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 month of May saw an increase in sales for the first time since February 2022. I noticed a lot more activity across the board from condos to singles, many of which were selling in a few days. Offer hold outs are becoming more common again and some homes are selling over list price. Rental transactions have also increased by 22% compared to the previous year. The new rate hike announced on June 7th might slow the market down moving forward, however, it is too early to tell. If you are looking... [read more]

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]

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]

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]