OTTAWA MARKET UPDATE: FEBRUARY 2024

As the temperatures rise, so does the activity in the Ottawa real estate market. Buyers are emerging again, actively making offers on properties that are well priced and present well. While some sellers are hanging on to 2022 inflated prices they tend to remain sitting on the market.

The Bank of Canada’s target inflation rate stands between 1-3%, with our current standing at 2.9%. Although we’re within the target range, we’re not at the lower end, which is why we did not see an interest rate adjustment this past week. If we get that closer to 2% we might see some rate relief by June. Despite this, buyers are already factoring in possible changes and maintaining consumer confidence amidst a market of low inventory. This begs the question: will we maintain a balanced market, lean toward a seller’s market again, or shift to a buyer’s market.

Dive deeper with Chris’s predictions below. And, as always, if you’re curious about the latest trends in your neighbourhood, our team would love to provide a personalized assessment of what your home could fetch in today’s market