Great news for home buyers and sellers in Ottawa! The housing market is showing signs of rebounding after a period of slow growth. With interest rates holding steady, there is reason to be optimistic.
According to recent statistics from the Canadian Real Estate Association, average sale prices in Ottawa have dropped by 15 per cent year-over-year, from approximately $760,000 in March 2022 to $640,000 in March 2023.
Shaun Cathcart, a Senior Economist at CREA, believes that the market could heat up even further in the coming months. However, this will depend on whether or not more listings become available. Currently, the number of new listings is at a 20-year low, which means that there is high demand but not enough supply.
Despite the low number of new listings, it’s predicted that the next couple of months will be busy for the real estate market. Currently, there is only 3.1 months inventory for residential properties and 2.8 months for condominiums. This means that if no new homes came to market, it would take only that long (about 3 months) to sell all the current inventory, which is not very long.
Overall, it’s an exciting time for the Ottawa real estate market, and we can expect to see more activity in the coming months. If you’re thinking about buying a home, now would be a great time to do so!