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.
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.
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!
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 Ottawa’s suburban neighbourhoods, but the overall theme remains consistent—minimal 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 Ottawa’s real estate market may be gearing up for a shift, particularly if interest rates start to decline next year as many expect.
If you’re curious about what’s 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 what’s 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 – from competitive offers on new listings over a million dollars to increased interest in properties that have been on the market for a while. We’re 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 you’re looking to buy or sell, or just want to chat about your neighbourhood’s unique market trends, our team is here to help.
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.
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 July 31, 2023, compared to the same period from January 1, 2024, to July 31, 2024.
Join Colin for a quick update on the latest happenings in Ottawa and beyond. With national unemployment rates and recent changes in the Bank of Canada’s lending rate, the real estate market is experiencing some interesting shifts. Buyers are finding more options, while sellers need to focus on making their properties stand out. For more detailed insights and advice, check out our latest update.
