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July, 2022 Ottawa Real Estate Market Update

Inventory and interest rates have increased and that means we are getting closer to a balanced market in Ottawa. Learn about the details in my monthly market report.

Sales are down 35% for the month of July (the number of properties sold) in comparison to July, 2021. In total, Ottawa Real Estate Board members sold 1100 properties in July. Of that number, 840 were in the residential class and 270 were in the condominium class.

The average condominium sale price was $425 694 and that is up 1% from last year. The average residential sale price was $716 354 and that is up 5% from last year.

Buyers- it's important to know that interest rates are still reasonable especially if we compare to past historical rates. You should talk to a mortgage broker about the financial impact it can have on you when purchasing a property. You may be surprised to learn it is not as grim as you have heard. Remember that with higher interest rates, lower prices than the spring market we experienced and less competition have become more the norm.

Renters-do you have the potential to become a first time home buyer? If yes, I strongly recommend reaching out to have a chat. Rents are rising and competition to secure a rental is increasing. It is better to start somewhere in the housing market, build some equity and then upgrade from there. You do not need to start with your dream property as your first property. Let’s get you started on the home ownership journey so we can start building your equity instead of your landlord’s.

Sellers-yes, you are going to spend a little more time on the market but, understand that not every property is the same. There are factors that can impact the interest of a home such as condition and neighbourhood. We are still seeing properties in certain areas and of excellent condition sell for over asking in a short amount of time.

In the last week, over 250 properties have sold with the Ottawa Real Estate Board and of that number 75% were sold under asking price. However, 6% were sold at asking price and 19% were sold above asking price. Wondering what your home could sell for? Contact me to find out the value of your home. I look forward to hearing from you.

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