Ottawa's real estate market has seen a bounce from the lows of December 2022. This has mostly been due to the common belief that we have already seen a peak in mortgage rates and the Bank of Canada is likely to cut the Benchmark Rate in the future.
Low inventory of homes and condos has translated into increased competition and offer hold backs and bidding wars seem to be back.
Canadian home sales rose 2.3% month over month in February of 2023. However, sales volume are still 40% below February 2022 levels. The number of newly listed properties also dropped 7.9% from January to February.
Also discussed is the broader markets, bank failures and possible looming recession. What does this all mean for the Canadian real estate market?
The Ottawa Real Estate Market has a tight rental inventory which makes it competitive among tenants. Low inflation rate in Ottawa combined with the increase in Ottawa's population both from those moving from other provinces as well as abroad.
Certain price points are more at risk of increased competition as inventory becomes smaller. In February it took Ottawa landlords and investors about 40 days to rent a unit on the local Ottawa MLS.
Rentals.ca's February rental report and some examples of un...
The Ottawa Real Estate Market saw an increase in prices during the month of February reaching 886 sales. Sales however are down 39.7% year over year reaching levels last seen in 2015.
The average Ottawa freehold residential property reached $709,692 while Ottawa condos average reached $412,354.
I'm also discussing properties selling over their asking price and covering some recent real estate news including a Vancouver real estate developer who is $700M in debt, Highbridge Construction from Otta...
The Ottawa real estate market is quite hot and buyers are competing in this low inventory market.
With Ottawa real estate prices hitting all time highs in 2021 it was a great year for real estate investors to refinance their multi-family properties to acquire more assets. A total of 168 multi-family properties sold in the City of Ottawa last year. The Ottawa Real Estate Board also listed and sold a total of 446 multi-family properties that were located outside of Ottawa. Small towns outside of...
The neighbourhood of Avalon is located in Orleans a suburb of Ottawa, Ontario. The growth of this neighbourhood has brought lots of development along Innes Road where large shopping plazas, cinemas, fitness clubs and hardware store have popped up since it's beginnings in the late 90's. The neighourhood falls under two MLS Districts referred as 1117-Avalon West being the area between Trim Road and Tenth Line Road and 1118-Avalon East the area between Tenth Line Road and Mer Bleue Road. Avalon off...
Historically, the Ottawa real estate market has been pretty healthy with a good volume of sales happening even as the temperature approaches 0 degrees Celcius and days become shorter. The real estate market in Ottawa and for most regions of Ontario has been on fire ever since news was released around the world that a COVID vaccine had been created. This was certainly a sigh of relief for many that the worst may now be behind us. Many people lost family and friends to this global pandemic and man...
