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 up about $54,000 on a month-to-month basis.
- Townhome prices lost 17.2% compared to a year ago and lost about $16,000 on a month-to-month basis.
- Condo prices lost 12.0% compared to a year ago and lost about $2,000 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 to access sold data.)
Key Insights for Buyers:
Competition is heating up but there is plenty of inventory on the market. Have your finances in order and do not be afraid to wait for a home and a purchase price that makes sense for your situation.
Key Insights for Sellers:
Sellers are in a better position as compared to a few months ago. Days on market is slightly down and buyers are paying closer to asking prices. With the right pricing and marketing strategies most homes should sell in about 30 days.
Market Outlook:
I am taking a wait and see approach on the market. Mortgage rates should come down a bit given the lower 5-year yield on Canadian bonds. On the other hand, the banking troubles in the U.S. are worrisome in terms of the overall health of the banking sector and thus lending may be curtailed.
The Ottawa real estate market has shown some price stability over the past two months. I will need to see an uptick in transactions and a few more months of steady prices to be more confident that prices have bottomed.
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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