The Trump tariffs have been a major topic over the past couple of weeks, but they’ve now been delayed by 30 days—which is great news for Ottawa homebuyers and sellers. These tariffs were expected to create some economic uncertainty, and when people feel uncertain, they tend to hold off on making big financial decisions—real estate included. So, this delay is definitely a positive sign for the market.
We came into 2024 with more momentum than we’ve had in previous years. Interest rates are lower, making homes more affordable for buyers, and prices are relatively stable. With those factors in play, it feels like we’re heading into a very active spring market in Ottawa.
One thing we’re still watching closely is inventory. I’m hoping we see more homes on the market this year than in past springs, but that’s still to be determined. What I do know is that demand is there—we’re already feeling it through phone calls, inquiries, and people starting to seriously think about their real estate plans.
What Does This Mean for Buyers?
If you’re thinking about buying, now might be the time to make a move before we hit peak spring competition. I expect more buyers will jump into the market, which could lead to increased competition and potentially push prices up.
Will We Shift to a Seller’s Market?
Right now, we’re in a more balanced market, which is a great place to be—it doesn’t heavily favour buyers or sellers, making negotiations fairer. But with Ottawa’s ongoing inventory challenges, we could see things shift again. Long-term, the city isn’t building fast enough to keep up with demand, and slow permit approvals plus high development fees are making it tough for builders, especially smaller ones.
Final Thoughts
If you’re thinking about buying or selling this year—or know someone who is—keep our team in mind. We’d love to help guide you through the process and make sure you’re in the best position, no matter what the market does next.
Thanks for reading, and as always, reach out if you have any questions!
Today, the Bank of Canada announced a 0.25% reduction in its benchmark interest rate, bringing it down to 3.0%. This decision primarily affects variable-rate mortgages, offering potential relief to current and prospective homeowners.
This rate cut is timely, as it is expected to stimulate increased activity in the housing market. Lower borrowing costs can encourage more buyers to enter the market, potentially leading to a real positive and competitive spring season. For sellers, this presents an excellent opportunity to list properties ahead of the anticipated surge in demand.
However, this adjustment occurs amidst looming trade uncertainties. President Trump has proposed imposing a 25% tariff on imports from Canada and Mexico, set to take effect on February 1, 2025. These tariffs carry detrimental economic implications for the Canadian economy. While the proposed tariffs are a cause for concern, I have skepticism that anything will be changing on February 1st . I think that a solution will be found and we won’t have those tariffs in place
In light of these developments, the current environment presents a strategic window for both buyers and sellers in the real estate market. Taking advantage of the lower interest rates now could position individuals favourably before any potential economic shifts occur.
If you’re considering buying or selling a home, now is an opportune time to act. Our team is ready to guide you through the process, ensuring you make informed decisions in this dynamic market. Contact us today to get started.
This year will be an interesting one for the Stittsville Real Estate market. It will be shaped by local and national factors. With a potential federal election as early as April, a shift in government could lead to policy changes, including cost-cutting measures that might impact federal jobs and the housing market. On a positive note, there’s hope for progress in Ottawa’s slow building permit process, potentially setting the stage for future growth. Easing inflation and anticipated interest rate cuts could boost buyer demand, though economic uncertainty, including possible U.S. tariffs, remains a concern.
Stittsville is one of Ottawa’s most desirable neighborhoods, this is reflected in the premium that buyers have to pay when compared to other Ottawa suburbs. My expectation is that prices will rise in the 4-6% range this year. Quality of life and community are strong factors for many buyers and Stittsville remains at the top of the list for our out of town and military clients relocating here.
INTEREST RATES, INFLATION, AND THE ECONOMY
In 2024, the Bank of Canada (BoC) cut the policy rate from 5% in late 2023 to 3.25% by December to stimulate growth amid rising unemployment and economic uncertainties. The real estate market responded positively, with increased buyer activity and improved affordability. Inflation also declined, reaching 1.9% in November, down from 2.0% in October. Interestingly, Canada includes mortgage interest in its inflation calculation (one of the few countries to do so, alongside Iceland). This led to a counterintuitive effect where rate hikes aimed at reducing inflation actually kept it elevated. Looking ahead to 2025, the BoC is expected to lower rates further, with forecasts suggesting a policy rate of 2.25% by year-end. Inflation is projected to remain near the 2% target, supporting GDP growth of around 2% over the next two years.
