The Fall Market in Ottawa

Lots is changing in the Ottawa real estate market, and has been since the beginning of summer. A community used to skyrocketing prices, multi-offer scenarios, and historically short days on market is finally seeing a ‘slowing,’ as most news sources will report. 

But does a slowing mean a slow market? Not at all. 

First and foremost because our previously fast market was unsustainable. But the so called ‘crash’ we are experiencing is not a crash at all, but a return to a balanced market which is fair for all players. 

OREB data shows that the average sales prices for residential properties is still rising 5% over last year, 4% for condominiums. These numbers are 10% and 9% YTD. 

This is also higher than the Canadian market average - especially if you exclude other large cities like Toronto and Vancouver.

In general, we are seeing price increases year over year in the single digits now, rather than in the double digits. But despite this, prices are still rising! The ‘slowing’ or ‘dropping’ market is just returning to normal, balancing itself after a huge influx in motion during historically low interest rates and rates of movement. 

Because of all of this, buyers are now taking their time to make decisions. Without having to worry about multiple offers and quick sale times, they can take a step back and ensure that the houses they are offering on are right for them. 

We are seeing a drastic decline in the number of homes sold - down 27% year over year. But this is a great sign for buyers, as it means there is more inventory available. We could see this reflect in housing prices in the future.