Monthly Home Sales Information

Ottawa Housing Market Update February 2026: Home Prices Stabilize as Inventory Rises

Ottawa’s real estate market continued its typical winter slowdown in February 2026, with overall home sales remaining below the historical average for this time of year. However, the latest statistics from the Ottawa Real Estate Board show that the market is more balanced than the headline numbers may suggest.

While fewer homes sold compared to previous years, home prices across several property types are stabilizing and even showing signs of improvement. This indicates that the Ottawa housing market may be gradually transitioning toward a more balanced environment as the spring real estate season approaches.

Ottawa Home Sales in February 2026

In February 2026, 780 residential properties were sold in Ottawa, representing a 6.8% decrease compared to February 2025. Sales activity did improve from January’s 610 transactions, but it still remained below the typical sales levels seen during February in previous years.

Despite the slower pace, buyer demand remains active, particularly in more affordable price ranges. Many buyers are still competing for well-priced homes, and in some cases, multiple offer situations are still occurring when properties are priced correctly.

At the same time, higher inventory levels and ongoing economic uncertainty are causing some buyers to take a more cautious approach before making purchasing decisions. Even so, the median days on market currently sits at 24 days, showing that desirable properties can still sell relatively quickly.

Ottawa Home Prices Show Stability Despite Lower Sales

Pricing trends in February reflect a market adjusting to higher inventory levels rather than experiencing widespread price declines.

Key price statistics for February include:

• Average residential sale price: $662,773

• Year-over-year change: Down 1.0%

• Median sale price: $615,450

• Year-over-year change: Down 3.1%

These relatively modest changes suggest that Ottawa home prices remain stable overall. Instead of a major downturn, the housing market appears to be recalibrating following several years of strong price growth.

Another key indicator is the MLS® Home Price Index (HPI) published by the Canadian Real Estate Association. The HPI tracks price trends while adjusting for seasonal fluctuations and differences in the types of homes sold.

In February, benchmark prices increased month-over-month across every major housing segment, including:

• Single-family homes

• Townhouses

• Condo apartments

• The overall composite benchmark price

These increases suggest that property values may be beginning to strengthen again, even though winter sales activity remains slower than usual.

Ottawa Condo Market Showing Early Signs of Recovery

The Ottawa condominium apartment market may be starting to recover after experiencing higher inventory levels since late 2025.

Average condo prices increased month-over-month, while available inventory began to ease slightly. This trend suggests that the market may slowly be absorbing the additional supply of condominium listings that built up over the past year.

If this pattern continues, the Ottawa condo market could become more balanced as we move into the spring market.

Townhomes Lead Sales Activity in Ottawa

Among all property types, townhomes experienced the strongest sales activity in February.

Sales in this segment were stronger than typical February levels, driven largely by buyers searching for more affordable alternatives to detached homes while still wanting additional living space compared to condo apartments.

However, the increase in townhome inventory has started to place some downward pressure on prices, giving buyers slightly more negotiating power in this segment.

Detached Homes in Ottawa Remain Relatively Stable

The single-family home market in Ottawa remained relatively stable during February.

Although total sales declined compared to the previous year, prices for detached homes held steady overall. Data also suggests that lower-priced detached homes are attracting significant buyer interest, highlighting the continued importance of affordability in today’s housing market.

Ottawa Housing Inventory Gives Buyers More Choice

One of the biggest shifts in the Ottawa real estate market is the increase in available housing inventory.

February market data shows:

• New listings: 1,582 (down 7.8% year-over-year)

• Active listings: 2,928 homes available at month-end

• Year-over-year inventory increase: 11.1%

With more homes available for sale, buyers have more options and less urgency, allowing them to carefully evaluate properties before making offers.

However, improving sales activity and rising benchmark prices indicate that demand remains present and continues to absorb the available supply.

Months of Inventory by Property Type

Months of inventory is an important indicator used to determine whether a real estate market favors buyers or sellers.

