Interest Rate Increases and the Ottawa Housing Market

December 2, 2022

The cost of financing an average single detached home in Ottawa assuming a 20% down payment and a fixed 5-year mortgage: October 2022 / Ave Price $717,000 / Mortgage Rate: 5.2% Monthly Payment: $3402 📈 February 2022 / Ave Price $906,000 / Mortgage Rate: 2.6% Monthly Payment: $3283 ⚡ January ...

Cancelled Listings Explained

November 25, 2022

Ottawa Real Estate: Cancelled Listings The number of cancelled listings in the greater Ottawa area: Oct 25th 2022 – Nov 24th 2022 – 696 Oct 25th 2021 – Nov 24th 2021 – 300 Oct 25th 2020 – Nov 24th 2020 – 281 Oct 25th 2019 – Nov 24th 2019 – ...

Ottawa Real Estate – List vs Sold Prices Ratio

The Ottawa real estate market experienced record price growth from January 2020 to March 2022. During the first quarter of 2021 and 2022 buyers were paying about 110% over asking prices. The market has changed and most deals are closing around 95% of the original asking price which is in ...

Relationship Between Inventory and Sales Prices

  Ottawa Real Estate: Relationship Between Inventory and Sales Prices As months of inventory increases and buyers have more choice, sales prices have been correcting downward. The main driving force behind the scenes has been the increase in mortgage rates from a low of 1.6% to the current 5%+ on ...

Negotiate List Prices Aggressively

November 17, 2022

How much can list prices be negotiated in the current housing market? Most list prices start high and deals are closing well below the original list price. Buyers can and should be negotiating aggressively. I see about 50-100 price decreases per day in the greater Ottawa area. For sellers, it ...

The Best Time of Year to Buy Real Estate

November 16, 2022

What is the best time of year to buy real estate? The best time to buy is when there are less active buyers in the housing market. In Ottawa, this usually occurs in July and August (summer vacations) and November, December and January (snow, wind and the holiday season). With ...

Ottawa Real Estate Market Update for October 2022

November 5, 2022

Market Summary: 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 ...

Ottawa Real Estate Market Update for September 2022

October 7, 2022

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 ...