Market Summary:
Prices were slightly lower on a month to month basis in Ottawa for August 2022. Given the significant month to month declines over the last few months this is relative good news for sellers.
- Detached homes gained 3.5% from a year ago. They were down about $15,000 on a month to month basis.
- Townhomes were up 6.2% compared to a year ago and lost about $3,000 on a month to month basis.
- Condos gained about 3.7% compared to a year ago and were down about $4,000 on a month to month basis.
Days on market has continued to increase while active listings and properties sold were fairly stable on a month to month basis.
For those interested in recent sold prices, Ottawa real estate sold prices are available via my site https://ottawarealestatesoldprices.ca. Please note, you will need to register and sign-in in order to access sold data.
Key Insights for Buyers:
Buyers should be negotiating and putting conditions on their offers. They should make sure to have their financing approved. With plenty of inventory as compared to a 6 months ago, buyers are in a relatively good position to negotiate prices.
Key Insights for Sellers:
Sellers will need to price competitively and be ready to make price reductions in the case that their property does not attract viewings and/or any offers in the first 2-4 weeks. There are still plenty of buyers out there but the days of multiple offers and month on month price increases are over.
Even with the lower prices as compared to six months ago, the cost of ownership has gone up significantly due to rising mortgage rates. Given the higher cost of ownership, I anticipate further weakness in the market. September and October will be telling months for the real estate market in Ottawa.
I am always happy to answer any real estate related questions you may have.
Kind regards,
Kiril Peev
Email: kiril@sutton.com / www.kirilpeev.ca
Sales Representative / Sutton Group – Ottawa Realty / Brokerage, Independently Owned and Operated
Hintonburg – Orleans – Kanata
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