The Ottawa real estate market is in the process of finding a more sustainable balance between buyers and sellers. Active listings continue to rise while buyer demand remains strong.
Key Insights:
- Buyers are becoming more discerning as rising inventory finally gives them some breathing room.
- In demand properties are still selling strong and commanding bidding wars.
- Months of inventory remains very low.
- More listings are being canceled or suspended after not generating their target price on offer day.
- Overall, we are still in a strong sellers’ market.
March 2021 to April 2021 Comparisons:
- Average selling price for detached homes decreased by about $25,000.
- Average selling price for townhomes decreased by about $7,000.
- Average selling price for semi-detached homes increased by about $17,000.
- Average selling price for condos decreased by about $10,000.
- In my opinion, a 1-2% shift in month to month prices means little. The previous pace of price appreciation was unsustainable and the market will take some time to find it’s new equilibrium.
What does this means for buyers:
- Buyers have more choice and more time. That being said, in demand properties are still being snapped up quickly.
- Financing and inspection conditions are slowly making a comeback.
What does this means for sellers:
- Sellers and their real estate agents will have to be more proactive in correctly pricing and marketing their homes.
- For most properties, the super-sized, unexpecting windfalls seem to be slowly coming to an end.
- It will take more time and more effort to sell your home.
I am always happy and available to answer any real estate questions you may have. Please feel free to contact me at 613.263.7883 or email me at kiril@sutton.com.