February’s figures suggest that the Ottawa housing market is currently operating in balanced conditions:

• Single-family homes: 3.8 months of inventory

• Townhomes: 2.7 months of inventory

• Condo apartments: 5.6 months of inventory

Typically, four to six months of inventory represents a balanced real estate market, where neither buyers nor sellers have a strong advantage.

Ottawa Real Estate Market Outlook for 2026

The February numbers reinforce a trend that first appeared earlier this year: Ottawa’s housing market is entering a transitional phase.

Although this winter has been slower than in recent years, several encouraging signs are emerging, including:

• Rising month-over-month benchmark prices

• Improving absorption in the condo market

• Strong demand for townhomes

• Stable pricing in the detached home market

According to forecasts from the Canadian Real Estate Association, housing demand across Canada is expected to gradually strengthen throughout 2026, particularly as borrowing costs begin to ease.

If this momentum continues into the spring market, the current level of inventory could support higher sales activity without the rapid price growth seen in previous real estate cycles.

What This Means for Ottawa Buyers and Sellers

For home buyers in Ottawa, the current market offers more choice and slightly more time to make thoughtful purchasing decisions compared to the competitive markets of recent years.

For home sellers, steady demand and gradually strengthening prices indicate that well-priced homes can still attract strong buyer interest, especially in affordable price ranges.

With the spring real estate market approaching, the next few months could represent an important opportunity for both buyers and sellers who are ready to make their move in the Ottawa housing market.

Ottawa Housing Market Update January 2026: Rising Inventory, Balanced Prices, and What It Means for Buyers and Sellers

Ottawa’s residential real estate market has stepped into 2026 with a noticeable shift toward balance, creating opportunities for both buyers and sellers. After several years of fast-paced and highly competitive conditions, the market is now showing signs of stability, increased housing choice, and more realistic pricing expectations.

Here’s a closer look at what’s happening in Ottawa’s housing market and what it means if you’re thinking about buying or selling this year.

A More Balanced Ottawa Real Estate Market in 2026

Ottawa’s housing market is currently operating on more stable footing compared to recent years. Inventory levels have increased, giving buyers more options and reducing the intense competition that previously defined the market. At the same time, sellers are adjusting their pricing strategies to reflect current market conditions, which now reward accuracy and patience.

Benchmark home prices have declined slightly year-over-year across most housing categories. The softening is most noticeable in townhomes and condominium apartments, while detached homes have maintained stronger price stability. Overall, the January market data suggests Ottawa is moving toward a healthier, more balanced real estate environment rather than experiencing widespread downward pressure.

Tami Eades, President of the Ottawa Real Estate Board, noted that the current market reflects a natural adjustment period. With increased selection for buyers and more realistic expectations from sellers, pricing is stabilizing without dramatic swings — a key indicator of long-term market strength.

Ottawa Housing Inventory Is Rising — But Not Oversupplied

One of the biggest factors influencing Ottawa’s real estate market is the increase in housing supply. In January 2026, new residential listings reached 1,522 properties, representing an 8.8% increase compared to the same time last year. Active listings rose to 2,673 homes, marking a significant 22.7% increase year-over-year.

While inventory remains higher than recent seasonal trends, the pace of growth has slowed. This moderation is helping prevent an oversupply of homes and is contributing to a more stable housing environment.

Ottawa currently sits at approximately 4.4 months of housing inventory, which is much closer to historical pre-pandemic averages. This level typically indicates a balanced market where neither buyers nor sellers hold a significant advantage.

What This Means for Ottawa Home Buyers

For buyers, the current Ottawa housing market offers increased flexibility and improved negotiating power. Higher inventory levels mean more property options, more time to make informed decisions, and greater opportunities to negotiate price, conditions, or closing timelines.

However, well-priced and desirable homes continue to attract strong interest. Buyers who are financially prepared and working with knowledgeable real estate professionals still have the best chance of securing the right property.

What This Means for Ottawa Home Sellers

Sellers can still achieve strong results in Ottawa’s current market, but pricing strategy has become more important than ever. Homes that are accurately priced for today’s conditions are continuing to generate steady buyer interest and successful sales.

