shift in the market. While residential property prices are still down by seven percent, it’s a significant improvement from the 20 percent decline in prices during the previous fall. Despite the anticipation of more interest rate hikes, the market’s response remains intriguing. The most recent .25% rate hike is expected to be absorbed by the market relatively easily due to high demand and limited supply. However, two or three consecutive rate hikes may have a more substantial impact. As we head into summer, the market is expected to be busier than last year, driven by buyers who are feeling more optimistic about the market. Luxury properties are starting to move again too, with houses priced between $1.5 and $1.8 million finding buyers. Properties in the $750,000 to $800,000 range continue to experience significant movement. If you want to know about your equity position or stay informed about the market, feel free to reach out to our team. We are always happy to help!
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