Population Growth
Ottawa’s population has been experiencing steady growth in recent years. As of 2024, the city’s population is estimated at approximately 1,070,889, reflecting an annual growth rate of about 1.72% since 2016. Looking ahead, projections indicate that Ottawa’s population will continue to rise. The City of Ottawa anticipates an increase of approximately 402,000 residents from 2018 to 2046, bringing the total population to nearly 1.41 million by 2046. Our building department is not the best. This sustained population growth is expected to drive demand in the real estate market, influencing housing availability and pricing. As more individuals and families choose to make Ottawa their home, the city’s real estate landscape will continue to evolve, presenting both opportunities and challenges for buyers, sellers, and investors.
Keep an Eye Out for Our Military Letter!
Every year, we send out tens of thousands of letters to connect with homeowners who might be considering selling their property. These letters are a key part of our commitment to supporting military relocation. By working with us, sellers can explore the opportunity to match their home with one of the many military members moving into our area, ready to buy with our team.
If you’re thinking about selling and want to get ahead of the curve, don’t wait—reach out to us today!
Key factors and predictions for Ottawa’s housing market
This year is set to be a pivotal year for Ottawa’s real estate market, influenced by local and national factors. With a federal election on the horizon as early as April, a shift to a Conservative government could bring policy changes, including potentially cost cutting in our federal government. Any job losses will have a negative impact on the market. There is also hope that efforts will be made address Ottawa’s slow building permit process. While improvements in housing development may take time, these changes could lay the groundwork for future growth.
On the economic front, easing inflation and anticipated interest rate cuts—potentially two small reductions early in the year—are expected to boost buyer demand. However, economic uncertainty remains, with potential U.S. tariffs under Trump that could impact Canada’s economy.
For Ottawa real estate, low inventory and rising demand could be shaping things towards a slight seller’s market by Spring. Despite challenges like higher mortgage renewal rates, housing prices are predicted to increase by 4–6% this year. Buyers may find great opportunities early in the year, while sellers can expect good selling conditions throughout 2025. If you are planning to move its a great time to strategize and prepare for this dynamic market. Whether you’re planning a move soon or later this year, now is a great time to strategize and prepare for this dynamic market.
Inflation
In 2024, Canada’s inflation rate experienced a significant decline, reaching 1.9% in November, down from 2.0% in October.
In my opinion, the bank of Canada overreacted originally when they hiked rates too fast and now they are bringing them down quickly. Canada also includes mortgage interest in their inflation calculation (Iceland is only other country to do so). So when they were hiking rates to lower inflation the higher interest rates also kept inflation higher. I am no economist but that sounds counterintuitive.
Looking ahead to 2025, the Bank of Canada projects that inflation will remain near its 2% target, with forecasts suggesting a slight decrease of 0.2 percentage points, reflecting a lower assumed path for energy prices.
This anticipated stability in inflation is expected to support economic growth, with GDP projected to expand around 2% over 2025 and 2026.
Market Dynamics Across Ottawa
Ottawa’s real estate market in 2024 showcased diverse conditions depending on the area. Older neighbourhoods like Westboro, Glebe, and some central areas had high demand and limited supply giving sellers the upper hand. In some suburbs such as Barrhaven everything leaned toward a buyer’s market, thanks to abundant new construction that gave buyers more options and leverage. Meanwhile, areas like Kanata, Stittsville, and Orleans found a middle ground, achieving balanced market conditions with steady supply and demand driven by desirable amenities and a mix of housing options. These trends highlight the importance of understanding local dynamics to navigate Ottawa’s complex real estate landscape.
Population Growth
Ottawa’s population has been experiencing steady growth in recent years. As of 2024, the city’s population is estimated at approximately 1,451,570, reflecting a growth rate of 1% from 2023. Looking ahead, projections indicate that Ottawa’s population will continue to rise. The City of Ottawa anticipates an increase of approximately 238,540 residents from 2018 to 2035, bringing the total population to 1.6 million by 2035. Our building department is not the best. This sustained population growth is expected to drive demand in the real estate market, influencing housing availability and pricing. As more individuals and families choose to make Ottawa their home, the city’s real estate landscape will continue to evolve, presenting both opportunities and challenges for buyers, sellers, and investors.
