Unlock Savings in Ottawa's Real Estate Market: The Best Time to Buy a Home

Sep 13

If you are considering a real estate purchase in Ottawa, Ontario, within the next six months, we've got some valuable insights that could help you make a financially savvy decision. Since 2017, the real estate market in Ottawa has shown distinct trends in terms of price fluctuations throughout the year. Understanding these trends can potentially save you a significant amount of money when buying a home in the nation's capital. We spoke with Mitch MacKenzie about the trends we see in the market historically, and why we see them.

The Best Months to Buy

Now that we’ve taken a look at the stats from the previous month, we’ve recognized that the average sale price in August ranks as the 10th lowest compared to other months. This means that if you're contemplating a purchase in the late summer, August was an excellent month for low prices. However, buyers can still consider the months of September, October, and November, which come in at #6, #7, and #8 in terms of the lowest average sale prices.

Historical Savings Potential

Now, let's talk numbers. The historical data reveals that prices are typically 3.6% to 8.9% lower from September to February compared to the peak spring months. This translates to potential savings ranging from $20,000 to $50,000 on your purchase. That's a substantial amount that could be better used for furnishing your new home, renovations, or even saving for the future.

Market Timing Matters

Why do these fluctuations occur, and what's driving these seasonal trends? Let's break it down:

March (#1): The spring season kicks off with a surge in demand as buyers want to make their moves during the warmer weather.
April (#2): As temperatures rise and gardens bloom, April sees a continuation of the upward price trend.
May (#3): The real estate market remains hot in May, with buyers eager to secure their new homes before the summer.
June (#4): June is another strong month for the Ottawa real estate market as families look to settle into their new homes before the start of the school year.
September (#6): Prices begin to dip in September as the summer season winds down and families focus on back-to-school preparations.
October (#7) and November (#8): Fall brings a further drop in prices, making these months opportune for budget-conscious buyers.

Statistical Snapshot

Here's a quick glance at the average monthly ranking of Ottawa's real estate market since 2017:

March
May
April
June
February
September
October
November
July
August
January
December

Understanding the seasonal trends in Ottawa's real estate market can be a game-changer for buyers. If you're thinking about purchasing a home in the next six months, seriously consider doing so between September and February. These months historically offer more affordable prices compared to the peak spring and summer seasons.