Overpricing, on the other hand, can lead to longer days on market and reduced negotiating leverage. Sellers who focus on preparation, presentation, and competitive pricing are seeing the most success in 2026.

Detached Homes Showing Stronger Stability

While many housing types are experiencing moderate price adjustments, detached homes in Ottawa are demonstrating greater resilience. These properties continue to benefit from strong buyer demand, particularly among families seeking space, privacy, and long-term value.

Townhouses and condominiums remain attractive entry points for buyers, but these segments are experiencing slightly softer pricing as inventory options grow.

Ottawa’s Real Estate Outlook for 2026

The Ottawa housing market is not showing signs of distress — rather, it is transitioning into a more sustainable and predictable environment. Increased supply is improving accessibility for buyers while encouraging realistic expectations for sellers.

Balanced conditions like these typically support healthier long-term market growth, improved affordability, and reduced volatility. For both buyers and sellers, 2026 is shaping up to be a year that rewards preparation, professional guidance, and informed decision-making.

If you’re considering buying or selling a home in Ottawa and want to understand how these market trends affect your specific situation, connect with me — Click HERE to contact me.

Ottawa’s Housing Market — Balanced, but Starting to Soften

Ottawa’s real estate market took a gentle step into winter this November, and the numbers tell an interesting story. Between cooler weather and a cautious economy, home sales slowed down compared to both October and last November. While the market is still considered balanced, there are definite signs that supply is beginning to outpace demand.

A Shift Toward More Supply

Active listings dipped slightly month over month, but something important happened: months of inventory (MOI) increased again. This signals that, even with fewer new listings hitting the market, homes are taking longer to sell — giving buyers more options and time to make decisions.

This softening is more noticeable than what we usually see in November. Normally, inventory rises a bit heading into winter, but this year the increase is stronger, especially in townhomes and apartments. With more properties available in these segments, buyers have more leverage, and sellers need to pay close attention to pricing and presentation.

What’s Ahead?

There’s some good news: recent interest rate cuts along with the December 10th Bank of Canada announcement that they are holding the rate at 2.25%, may spark renewed buyer activity over the winter. Even though this time of year is traditionally quiet, lower borrowing costs could bring a boost of confidence back into the market.

Looking ahead, Ottawa appears to be setting up for:

• A steadier start to the new year, and

• A more active, energized spring market.

Whether you’re buying, selling, or just keeping an eye on the market, understanding these shifts helps you plan your next move with confidence.

Would you like more information or to review your home buying or selling plans, click HERE to book a conversation.

Ottawa Real Estate Market Update: Why the Capital’s Housing Market Remains Steady Amid Economic Uncertainty

Despite ongoing economic uncertainty across the country, Ottawa’s real estate market continues to show remarkable resilience. As we moved through October, the capital experienced a steady, seasonal shift marked by healthier sales activity and stabilizing inventory levels—clear signs that Ottawa remains one of the most balanced and dependable markets in Canada.

Sales Activity: A Seasonal Boost, but Still Measured

In October, 1,177 homes were sold, an increase of 8.1% from September’s 1,089 transactions. Although this represents a slight 1.2% dip year over year, the month-over-month improvement reflects the typical fall momentum the region sees before heading into winter’s slower pace.

Prices Hold Strong as Demand Remains Solid

The average sale price in Ottawa climbed to $709,002, marking a 2.7% increase from September and a 5.7% rise compared to October 2024. This upward movement indicates that underlying demand remains healthy, even as buyers proceed with caution.

Inventory Levels Begin to Ease

Ottawa saw 2,405 new listings in October, a notable 15.1% decline from September 2025, though still 13.4% higher year over year. This seasonal drop is consistent with long-term market patterns.

More importantly, active listings decreased from 4,388 in September to 4,232 in October—a 3.6% reduction. While supply remains higher than in the previous few years, this fall decline suggests that inventory levels may be starting to stabilize within a balanced range.

The months of inventory metric eased from 4.0 to 3.6, indicating a modest tightening between supply and demand as the fall market settled.