BOC Policy Rate % Inflation Rate%
Interest Rate Changes
In 2024, the Bank of Canada (BoC) implemented a series of interest rate cuts, reducing the policy rate from 5% in late 2023 to 3.25% by December 2024. This monetary easing aimed to stimulate economic growth amid rising unemployment and global economic uncertainties. The real estate market responded positively, with increased buyer activity and a modest rise in home sales, as lower borrowing costs improved affordability. Looking ahead to 2025, the BoC is expected to continue its gradual approach to monetary policy, with forecasts suggesting the policy rate could reach approximately 2.25% by year-end.
PERSONAL NOTE
As I look back on this past year, I can’t help but feel a mix of pride and gratitude. This year marks 20 years since I started in real estate—a milestone that feels both surreal and humbling. I’ve been incredibly lucky to have so many of you trust me to help with one of the biggest decisions in your life. The real estate market has been a bit of a rollercoaster this year. Shifts in interest rates and changing buyer priorities kept us on our toes, but it was also a year filled with opportunities to help clients navigate these challenges and find homes they love. Our team accomplished so much together. From hosting client events and fundraisers to helping military families settle into new homes during HHTs, we focused on building strong relationships and making the process as smooth as possible for everyone we worked with. Hitting 20 years in this business has made me reflect on how much I truly love what I do. It’s not just about houses—it’s about the people, the stories, and the relationships. Each one has shaped my career and kept me passionate about real estate. Thank you for your trust, your referrals, and for making this job so rewarding. Here’s to the last 20 years and everything the future has in store. I can’t wait to keep working with you and seeing where the next chapter takes us.
The new year always brings questions, and when it comes to Ottawa real estate, 2025 feels especially uncertain. Between politics, economics, and global events, there’s a lot in play that could shape the market. I’ve put together a video with my predictions, but here’s a quick overview of what I’m keeping an eye on this year.
First up, it’s an election year, and all signs point to a potential change in government. If the Conservatives take over, we might see policy shifts or cuts to the public service. For a government town like Ottawa, this kind of uncertainty tends to make people act. Some homeowners may decide it’s time to sell, while others could take a wait-and-see approach.
Then there’s the interest rate situation. The Bank of Canada has been hinting at more rate cuts, which could bring buyers back into the market. Lower rates often mean more competition, and we might see the heat rise in certain neighbourhoods as people try to lock in favourable deals.
A major wildcard this year is the mortgage renewal crunch. Over a million mortgages are set to renew in 2025, and many of them were locked in when rates were under 1%. With current rates higher, those renewal notices could push some homeowners to rethink their finances—and their homes.
And let’s not forget global factors, like Trump’s sudden focus on Canada. New tariffs could hit industries and jobs, potentially making waves in our local market. Pair that with ongoing high inflation and the rising cost of living, and it’s clear that affordability will remain a big challenge for many buyers and sellers this year.
Curious to dive deeper? Watch my video below for the full scoop, and let me know what you think in the comments.
We just did the draw for our $5,000 Travel Voucher Giveaway, and one lucky client is about to start packing their bags! 🧳✈️
Check out the video to see who won this incredible prize. 👀
To all of our amazing clients and everyone who referred us to business this year, thank you from the bottom of our hearts. 💕 Your trust and support mean the world to us, and we can’t wait to continue helping you with your real estate goals!
Hey everyone, Chris here with a quick update on the Ottawa real estate market! The past few weeks have been eventful, with interest rates dropping, including a significant half-point cut by the Bank of Canada. This shift is already impacting the market—buyers are coming back, multiple offers are returning, and momentum is building.
Here’s what I’m seeing:
Buyer activity is picking up as affordability improves.
Low inventory remains a challenge, with fewer new builds and limited resale options.
Market predictions: A potential shift to a seller’s market in early 2024, with home prices projected to rise by 5-6%.
Every neighborhood is different, so if you’re curious about what’s happening in your area, reach out to my team. Let’s chat about how these changes might impact your real estate goals.
Here’s the latest update in our Suburban Statistics Series, featuring insights on the five largest urban neighborhoods in Ottawa. With Ottawa’s spread-out layout, it’s always fascinating to see how each area’s market trends vary. These stats compare MLS OREB sales from January 1 to October 31, 2023, with the same period in 2024.
