Market Summary February 2023: As expected, home prices were negative on a year to year basis. On a month to month basis, prices seem to be stabilizing. Detached homes posted a $54K gain while townhomes were down about $16K. Detached home prices lost 15.6% from a year ago. They were ...
Continue ReadingMarket Summary January 2023: After 10 months of weaker prices, the Ottawa real estate market had a relatively strong start to 2023. I would need to see a few more months of stable prices and increasing transaction volume to confirm that prices have stabilized. Detached home prices lost 12.6% from ...
Continue ReadingMarket 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 ReadingMarket 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 ReadingWhat 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 ReadingThe 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 ReadingThe 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 ReadingOttawa 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 ReadingPowered by IXACT Contact® Real Estate CRM Software
