2024 home sales have continued to outperform the number of sales by month in 2023.
The latest interest rate reduction of .50% has helped to generate more optimism, although in speaking with home buyers, they are waiting for further drops in the rates.
This can be an issue. The number of homes available is up over last year, but housing starts are still very low.
The current market is balanced and homes are selling on average around 98% of the list price.
If you are buying, get pre-approved now, find your home, and take a longer closing if possible, so if rates go down, you will get the lower rate. This way you avoid the possible issue of competing with more buyers if the rates go down again, and the number of available homes remain at today’s levels, or less. This would create competition and drive home prices higher, negating any gain made by a lower interest rate.
Want more information, do not hesitate to ask! I am happy to help.
The strong August market carried over into September. Home sales this September were 11.4% higher than they were in September 2023.
There is some speculation that the Bank of Canada, with their October 23rd policy decision, could lower the key lending rate a further .5%, with some economists saying that even if they do not go to that level, they believe that they will lower the rate by .25%.
If you are buying and aren’t pre-approved, get out now, get pre-approved, and find your house. You could face more competition for your dream home after the announcement, and then you may have to pay more than you would if you get out now!
Heading into October, the market was balanced, so no advantage to either buyers, or sellers. Homes sold for around 98% of the asking price in September. This could change, depending on what the Bank of Canada announces later this month.
Based on the summer market, the outlook for the fall market is encouraging and it looks like we will be looking at a pretty active fall market!
The third consecutive interest rate drop is welcome news and it should help both buyers and sellers.
More homes are coming on the market compared to the same time last year.
Based on the number of days I have seen that it is taking for homes to sell, the increased selection has buyers taking more time to look and decide.
Want more information, do not hesitate to ask! I am happy to help.
With an increase of home sales in July of 13.6%, compared to July of 2023, the market is encouraging.
The summer months are typically slower, and this bodes well for the early fall market.
There are a few factors helping the Ottawa market. First, an increase in the number of homes that came on the market in July.
We saw 2231 new listings which is 17.1% higher than what came on the market in July 2023.
The other factor that has helped, is the 2 consecutive interest rate cuts by the Bank of Canada, of the key lending rate.
Well priced homes are selling close to asking, within an average of 3%. In some cases, there are still some instances of multiple offers.
So, if you are looking to buy or sell, it is a good time! There is some flexibility for buyers and if you are selling, buyers are out looking.
In June, there was a slight increase in the number of homes sold, compared to June 2023.
The Ottawa market remains steady. In most neighbourhoods, there is more choice for buyers,
The median days on market ( the number of days from the date the house is listed until it is sold ) is 18. Anything under 60 days is considered a seller’s market. In June homes sold for an average of 98.7% of the asking price.
Right now, with the current number of homes available on the market, based on the current number of sales per month, there are enough homes available to last 2.5 months. We refer to this as months of inventory.
The news is good for a few reasons, for sellers, the average price is up 1.5% over last year, which is also good news for buyers. This is a less impactful increase compared to the increases during Covid.
There are more homes available, so buyers have more choice, however, there is still an overall lack of homes and it looks like that will be the case for the near future.
The Bank of Canada lowering the key interest rate is good news,. But… if you are a buyer waiting for another rate drop, keep in mind, that will most likely lead to more buyers and multiple offers with the amount of homes available. So whatever you may save in interest costs, will be offset by the higher price you will have to pay for the house.
Now is the time to make your purchase! .
Don’t forget! If you are pre-approved and you buy your home in the next week or so, and you do not take possession for a couple of months, it is likely that if the rate goes down before your possession date, you will benefit from the lower rate. As you have already bought your home, you will not be competing for a home when the rate does drop. Check with your lender to verify.
The Ottawa market is mostly a balanced market, however, for some properties , like townhomes, the market is closer to a seller’s market.
More homes are coming on the market (there were 40.5% more homes that came on the market this April compared to April 2023), which is good for buyers, and they are selling, which is also good for sellers.
The upward trend continues as we are seeing more sales compared to last year at this time.
If you are a buyer, I would not wait. The market is balanced, however, as we move into spring, more buyers will be looking which could put pressure on prices, and interest rates are not expected to drop until mid to late summer.
The February 2924, Ottawa resale home market information
As we moved into March, the resale housing market was balanced. Even with the balanced market, I am still seeing some homes receive multiple offers.
There were 29.5 % more new listings in February 2024 compared the same month in 2023.
Even though it isn’t expected that the Bank of Canada will lower the key interest rate until June or July, it is good news that they announced this Wednesday, that they held the rate at 5%.
Want to have the Ottawa home sales information for January 2024?
Home sales are up compared to January 2023 and that is a good sign.
I am seeing more homes coming on the market, which is good news for buyers, as is the fact that the Bank Of Canada has been holding their key lending rate, and some banks have lowered their fixed rates.
What I am also seeing, is that if homes are well priced to the market, they are selling. within the median days on market, the number of days from the day the house is listed, until the day it sells firm. Right now that is 43 days.
If you would like more detailed information, please contact me here: CONTACT
Home sales were steady in December. The Number of homes sold in December was 7.6 percent higher than in December 2022, closing out the year on a positive note!
If you would like more detailed information, just let me know.
The November resale numbers are in!
The number of sales is typical for the start of the winter period.
It is good news for buyers, as there has been a slight increase of the number of homes available, so more choice. Not to mention that the Bank of Canada Held the key lending rate at 5% for the 4th month in a row.
If you would like more detailed information, just let me know.
Nov 8 / 23
The October resale numbers are in!
The number of sales is in a slow decline, typical for this time of the year. Prices are also coming down to a degree.
This is the time of year where buyers are still looking and it is a great time for them with more homes available and the price adjustments.
If you would like more detailed information, just let me know.
Oct. 12 /23
Here are the resale (existing) home sales for September. The same number of homes sold this September as September 2022.
We are in a balanced market and in many markets, there has been an increase in listings.
If you would like more detailed information, just let me know.