Market Summary November 2022:
The Ottawa Real Estate market was stable on a month to month basis and posted price decreases on a year to year basis.
- Detached home prices lost 7.0% from a year ago. They were flat on a month to month basis.
- Townhomes lost 4.0% compared to a year ago and gained about $6,000 on a month to month basis.
- Condos lost 3.8% compared to a year ago and lost about $30,000 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:
Negotiate, negotiate, negotiate!!! The market has shifted and I am seeing great buying opportunities. Make sure to have a strong and secure mortgage pre-approval.
Key Insights for Sellers:
Make sure your property stands out from the competition with professional photos, staging and marketing. Do not price higher than what the market can handle and be ready to adjust the list price if your property does not sell. Most homes are still selling in 30-60 days.
Given that most new mortgages are in the 5-6% range, it will be difficult for prices to increase. In my opinion, prices will be flat or slightly lower in the first few months of 2023.
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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Referrals are always welcome and greatly appreciated. Thank you!