The Ottawa real estate market continued to correct in October. Prices were down on a year to year basis as well as on a month to month basis.
- Detached home prices lost 6.0% from a year ago. They were also down about $32,000 on a month to month basis.
- Townhomes lost 4.6% compared to a year ago and lost about $25,000 on a month to month basis.
- Condos gained about 9.3% compared to a year ago and lost about $5,000 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 in order to access sold data.
Key Insights for Buyers:
November to January are usually great months to buy. Buyer demand is normally low due to seasonal trends. Buyers should be negotiating and walking away from deals if they do not secure their target price. There is plenty of inventory on the market and likely more to come.
Key Insights for Sellers:
Sellers can expect to sell their home or condo in 30-60 days with the right pricing and marketing strategy. There is still relatively strong buyer demand.
In my opinion, there is no reasonable case for home prices to start appreciating anytime in the next 3 months barring any government intervention. My base case scenario is for prices to keep declining until mortgage rates peak.
Once mortgage rates have peaked and the market is confident that there will be no more mortgage rate increases, home prices should start to stabilise.
I am always happy to answer any real estate related questions you may have.
Sales Representative / Sutton Group – Ottawa Realty / Brokerage, Independently Owned and Operated
Hintonburg – Orleans – Kanata
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