Interest Rate Cuts Offer a Glimmer of Optimism

On October 29, 2025, the Bank of Canada issued its second consecutive rate cut, lowering the policy rate by 25 basis points to 2.25%. This move provides welcome relief to borrowers and may help fuel activity heading into the spring market.

However, the Bank signaled that this would likely be the final cut in the current cycle—meaning buyers and sellers are still navigating a cautious financial landscape.

Local Factors to Watch

The Ottawa Real Estate Board (OREB) continues to monitor the federal budget and workforce announcements closely. Given Ottawa’s large federal employment base, shifts in government spending or staffing often influence the local market.

A Balanced, Healthy Market Heading Into Year-End

Overall, Ottawa’s housing market remains stable, balanced, and fundamentally healthy. With steady prices, manageable inventory, and modestly improving demand, the city is entering the winter season on solid footing.

OREB President Paul Czan summarizes it well:

“Ottawa’s market continues to demonstrate balance and resilience. We’re seeing modest growth in sales activity, stable pricing, and a seasonal easing of elevated inventory levels. The recent rate adjustments provide optimism for the coming months, but economic uncertainty looms, and buyers and sellers remain cautious. The current environment points to a steady market rather than a rapid shift in either direction.”

As Ottawa moves toward the end of the year, the market appears poised for continued stability—making it a strong environment for both buyers and sellers who are prepared and informed.

You can get custom market updates based on your neighbourhood and how often you’d like to receive them: ✅ Monthly ✅ Quarterly ✅ Semi-annually ✅ Annually

Just click the button below to submit your request — and I’ll make sure you get clear, easy-to-understand updates that matter to you and your home.

👉 [Request Your Neighbourhood Report]

📈 What the Bank of Canada’s Rate Cut Means for Ottawa’s Housing Market

On September 17, the Bank of Canada made a move that’s got buyers and sellers paying attention — they cut their key policy interest rate by 0.25%, bringing it down to 2.5%.

The reason? Slowing global growth and easing inflation pressures. In plain English, the Bank wants to help keep the economy steady — and that small rate cut could open new doors for homebuyers who’ve been sitting on the sidelines waiting for a break.

So what does this mean for Ottawa’s real estate market? Let’s take a closer look.

🏡 Ottawa’s Market: Staying Strong Through the Fall Slowdown

September usually brings a bit of a seasonal slowdown — kids are back in school, families are busy, and the market takes a breather. But Ottawa showed its usual resilience this fall.

Here’s what’s standing out:

• Sales are still above 2024 levels, even though activity eased slightly.

• Prices remain stable despite more homes coming on the market.

• The rate cut could boost confidence for first-time buyers and bring a little extra energy to the market in the months ahead.

Paul Czan, President of the Ottawa Real Estate Board (OREB), summed it up perfectly:

“September reinforced Ottawa’s resilience. Sales were nearly 2.4% higher than last year, and prices are holding steady despite more listings coming to market.”

He also noted that while single-family home sales are slowing a bit, townhomes are keeping things balanced. And although Ottawa’s housing mix continues to grow, there’s still a shortage of “missing middle” homes — like townhouses and smaller family-friendly options — that bridge the gap between condos and detached houses.

📊 Ottawa Market Snapshot (September 2025)

• Total sales so far this year: 11,025 — up 3.9% from this time in 2024

• Average sale price (September): $690,397 — up 0.3% year-over-year

• Year-to-date average price: $699,910 — up 2.7% from the first nine months of 2024

Overall, Ottawa’s market remains balanced — steady prices, steady demand, and cautious optimism as rate cuts begin to ripple through the economy.

💬 Want Market Info That’s Specific to Your Neighbourhood?

Curious about how your local market is doing — whether prices are rising, holding steady, or starting to shift?

You can get custom market updates based on your neighbourhood and how often you’d like to receive them: ✅ Monthly ✅ Quarterly ✅ Semi-annually ✅ Annually

Just click the button below to submit your request — and I’ll make sure you get clear, easy-to-understand updates that matter to you and your home.

