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 […]
As a new monthly value-added feature, we present the Suburban Statistics Series. Each month we will present statistics for the 5 largest urban neighbourhoods in Ottawa. As Ottawa is such a spread-out city it’s great to see the variances from area to area. All of these statistics are based on MLS OREB sales from January […]
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 Ottawa real estate market has shifted in many ways over the last few months. One thing we are seeing more of is conditional offers being accepted by sellers. In some cases, a buyer is even able to make their purchase conditional upon the sale of a current property. This is great news for buyers […]
The market continues to slow as the rising interest rates work themselves through the market. There seems to be a standoff in the market right now. Buyers can’t afford early-year prices with the high-interest rates while some sellers are still holding out for prices that are simply not there anymore. In turn, many sellers are […]
Further slowdown in August We are seeing a slowdown in the market as there are more options for buyers. With more choice and less pressure on buyer’s, we have seen the return of conditions, from financing to inspection to first right of refusal. This is very much a different market then this time last year. […]
This month’s video update is a little longer than usual, and there is a great reason, we are in a complex market with a lot to discuss! It has been a challenging housing market in Ottawa so far this summer. In July house sales were down 35% over last year, 840 units sold vs 1,307 […]
Market Correction or Crash? I think everyone understands that the Ottawa real estate market is a much different landscape today than it was in February. The current prices feel similar to where they were last year without the bidding wars. A few people have asked if I think the market is going to crash or […]
The market has really changed drastically in the past 4 to 6 weeks. This is the fastest I have ever seen a market shift in my career. Why has the market shifted? There are really several factors at play right now. Interest rates have been steadily rising through the first half of this year. This […]
The real estate market has shifted. There is no question we are not in the extreme seller’s market we experienced in February. Prices have slightly retreated from the peak. One of the biggest differences I am seeing is that buyers have been much more cautious. The recent interest rate hike and announcement of more coming […]
