The Ottawa real estate market continues to moderate. Prices for detached homes, townhomes and condos all experienced a slight decline (2-5%) from a month ago. Days on market has increased from a month ago and the number of properties sold decreased from June 2021 levels.
On a year to year comparison prices are up about 18% for residential real estate. Historically July and August are slower months for real estate in Ottawa as people go to cottages and take vacations. There is usually an uptick in activity in September and October.
Key Insights for Buyers:
This is a much better time to be a buyer than a few months ago. There is ample inventory on the market and the bidding war days are fading. However, there are still bidding wars for the top 20% of properties. Financing and inspection conditions are back and prices are more elastic.
Key Insights for Sellers:
Most homes are selling in 1-4 weeks with strong sold prices. Homes need to be well presented and marketed properly in order to generate the required interest and ultimately receive a strong offer(s).
I am always happy to answer any real estate questions you may have.