The Ottawa Real Estate Market continues to slow down as we enter a “balanced” market. I have noticed a large amount of rental listings on the market. The new vacant unit tax has forced owners of vacant properties to rush to get their units leased before the deadline. Will people lean towards a lease or purchase a home with a high interest mortgage? The average townhouse in the suburb’s rents for approximately $2200-$2400 a month. If you were to purchase that... [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]

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]

  Happy New Year to All! 2023 is off to a slow start as total sales and sold prices continue to drop. Mortgage rates will remain high for the foreseeable future. There is an abundance of inventory for sale and for rent. The median sold price vs original list price for December was approximately 90%. January so far has an 88% sold to list price ratio. My thoughts? I think the next 2-3 months will be slow moving until we get to the spring market. In the meantime, if you are looking to... [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]