Ottawa Real Estate Market Update for December 2022

January 30, 2023

Market Summary December 2022: Detached home prices lost 6.1% from a year ago. They were down about $26,000 on a month to month basis. Townhomes lost 8.2% compared to a year ago and lost about $1,000 on a month to month basis. Condos gained 9% compared to a year ago ...

Continue Reading

Ottawa Real Market Update for November 2022

December 13, 2022

Market Summary November 2022: The Ottawa Real Estate market was stable on a month to month basis and posted price decreases on a year to year basis. Detached home prices lost 7.0% from a year ago. They were flat on a month to month basis. Townhomes lost 4.0% compared to ...

Continue Reading

How to Locate Off-Market Properties

December 2, 2022

What are off-market properties? 1. Properties that are currently available for sale but not publicly advertised on the MLS system. 2. Properties that will be listed on the MLS system in the near future. Most homes take 1-2 months of prep work in order to be ready to list on ...

Continue Reading

Interest Rate Increases and the Ottawa Housing Market

The cost of financing an average single detached home in Ottawa assuming a 20% down payment and a fixed 5-year mortgage: October 2022 / Ave Price $717,000 / Mortgage Rate: 5.2% Monthly Payment: $3402 📈 February 2022 / Ave Price $906,000 / Mortgage Rate: 2.6% Monthly Payment: $3283 ⚡ January ...

Continue Reading

Cancelled Listings Explained

November 25, 2022

Ottawa Real Estate: Cancelled Listings The number of cancelled listings in the greater Ottawa area: Oct 25th 2022 – Nov 24th 2022 – 696 Oct 25th 2021 – Nov 24th 2021 – 300 Oct 25th 2020 – Nov 24th 2020 – 281 Oct 25th 2019 – Nov 24th 2019 – ...

Continue Reading

Ottawa Real Estate – List vs Sold Prices Ratio

The Ottawa real estate market experienced record price growth from January 2020 to March 2022. During the first quarter of 2021 and 2022 buyers were paying about 110% over asking prices. The market has changed and most deals are closing around 95% of the original asking price which is in ...

Continue Reading

Relationship Between Inventory and Sales Prices

  Ottawa Real Estate: Relationship Between Inventory and Sales Prices As months of inventory increases and buyers have more choice, sales prices have been correcting downward. The main driving force behind the scenes has been the increase in mortgage rates from a low of 1.6% to the current 5%+ on ...

Continue Reading

Negotiate List Prices Aggressively

November 17, 2022

How much can list prices be negotiated in the current housing market? Most list prices start high and deals are closing well below the original list price. Buyers can and should be negotiating aggressively. I see about 50-100 price decreases per day in the greater Ottawa area. For sellers, it ...

Continue Reading