On Thursday, the Ottawa Real Estate Commission released an analysis of July listings and sales, declaring a “serious slowdown” in the local home resale market.
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Realtor Association of America member Yvan Rhéaume said Ottawa remains a hot real estate market, but buyers are more likely to fight for homes than they were last winter.
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“The madness is over,” Rehom said on Sunday, but that doesn’t mean it’s going to be cheaper to buy a home in the nation’s capital.
“What we see in the news is that prices are falling and sellers are panicking. That may be the case elsewhere in the country, but in Ottawa prices are still going up in 2021-2022. We do,” said Rhéaume.
On Thursday, the Ottawa Real Estate Commission released an analysis of July listings and sales, declaring a “serious slowdown” in the local home resale market.
“July’s numbers show that buyers are actually hitting the brakes more than would normally be expected during a mid-summer sales slump,” board president Penny Trontow said in announcing the latest statistics. It reveals that there is
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Its member estate agents sold 1,100 residential properties in July 2022, compared with 1,718 in July 2021, according to the board. Statistics come from Multiple Listing Service (MLS) listings.
Sales in July 2022 were significantly below July’s five-year monthly average of 1,691.
Prices are still rising, but not on the steep trajectory seen earlier in the pandemic.
The average sales price of residential properties in July was $716,354, up 5% from a year ago, according to commission figures. For condos, the July 2022 average sales price he rose 1% to $425,694 compared to the same month in 2021.
In terms of year-to-date average sales prices as of July, the Board has listed residential properties for the first seven months of 2022 at $805,238. This is an 11% increase over the same period in 2021 at $461,557, a 9% increase.
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Rhéaume said the resurgence of standards some time ago signaled a change in the market. Conditions are presented again.
He recently commissioned one buyer who purchased a townhouse subject to financing and a home inspection. “It was probably the first time in three years, at least for him,” Rhéaume said of the condition. Besides, he was able to negotiate the price.
Wendy Bell, a records broker in an office of 250 agents, said news of rising interest rates and inflation had impacted the market since the spring.
“It puts the brakes on things,” Mr. Bell said, adding that further rate hikes would be “catastrophic.”
Bell said he found himself trying to educate buyers and sellers about what was happening in their local markets.
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Sellers have seen properties move well above asking prices during the pandemic, while buyers have recently read that the market is rapidly returning to normal. is not necessarily deployed in Ottawa.
Bell said the home didn’t need to be staged during the buying frenzy around the pandemic, but now, to attract prospective buyers, the house should be kept tidy, including removing paint and clutter. The seller is urged to confirm the
Bell said the coming months will provide better indicators for the local property market as people return from summer vacations.
“Things will return to normal in the fall with a more balanced market,” Bell predicted.
Broker Dawna Erskine says some sellers are confused as to why their homes aren’t attracting the kind of massive offers some neighbors received months ago. .
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“That’s the dramatic change,” says Erskine, who believes we’re “back to pre-COVID times” when it comes to housing prices.
Erskine said the pandemic had been a “nightmare” while he was trying to assess the true value of properties for his avid buyer clients, saying he would sell his home against other customers willing to pay very high prices. I tried to bid.
“I can’t tell you how often I worked to guide (and advise) buyers not to buy this,” Erskine said.
“Are the winners really winners or are they losers?”
Erskine’s optimistic stability will return to the real estate market in the coming months.
“It will be more balanced and I’m really looking forward to it.”