We’ve got some positive news to share! The Bank of Canada has reduced its main lending rate by half a percentage point, bringing it down to 3.75%. This marks the fourth consecutive rate cut, and there’s a chance we might see another reduction in December.
What Does This Mean for Buyers?
If you’ve been waiting for some good news before making a move, this might be it! The lower rates will impact affordability, potentially easing monthly mortgage payments. With limited inventory in Ottawa, we might even see some upward pressure on prices in 2025 as affordability improves.
Thinking of Making a Move?
If you’re considering upsizing or buying your first home, now could be a good time to enter the market before potential competition heats up early next year. And for those set to renew their mortgages next year, these rate cuts could make a significant difference. While renewal rates will be higher than in recent years, the reductions will still help many Canadians stay comfortably in their homes.
Curious about what’s happening in your neighborhood? Reach out to us—always happy to help!
Ever wonder what a HHT (House Hunting Trip) looks like? Every year we help dozens of families relocate into ottawa on their house hunting trips. With only five days to spend in a new city looking for a house it is very intense! We had so much fun documenting our most recent experience.
Day One: Stittsville and Barrhaven
We kicked off the first day by exploring homes in Stittsville, where the neighbourhood’s charm immediately stood out. The friendly atmosphere and tree-lined streets made a strong first impression. However, while the overall vibe of Stittsville was appealing, the home we toured felt too dark for their taste, quickly ruling it out.
Next, we shifted our focus to Barrhaven, where most of their top choices were located. The proximity to recreational centres, shopping, and the well-established community made Barrhaven an appealing option. While some of the homes we visited were a bit older or showed signs of wear, that didn’t affect their final picks. By the end of the day, they had narrowed it down to two or three homes that really stood out and were worth keeping in mind as we continued the search.
Day Two: Richmond, Orleans, and Findlay Creek
We started the day in Richmond, focusing on a few homes Chris had picked out as they aligned perfectly with our client’s criteria. These homes were all new built or constructed within the last few years, offering a bright and modern feel. Several of them backed onto green space, which was a key feature our clients were looking for. While Richmond’s growth and development were appealing, there was some hesitation about whether the current infrastructure would keep pace with the rising population.
After wrapping up in Richmond, we made the hour-long drive to Orleans to check out a few homes that had been high on their favourites list. However, it was clear upon arrival that these homes were significantly older and more lived-in compared to the newer properties we had seen earlier. On the plus side, the larger yards were a hit, but ultimately, the homes didn’t meet their needs.
Toward the end of the day, we managed to squeeze in a last-minute showing back in Richmond. This home ticked many of the right boxes and quickly rose to the top of their list. Meanwhile, Colin took them to see one more property in Findlay Creek, a last-minute opportunity since it was in his area. Unfortunately, this home didn’t fit their needs either, and that wrapped up Day Two.
Day Three: New Listings and Final Visits
After some reflection, our clients realized that while they liked the homes in Richmond, they couldn’t quite picture themselves living there long-term. However, a few new listings had come on the market since we originally booked their showings, and they wanted to explore those before making a decision.
We started the day in Kanata, arriving just as the for-sale sign was being installed. The home featured a pool, which caught their attention, but the small rooms left them wondering how it would work with their growing boys. Despite the hesitation, it earned a spot in their top three choices.
Next, we headed to another new listing. The clients were impressed by both the home and the yard, but with multiple offers already on the table and the tight time frame of their house-hunting trip, entering a bidding war just wasn’t a feasible option.
From there, we revisited their two top picks from Barrhaven. As the day came to a close, they faced a tough decision between the two favourites in Barrhaven and the new contender in Kanata. To feel confident in their choice, they decided to return to the Kanata home with Chris for one final look that evening.
Pros & Cons of the Top Three Picks
Day Four: Decision Day
After much deliberation, our clients were finally ready to make their decision. They chose their top pick and we quickly submitted an offer. After a bit of negotiation and back-and-forth with the sellers, we successfully secured a conditional agreement!
Fortunately, we had already arranged for a home inspection, which took place just two days later. Everything went smoothly, and the conditions were met by the following week, officially securing their new home. It was a perfect way to wrap up an exciting and productive house-hunting trip!