👉 [Request Your Neighbourhood Report]

Ottawa Real Estate Market Update – August 2025 🏡✨

As summer winds down, Ottawa’s real estate market is showing plenty of life. Prices are trending upward, sales remain strong compared to recent years, and both buyers and sellers are gearing up for what’s typically one of the busiest times of the year — the fall market.

Home Sales 📊

• In August 2025, a total of 1,236 homes were sold across the Ottawa Real Estate Board (OREB) region.

• That’s fewer than the 1,318 sales in July and 1,602 in June, but still represents a 12.1% increase compared to last August.

• The slowdown from June into August is normal, reflecting the seasonal shift from the busy spring to quieter summer months.

So far this year, Ottawa has seen 9,936 home sales — a 4.1% increase over the same period in 2024.

Prices 💰

• The average sale price in August was $686,536, up 3.6% from last year.

• The year-to-date average price sits at $700,828, about 3% higher than the first eight months of 2024.

• In total, the value of homes sold in August hit $850 million, which is a 16% jump from last year.

These numbers show that Ottawa’s housing sector continues to play a big role in fueling the local economy.

Listings & Inventory 🏠

• 2,121 new listings were added in August, an 8.6% increase compared to last year.

• There were 3,971 active listings at month’s end, up 13.3% from last year and a notable 37.1% higher than the five-year average for this time of year.

When we look at months of inventory (how long it would take to sell all current listings at today’s sales pace), Ottawa sat at 3.2 months. That’s unchanged from July and identical to last August.

👉 A 3.2-month supply is generally considered a balanced market, meaning demand and supply are keeping pace with each other.

The Big Picture 🌎

Ottawa is seeing renewed momentum, with buyers and sellers re-engaging after the slower summer pace. Prices are holding strong, sales are up compared to last year, and inventory has grown — giving buyers more choice.

At the same time, market watchers are mindful of outside factors like federal employment trends and U.S. trade policies, which could influence Ottawa’s economy in the months ahead.

✅ Takeaway for Buyers & Sellers

• Buyers: You’ll find more inventory than last year, but competition is still healthy. Be prepared to act quickly on the right home.

• Sellers: Strong prices and steady demand mean it’s still a great time to list, especially as the fall market ramps up.

Ottawa’s real estate market continues to reflect balance, stability, and opportunities for both sides of the transaction.

Ottawa’s July Housing Market: Still Steady & Strong!

Ottawa’s housing market is holding its ground—steady demand, moderate price growth, and plenty of homes to choose from—while other markets are seeing way more ups and downs.

That said, it’s smart to keep an eye on what’s happening across Ontario. In some places, sales are slowing, prices are dipping, and homes are sitting on the market longer.

Ottawa’s known for being a bit more stable—thanks to steady jobs and a growing population—but we’re not completely immune. Big changes in other parts of the province or country can ripple our way. 

Right now, there are more homes for sale than this time last year (and compared to the 5-year average). That might be an early sign of more supply coming on the market. But here’s the flip side—the sales-to-new-listings ratio went up from 51.7% to 55.1% over the past year, showing demand is still keeping up. For buyers, this means more choice! 

In the condo market—especially downtown—demand seems to be softening. But overall, Ottawa is still standing out for its resilience.

As Paul Czan, President of the Ottawa Real Estate Board, says: 💬 “Our fundamentals remain strong—steady demand, balanced inventory, and moderate price growth.”

Want more information or have any other questions, I am very happy to help. Click HERE to request more information or to ask your question(s).

Ottawa Real Estate Market Update - June Snapshot

Something to take into account: when you see headlines about “The Canadian Real Estate Market”—even from reputable sources—take a closer look. The data may not reflect what’s happening in your specific market or home type.

I recently came across an article with the headline: “Home Sales at Crisis Levels in Sagging Market!” While that may be true for certain cities or property segments, it doesn’t tell the full story. In fact, the Ottawa market tells a different tale. June home sales—excluding condo apartments—were up compared to June 2024, and new listings were also on the rise.

