Spring Housing Market in Ottawa

New growth is blossoming

The colourful splash of spring’s presence is popping up everywhere, and nowhere is this more welcome than in the fresh, clear breath of the Ottawa housing market. Positive signs pointing to a continuing market recovery were showing themselves as early as January of this year, and the upward surge remains optimistic for buyers and sellers alike.

 What is the current forecast?

It’s interesting to note that the absorption rate (Industry term: length of time estimated for all the available homes in a given market to be sold) has gone from the January level of four months down to two months, according to Jason Ralph, Broker of Record and President of Royal LePage Team Realty. “Though the Ottawa market is still slightly out of balance statistically, it is confidently moving toward normal

levels again. The Bank of Canada interest rates rising from 0.25% in March of 2022 to the current 4.5% has helped to cool the economy with a decline in spending for households and businesses and a calming in the rate of inflation.”  What that means for sellers is this is a prime time to put your house on the market. What it means for buyers is that the time is also ripe for relaunching your serious home search.

Sellers can be confident

There are a lot of moving parts in the process of selling your home for the best possible price in the shortest possible amount of time. For sellers in this new normal, asking prices still must reflect the property’s condition, location, and nearby amenities. Jason Ralph advises that “well-priced and well-presented properties are still in high demand, especially in the $650,000 to $800,000 range. Conditional offers are finding their way into transactions again”, reports Ralph, “and we are also starting to see multiple offers on entry-level single-family homes.”

Buyers now have more choices

For home seekers, prices and interest rates are settling into a more stable and reachable zone once again. Right now, improving selection is available as more affordable family homes hit the market again. Buyers may also find that open houses are on the rise and competition is active but less urgent, adding to the feeling of a more normal home-buying experience.

It’s just the beginning

The spring market is now in full swing, with an optimistic summer ahead for both sides of the transaction. Of course, the typical fall market ramps up after Labour Day and is, at this point, also appearing to be positive as long as interest rates remain stable. There is no indication from the Bank of Canada that there will be further hikes in the near term, as lowered inflation rates have calmed the market as intended.

Why work with a REALTOR®?

Your Realtor can be an important resource for seeking out comparable listings to help you set your selling price, finding committed buyers who are in the market for your type of home, and communicating to those buyers the benefits of living in your community (schools, social clubs, churches, local sports, commuting times, and more).

Keeping updated on all the aspects of buying and selling is the job of your Realtor.  Their finger is on the pulse of real estate conditions, inventory available within your budget, mortgage rates, and their own relationships with lenders. Those are compelling reasons to avail yourself of a professional Realtor in this recovery market. While you’re going about your busy life, they are knee deep in the details that determine who will purchase your home and ultimately where you’ll move with your family. Co-ordinating their expertise with your wants and needs is their super power.

For further information

Royal LePage Team Realty is your full-service market leader in the Ottawa area. They are proud to offer you their decades of expertise and training to find the home that will best suit your family. For more information about living in Ottawa or to contact a professional realtor, visit Royal LePage Team Realty.