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 marketâbuyers are coming back, multiple offers are returning, and momentum is building.
Hereâs what Iâm 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 sellerâs market in early 2024, with home prices projected to rise by 5-6%.
Every neighborhood is different, so if youâre curious about whatâs happening in your area, reach out to my team. Letâs chat about how these changes might impact your real estate goals.
Hereâs the latest update in our Suburban Statistics Series, featuring insights on the five largest urban neighborhoods in Ottawa. With Ottawaâs spread-out layout, it’s always fascinating to see how each areaâs 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 usâalways happy to help!
As we move into the fall season, Ottawa’s suburban real estate market remains surprisingly stable, even amidst economic uncertainty. High interest rates and inflation have not significantly impacted the prices of two-story, double-car garage homes in key suburban areas like Stittsville, Kanata, Barrhaven, Riverside South, and Orleans.
For example, Stittsville leads the pack with an average price of around $960,000 for this type of home, while Orleans offers a more affordable option at around $845,000. These price differences highlight the variety within Ottawaâs suburban neighbourhoods, but the overall theme remains consistentâminimal price fluctuations compared to last year.
One of the most intriguing findings is in Barrhaven, where the average sale price has barely budged from 2023. This stability across the board suggests that Ottawaâs real estate market may be gearing up for a shift, particularly if interest rates start to decline next year as many expect.
If youâre curious about whatâs happening in your specific neighbourhood, or want more insights on how these trends could affect your buying or selling plans, feel free to reach out. Our team is always here to help guide you through Ottawa’s ever-evolving real estate landscape.
Here’s the newest Suburban Statistics Series update. We’re highlighting stats for the five biggest urban neighbourhoods in Ottawa. Since Ottawa is pretty spread out, it’s interesting to see how things vary in each area. These stats are all based on MLS OREB sales from January 1, 2023, to September 30, 2023, compared to the same period from January 1, 2024, to September 30, 2024.
In this quick update, Chris shares his latest insights on the Ottawa real estate market. With inventory levels slightly higher than usual and prices remaining stable over the past year, the fall season is shaping up to be busy. Chris expects a balanced market, offering fair opportunities for both buyers and sellers. Curious about whatâs happening in your neighborhood? Watch the video and reach out to our team for personalized advice.
Here’s the newest Suburban Statistics Series update. We’re highlighting stats for the five biggest urban neighbourhoods in Ottawa. Since Ottawa is pretty spread out, it’s interesting to see how things vary in each area. These stats are all based on MLS OREB sales from January 1, 2023, to August 31, 2023, compared to the same period from January 1, 2024, to August 31, 2024.
After a fantastic team meeting discussing the latest market trends, we decided to share our insights with you. This past week has been a busy one, with four conditional sales and a noticeable uptick in buyer activity. We’re seeing a range of dynamics â from competitive offers on new listings over a million dollars to increased interest in properties that have been on the market for a while. Weâre also keeping a close eye on potential interest rate changes, with optimism around rates coming down soon. This could create more opportunities for both buyers and sellers in a market that feels balanced and full of potential. If youâre looking to buy or sell, or just want to chat about your neighbourhood’s unique market trends, our team is here to help.
In 2008, I had the opportunity to work with Anny and Martin, a couple who were part of a BGRS move. What started as a regular real estate transaction turned into something much more meaningful. Their positive attitude, trust, and openness made the experience memorable, and it ultimately shaped my career.
After helping them purchase their home, I realized how rewarding it was to work with military families. It wasnât just about the transaction; it was about understanding their unique needs, especially during relocation. This experience led me to specialize in military real estate, and Iâve never looked back.
Sixteen years and four transactions later, Anny and Martin contacted me to list their home in Kingston. This wasnât just another listing; it was a reminder of the ongoing relationship we had built and how much of my business I owe to them and others in the CAF community.
Working with military families is about more than just buying and selling homesâit’s about being there for them during significant transitions. Anny and Martin are a big reason I chose this path, and they continue to inspire me to do my best for every client.
Chris talks all things inventory, new listings, and whether it is a balanced market. For more detailed insights and advice, check out our latest update.
