Members of the Ottawa Real Estate Board sold 987 residential properties in October through the Board’s Multiple Listing Service® (MLS®) System, compared with 1,670 in October 2021, a decrease of 41%. October’s sales included 758 in the residential-property class, down 40% from a year ago, and 229 in the condominium-property category, a decrease of 44% from October 2021. The five-year average for total unit sales in October is 1,554. The average sale price for a... [read more]

October was a slower than usual month for real estate transactions. Most buyers have put their home search on hold and are hoping to see the market crash or low rates to return. In my opinion, the market will not crash, and rates will likely remain high for at least the next 6 months or longer. The advantage of buying in this market is the abundance of inventory to choose from, negotiating power, conditional offers and far less competition from other buyers. Sure, the rates are high today,... [read more]

Members of the Ottawa Real Estate Board sold 1,080 residential properties in September through the Board’s Multiple Listing Service® System, compared with 1,601 in September 2021, a decrease of 33%. September’s sales included 816 in the residential-property class, down 34% from a year ago, and 264 in the condominium-property category, a decrease of 27% from September 2021. The five-year average for total unit sales in September is 1,586. The average sale price for a... [read more]

The summer is coming to an end and fall is just around the corner! September is a typically a busy month for most people, coming back to town from their summer holidays, the kids going back to school and real estate getting back on track. Most homes on the market are taking longer than previously to sell and bidding wars seem to be non-existent now. Prices haven’t really dropped on average; however, I am seeing some reductions in list prices. Although interest rates are higher, this is... [read more]

The Ottawa real estate market has flipped over to a full-on buyer’s market! The median list-to-sale price ratio was approximately 92% for the month of September. This means many homes in the city are selling below the list price and in many cases with a conditional offer – which was next to impossible in the earlier part of this year. Interest rates remain high and are predicted to rise again before the year ends. New construction sales have also changed drastically with most... [read more]