It looks like June 2025 was busier than June 2024. Home sales were  10.6% higher compared to June 2024, and new listings increased by nearly 14% compared to June 2024. According to OREB President Paul Czan, this confirms that our spring market may have arrived a little late—but it certainly showed up strong.

More homes hitting the market means more choice for buyers, which is great news. Sellers, however, will need to be strategic: price thoughtfully and prepare your home to shine if you want to stand out.

One segment that’s still feeling the pressure is apartments. Condo sales were down about 20% compared to June 2024.

Still, Ottawa remains a stable, resilient market. We’re seeing a return to more traditional seasonal activity. With families aiming to move before the school year and students coming back to the city, a stronger fall.

Have you got any questions? Reach out HERE, for a casual, no-obligation chat—I'm happy to help you make sense of it all!

Ottawa Real Estate Market Update: Why Buyers Are Coming Back Strong in 2025"

• "Spring Market Surge: What Ottawa Buyers and Sellers Need to Know Now"

So far this year, home sales have been tracking pretty closely to 2024—but here’s the twist: sales in April 2025 jumped over 33% compared to last April. That’s a major spike, and it suggests our spring market just arrived a little later than usual.

It is also worth noting that the median time to sell a home was 17 days, that is from day listed to day sold firm, and that homes sold for an average of 98.8% of the asking price.

Why the delay? It has to do with April’s federal election and the uncertainty around U.S. tariffs — both had a lot of people hitting the pause button on real estate decisions.

Now that things are settling down, we’re seeing more listings hit the market, and buyers are starting to re-engage. If you’re thinking of selling, just remember—rising inventory means smart pricing and great presentation are more important than ever.

Unlike markets like Toronto or Vancouver that are showing signs of slowing, Ottawa is holding steady. Most homes are still selling close to the asking price, and the atmosphere feels a lot less frantic than in other cities.

And with the Bank of Canada holding interest rates steady, buyers are feeling more confident that now could be the right time to make a move—without worrying about missing out on a better rate down the road.

Thinking of jumping in? Let’s talk about how this market shift could work in your favour.

🏡 Ottawa Real Estate Update – April 2025 Recap 

Hey neighbor! 👋 If you’ve been wondering what’s going on in Ottawa’s housing market lately, here’s a quick and friendly breakdown.

April home sales were a bit quieter than usual—about 17% below the 5-year average and 16% under the 10-year average. But here’s the good news: sales are picking up month-to-month, and that’s a great sign as we move deeper into spring. 🌸

There are more homes on the market right now than we’ve seen in the past few years, which is helping shift things toward a more balanced market—not too hot, not too cold.

Since the federal election, buyers seem to be coming back with more confidence. They're still cautious though—taking their time and being more selective than we’ve seen in past years.

Sellers are adjusting too. Homes are sitting a little longer, so strategic pricing and solid presentation really matter. If a home is priced right and looks great, it’s still selling—and yes, sometimes even in multiple offers.

We’re also keeping an eye on how the federal government’s housing promises will actually roll out. More supply, better affordability, and help for first-time buyers would be a big win here in Ottawa.

Have questions or thinking about buying or selling? Let’s talk—no pressure, just info.

So, the Ottawa housing market in March 2025? 

Pretty steady overall. Sales were a bit lower compared to last year, but things are picking up month by month now that spring’s rolling in.

Both buyers and sellers are still a little cautious—which makes sense with the economy being a bit unpredictable and an election on the horizon. But the good news? Lower interest rates are pulling more people back into the market. People are starting to make moves again.

Looking ahead though, there are still some concerns around trade and tariffs, especially when it comes to new construction. That could make the housing supply issue even trickier.

February Real Estate Market Update – Big News for Buyers & Sellers!  

More homes sold in February than in January! 809 homes sold last month compared to 617 in January—momentum is building as we head into spring!  

Major news! The Bank of Canada just cut the key lending rate by 0.25% to 2.75%! This is great news for buyers and sellers, as lower rates mean more affordability and stronger market activity. 

