How quickly the real estate market has turned with rising interest rates:
Like most markets, Ottawa has trended downwards quite significantly since a high water mark in late February to early March. As you can see from the weekly chart above, average selling prices have tumbled 16% since March 2022 and we have now given back all the earlier price gains, set this year.
More challenging yet, is that the number of sales have tumbled, something in the order of 30% over the last 4 or 5 months, as uncertainty prevails.
Still not a buyer's market but it does feel like one:
We are technically still in a "balanced market" (meaning a roughly equal number of sellers and buyers or balance between supply and demand)
though it must seem to many sellers that it is becoming more of a buyer's market, given the number of price decreases and extended length of time it is taking to get a sale done.
Coming to Ottawa?
So there should certainly be more choice, a much less frantic market and better prices than existed earlier this year, for those coming to Ottaw.
Rents have increased, too-unfortunately, so movers may find buying is still a better option than renting in the Nation's Capital.
We are available to discuss moving options to all areas of the Ottawa region, including country towns and villeages within an hour. We are registered and have been helping with government moves for both sales and rentals.
Gord McCormick, Broker of Record
Dawn Davey, Broker
Oasis Realty Brokerage
613-435-4692 or mobile 613-371-9691
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