Market Summary:
The Ottawa real estate market had a relatively good September. Prices were mostly flat on a month to month basis which is good news given the steep declines over the last few months. There was stronger buyer demand.
- Detached homes gained 0.9% from a year ago. They were up about $2,000 on a month to month basis.
- Townhomes were up 1.0% compared to a year ago and lost about $6,000 on a month to month basis.
- Condos gained about 6.0% compared to a year ago and gained about $28,000 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:
In my opinion buyers should not be entering into any bidding wars. There is plently of inventory on the market and demand will soften come November and December.
Key Insights for Sellers:
Sellers are still in a relatively strong position when looking at the market balance between buyers and sellers. While inventory has increased, it is still historically very low. With the correct pricing, staging and marketing strategies most homes should sell in 30-60 days.
Market Outlook:
Looking ahead, mortgage rates will determine where the housing market goes. In my opinion, we will see further weakness in prices this winter. Once mortgage rates reach a top and are priced in, housing prices should stabalize.
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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Referrals are always welcome and greatly appreciated. Thank you!