More inventory, more options! With 1,668 new listings in February, buyers have more choices without an oversupply, keeping demand high for sellers. Some neighborhoods still have limited availability, making well-priced homes sell quickly! 

Market Stats You Should Know:

• 98.6% list-to-sale ratio (homes selling very close to asking price)
• Median days on market: 19 days (still moving fast!)
• More balanced market (60 days is considered fully balanced)

Spring Market Outlook: Expect an active market ahead, though some buyers and sellers may move cautiously due to the upcoming federal election and ongoing tariff uncertainties. 

Thinking about buying or selling? Now is the time to take advantage of lower interest rates! Drop your questions below or DM me anytime! 

The January home resale numbers, although lower than they were for January 2024, are still very good.

What matters most is that the market is good for home buyers and for home sellers.

For buyers, there were 1359 new home listings in January, which is a 3% increase compared to January 2024.

Overall, at the end of January, there were 3312 homes available on MLS, a 57.3% increase compared to the end of January 2024.

Based on the number of homes sold in January, if no more homes come on the market, there is 5.37 months of inventory, which means it would take that much time to sell all the currently available listings. Which is much better than the 2 to 3 months we saw during Covid

For sellers, the good news is that the median days on market (DOM) is 43, which means that midpoint for the time a home is listed, to the time that it is sold, is 43 days. A balanced market would have an average of 60 DOM's.

This shows that with a median of 43 days, some homes were up around 86 days, but many were less than the 43 days.

The list to selling price ratio was an average of 98%. This is good for home sellers who price their home to the market. All said, with around 43 days to sell your home once it is listed and a selling price around 98% of the asking price, you are in a very good market.

If you are looking to sell and buy, you also have more choice.

🚨 The market is shifting! 🚨 Whether you're a buyer or seller, now might be the perfect time to make your move. 🏡📈

💬 What do you think about the current market? Are you planning to buy or sell this year? Let’s chat!

The final numbers for 2024 are now in!

 The number of homes sold in December 2024 was 7.9% higher than the number sold in December 2023.

 For the 2024 year, the total number of homes sold was 11.8% higher than for the 2023 year.

 There was also a 13.6% increase of homes listed in December 2024 compared to December 2023,

 This is a good sign for the market and for buyers, although, there is still a lack of inventory in some areas and price ranges.

 The consecutive interest rate reduction by the Bank of Canada, as well as the longer amortization periods and increase to the amounts of insured mortgages have helped buyers.

Here is a recap of Regulatory changes and updates:

1) Effective Dec 15 - the limit on insured mortgages increases to 1.5 million from 1M.

2) Amortization Period for all first-time homebuyers and buyers of new-build properties is extended to 30 years from 25.

3) Removal of Stress Test for Straight, Stand-Along Uninsured Renewal Switches. Insured and uninsured mortgages no longer need to be stress-tested for qualification purposes.

4) Insured Refinances Eligible homeowners can access an insured refinance of up to 90% of their improved property value for construction funds. This change encourages homeowners to add a secondary suite to their property. This can help accommodate families or generate rental income.

Want more information, or have a question, please let me know. I am happy to help!

The home sales in November were stronger than they were for November 2023. In fact they were 45.1% higher. The average price of a home was up 4.6%. Please note that these numbers include all property types.

Adding in the following Regulatory Changes and Updates, should bode well for home buyers and sellers.

1) Effective Dec 15 - the limit on insured mortgages increases to 1.5 million from 1M.

2) Amortization Period for all first-time homebuyers and buyers of new-build properties is extended to 30 years from 25.

3) Removal of Stress Test for Straight, Stand-Along Uninsured Renewal Switches. Insured and uninsured mortgages no longer need to be stress-tested for qualification purposes.

4) Insured Refinances Eligible homeowners can access an insured refinance of up to 90% of their improved property value for construction funds. This change encourages homeowners to add a secondary suite to their property. This can help accommodate families or generate rental income.

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.