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January 2023 Real Estate Newsletter

Thursday Jan 12th, 2023

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  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]

February 2023 Real Estate Newsletter

Thursday Feb 9th, 2023

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  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]

March 2023 Real Estate Newsletter

Wednesday Mar 15th, 2023

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The Ottawa Real Estate market seems to be in a holding pattern. Inventory remains roughly the same as the previous month and buyers are waiting for rates to drop – which will not happen for the foreseeable future. New construction builders have slashed their prices – $100,000 off the list price in many cases!! – They are offering several incentives to get the inventory sold. If you are a buyer who is on the fence, you should be taking advantage of the current market.... [read more]

April 2023 Real Estate Newsletter

Wednesday Apr 19th, 2023

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Slow and Steady! The market is picking up in some pockets of the city. In my opinion, I think we have hit the bottom in terms of prices, and it looks like we are starting to see prices heading upwards. It’s slow and gradually moving as buyers are getting back into the market. Interest rates are staying put for now and we will hopefully not see any further rate hikes for the rest of the year. On March 27th, CMHC announced they have made a few amendments to the foreign buyer ban which... [read more]

May 2023 Real Estate Newsletter

Monday Jun 19th, 2023

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The spring market is in full swing! Home sales have begun to pickup as buyers are getting back into the market. Prices are lower compared to this time last year however they are beginning to increase as the inventory expands throughout the city. Interest rates are remaining stable for now and many banks and lenders are offering 4.5% on average for a 5-year fixed mortgage.  More listings on MLS are popping up with offer hold outs again, with many selling over asking. Will we return to a... [read more]

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