Curious eyes have been on the real estate market as we officially settle into 2023. With the tumultuous ride of the past few years, everyone is anxious to see where the dust will settle as the market finds its footing in the new environment. It’s to be expected that comparing numbers from January of 2023 to January of 2022 may show some dramatic differences, but as the market balances, a more telling perspective may be found in the numbers month-to-month. For example, though the average sale prices of freehold properties decreased 12% in January from a year ago, if we instead compared the figu ..read more

Before we hop on the 2023 real estate ride, let’s take a moment to reflect on the roller coaster that was 2022. While the year really ended on a quiet note in December, the Ottawa Real Estate Board (OREB) recorded that spring of 2022 was quite active with resales and high prices. Overall, 2022 resales were 25% less than in 2021, as things calmed down towards the end of the year.  Once rising interest rates came into the picture last year, buyer motivation was suppressed, and many took on a “wait and see” approach. However, that being said, this has given our market the opportunity to retu ..read more

In typical November fashion, activity in the real estate market was on the quieter side last month. Now, the market is known to see less activity around this time, almost as though it embarks on a quick hibernation—but current economic conditions have exacerbated this market low.  Naturally, there is less proactive action as people brace for an economic downturn. As a result, rentals are notably increasing. At the moment, less people are entering the market given the risks and uncertainties, but as we often say—it’s important to remember that real estate is a long-term investment, and ove ..read more

In October, buyers proved that they are still moving rather slowly when it comes to making moves on the market, on account of the increased interest rate and the subsequent speculation on home prices. As the Ottawa Real Estate Board pointed out, the overall inflation across the board is impacting the cost of living, which further impacts the ability to buy. Not to mention, stress tests cause even more stress stacked on top of high interest rates, particularly for first-time homebuyers.  On the other hand, we continue to see more listings entering the market, which is a good thing. Just as ..read more

It’s no secret that the market is changing. And with yet another mortgage rate increase this month, it’s clear that it’ll have another impact on the real estate market. But what will we see going forward? Let’s start by having a look at how the market fared in August.  August is generally a slower month for Ottawa real estate simply as the second month of summer vacation, many are on vacation and ‘back-to-school’ is on the horizon. But this year, the already slowed down market faces a unique, additional compounding factor: uncertainty. Interest rate hikes are impacting buyers’ decisions a ..read more

In recent times, the word on the street has been about how the real estate market is dramatically slowing down, but we want to take a moment to highlight and understand the context of this phenomenon and what it really means. Here’s the deal While there’s no denying sales have slowed, it’s important to note that they’re slowing from a state of hyperactivity. The COVID-19 pandemic put the market into overdrive and brought us further and further away from having a balanced market. Now, we’re starting to see the market gradually return to its usual state, albeit with increased interest rates. How ..read more

May—the month of the year that typically sees the highest number of resales—was much calmer this year. Along with the usual suspects (interest rates, inflation), the destructive storm over the May long weekend really took its toll too—causing a drastic decrease in new listings as well as a rise in cancelled or suspended listings in MLS, according to data from the Ottawa Real Estate Board (OREB). However, overall there were 3,120 properties that entered the market, resulting in an 18% increase in residential inventory. On the other hand, condo inventory decreased by 0.4%, which is no surprise a ..read more

A couple of variables made their play and impacted the real estate market’s performance last month: rising interest rates and housing supply measures that were introduced by the government as part of the 2022 federal budget. The number of sales in April—only 40 units above the five-year average—showed a noticeably slower pace than in previous years. With new factors at play in the market, it’s not completely surprising to see that some buyers are considering the waiting game.  Housing stock did increase slightly last month, providing buyers with a little more choice and opportunity. Howev ..read more

March gave us a flurry of market activity, with a side of actual unexpected flurries. Although the number of sales last month were down compared to March of 2021 (perhaps just a byproduct of distractions such as unpredictable weather and the easing of some pandemic measures), it still proved to be quite busy—with 590 more units sold (that’s 42%) than in February and 12% higher than the five-year average for the third month of the year. It’s setting the stage for April, typically the month of the year that sees a higher number of sales.  Average prices continue to move on up. Though in a ..read more

The month of love really fired up the real estate market. Though 3 days shorter than January, February saw 52% more properties sold compared to the month prior. It’s not unusual to see an increase in sales as we start to settle into the new year, but the Ottawa Real Estate Board (OREB) noted that this one was exceptional—even in the face of increased interest rates and consistently higher prices.  For the optimists, like us Sale prices may still be on a significant rise, but there’s also a potentially promising slight rise in new listings last month that could be the start of something ne ..read more