09/13/2023
"Ottawa Resale Market Stalls in August, Supply Challenges Persist"
What can we say about the Ottawa Real Estate Market ๐ค I think it's safe to state we're experiencing fluctuations in all areas; total units sold, listed, prices and days on market. Although interest rates remained the same earlier this month, the "Governing Council remains concerned about the persistence of underlying inflationary pressures, and is prepared to increase the policy interest rate further if needed." The question is "Will we see another increase before the end of this year?" ๐ซฃ
๐โโ๏ธ We know that many families are finding it challenging, as their mortgage payment has doubled in less than 2 years. We're also still experiencing a lack of suitable and affordable housing.
With all that said, homes are still selling and there is little shortage in demand. Residential-class prices were โฌ๏ธ0.5% and โฌ๏ธ1% for Condominium-class properties year-over-year. ๐ New listings increased by 7% with a total of 2,228 launched in August.
๐ฃ Janice Myers, OREB CEO had some interesting highlights to share: "these latest figures coincide with the City of Ottawaโs allocation of $110 million for affordable housing. Even if interest rates were to drop and the economy stabilized, housing will remain out of reach for many Ottawa residents. Collaboration among all levels of government and stakeholders is vital to improving affordability for homeowners and tenants alike. And we need to expand provincial regulations, allowing four or more residential dwelling units on serviced lots, to promote higher-density housing.โ
As we head into the Fall market in Ottawa, ๐ we're here to help you determine the best strategy to get your home sold and maximise your budget as a buyer. We know how to best lead you through these fluctuations and we're in your corner with honest advice and results. Let's get started on your buying or selling plan and navigate this market together! ๐ค
CALL, DM or TEXT us today!
๐ฒ 613-601-9275
๐ง [email protected]
๐ฌ DM via our socials
