The Canadian housing market has been a topic of significant discussion and concern in recent years. The latest "Housing Affordability Monitor" report, released on November 1, 2023, sheds light on the current state of housing affordability in Canada, particularly in the third quarter of 2023. In this blog post, we delve into the key findings of this report, offering insights for homebuyers, policymakers, and real estate professionals.

The Deterioration of Housing Affordability

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.