Examining the Ottawa real estate market over the past month reveals a unique balance. With the lowest new listing supply of any year in the last five years, demand remains subdued due to factors like high interest rates and consumer uncertainty. Essentially we have low supply and low demand. This has turned 2023 into a balanced market, offering reasonable conditions for both buyers and sellers. Looking ahead to 2024, the dynamics may shift based on supply, demand, and changing interest rates. If you have questions about what’s happening in your neighbourhood, please don’t hesitate to get in touch. My team and I would love to have a chat with you.
Here is the most recent installment of our new monthly value-added feature, the Suburban Statistics Series. This series showcases 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 1, 2022, t0 October 31, 2022, over January 1, 2023, to October 31, 2023
Over the past month, we’ve witnessed a shift in the real estate market. Remarkably, after years of being in a seller’s market, we’re now in a balanced one, marked by a three-month inventory supply. Sellers are experiencing longer selling times. I recently met with a group of prominent real estate agents, and there was unanimous agreement that the market has slowed in the past 2 weeks. As the market normalizes and we see an influx of listings, it’s essential for sellers to adjust expectations and price according to current market conditions. Nevertheless, I am optimistic for a busy spring market, provided interest rates remain stable. If you have questions about what’s happening in your neighbourhood, please don’t hesitate to get in touch. My team and I would love to have a chat with you.
Here is the most recent installment of our new monthly value-added feature, the Suburban Statistics Series. This series showcases 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 1, 2022, t0 September 30, 2022, over January 1, 2023, to September 30, 2023
I think the word I would use to describe our real estate market is fluid. We are constantly changing as there is so much external pressure with interest rates and negative news coverage on house prices and the possibility of a bubble. Affordability is also a major factor for home buyers right now. The first-time homebuyer segment is very challenging as new buyers do not have equity that has accumulated over the past few years. They are using their savings and seeing the mortgage rates and payments increasing constantly. Prices are down month to month between July and August but have stabilized in the past few weeks as there seems to be some demand right now as the summer months are behind us and buyers & sellers want to get their real estate needs dealt with before the snow flies.
We also wanted to share some recent slides with you. Staying informed about the latest market trends, mortgage rates, and more is a priority for us, and we’re eager to keep you in the loop.
This year, Colin, made us proud by participating in the Army Run, where he excelled in both the 5K and 10K races. Notably, he achieved personal best times in both events and ranked 58th out of 715 participants in the Sergeant Majors Challenge. Colin’s dedication extended beyond the race, as he also raised significant funds for the military.
Our commitment to supporting military families in Ottawa is unwavering. We understand the unique challenges they face during relocation, and our local expertise and tailored services ensure a smooth transition. Colin’s exceptional performance exemplifies our dedication to making a positive impact on our military clients.
Here is the most recent installment of our new monthly value-added feature, the Suburban Statistics Series. This series showcases 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 1, 2022, to August 31, 2022, over January 1, 2023, to August 31, 2023.
The real estate market is currently undergoing some fascinating changes. With two recent quarter-point interest rate hikes by the Bank of Canada, buyers are understandably feeling the pinch as prices rise. Interestingly the statistics reveal a more complex picture; sales are still strong, even outpacing the previous year and we are returning to a more balanced market.
Year-to-date, average prices for freehold properties are down by nine percent compared to last year. Yet, when we examine month-to-month data, we find that average purchase prices are increasing along with sales numbers. This year’s trajectory is mirroring the past, with a slow winter, active spring and summer, and now a more balanced market, depending on your location.
For prospective buyers, it’s important to resist short-term speculation. This market favors those who believe in the long-term potential of real estate, considering its historical performance and outlook. Additionally, there’s an interesting opportunity in multi-residential properties, which have seen prices drop due to rising interest rates. Investors have cooled on these properties, making it a potentially favorable time to invest.
As always if you’re curious about your specific neighborhood, don’t hesitate to contact us. We are always happy to help! Wishing everyone well, and take care!
We know that the Ottawa real estate market has undergone significant changes in the past 2-4 years, most recently shifting from a straightforward seller’s market to a more complex environment. The change is due to several factors, such as increased interest rates and reduced buying power, which have collectively led to a softening of sale prices. This altered landscape has prompted sellers to adjust their strategies when it comes to selling their properties.
Previously, our market became accustomed to quick and successful sales within a week of listing on MLS. However, as buyers have become more cautious and selective with their purchases, sellers now find themselves facing longer listing periods and a more intricate selling process, where patience has become a vital asset. This can lead to challenges on the buying side of transactions, causing delays and rescheduling of planned MLS listings. This year our team has prepped and staged more than one home that ended up being put on hold while we navigated the buying side of things first.
The shift in the Ottawa market highlights the importance of adaptability and a willingness to adjust expectations to meet changing market dynamics. We spend more time with our clients these days (which we don’t mind at all!) as we find our way through a more nuanced and uncertain market. List price and presentation are more critical than ever to success. Having a listing plan with your Realtor is always important, and these days should remain flexible to account for more than one potential outcome. Our team has worked hard to remain well-versed in the current market trends and can offer customized guidance on pricing, marketing, and strategies to ensure a successful move.
Here is the most recent installment of our new monthly value-added feature, the Suburban Statistics Series. This series showcases 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 1, 2022, to July 31, 2022, over January 1, 2023, to July 31, 2023.
