Is now a good time to buy?
Ottawa's Real Estate Market 2023
If the idea of relocating to Ottawa and becoming a homeowner has piqued your interest, you’re probably eager to gain an understanding of Ottawa’s real estate market. I will delve into a comprehensive review of Ottawa’s dynamic housing market and provide firsthand insights into the home buying experience here. Beyond the realm of statistics easily found on google, I’ll offer you firsthand knowledge gained from navigating this real estate market. Be sure to read until the very end, as I’ll be sharing valuable tips and insights that could make all the difference in your pursuit of finding your ideal home here in Ottawa.
Home Prices Continue to Rise in Ottawa
Let’s begin with the numbers. Residential home prices are actually up by 5% from last year and we have seen an increase in the number of homes sold. This increase is a whopping 17.5% year over year. As you can see Ottawa’s real estate market has picked up steam as buyers have re-started their home buying search in 2023. condo prices are up 2% and the number of condo properties sold is up 5.6% from July of 2022.
Even as rates have risen, consumers remain confident in Ottawa’s real estate market and continue to buy and sell homes. If you are someone looking to actually buy a home in Ottawa these stats should help illustrate our strong real estate market here.
Although we are still in a sellers market we are no longer in the pandemic frenzy of multiple offers and offering over asking. This is good news for those buyers out there. Buying a home has become considerably less stressful – especially here in Ottawa.
How to Buy a Home in Ottawa
Are you considering buying a home in and moving to Ottawa? The feeling of overwhelm is normal! You’re already one step ahead by doing research beforehand. In this video I will review the home buying process and the number one thing you should do to get prepared to buy a home. If you are relocating to Ottawa keep watching where I will review exactly what you need to do to begin the process.
Are We Still Seeing Multiple Offers?
Now let’s review what I am seeing as a Realtor in Ottawa and actually working within the industry every day. The majority of homes on the market especially those over 700K are not seeing multiple offers – obviously this depends on the property and location. But what I’ve personally been seeing is that there is once again room to negotiate on listings within Ottawa’s real estate market. We are also back to actually placing conditions in offers. If you are looking for a home over the 1 million dollar mark – there is often less buyer competition – which allows you to negotiate further.
Multiple Offers...
Now if you are looking for a home between the ranges of 500-650K I will say there is a lot more buyer competition in this price range. Depending on the property you could actually find yourself in a multiple offer situation – this is not the end of the world – it just gives you less room for negotiating. Having a Realtor help you navigate Ottawa’s real estate market is essential.
Types of Homes you Might see Multiple Offers on
The Future of Ottawa's Real Estate Market
Economists are forecasting that home prices will continue to steadily rise over the upcoming years, mainly due to our housing shortage and large immigration numbers. The idea of waiting for the market to crash has come and gone.
The Ottawa’s real estate market has considerably picked up activity compared to last summer. I am personally expecting the market to continue on this upward trajectory, and remain strong for years to come.
How Much Does it Cost to Buy a Home in Ottawa?
Have you been trying to figure out how much it actually costs to buy a home in Ottawa? Obviously, you can Google home prices to get a good idea – but what you don’t see is the hidden costs of buying a home. Ottawa has a wide variety of housing options ranging from 300 thousand dollars to over a million. In this video I am going to review exactly what it will cost you to purchase a home here in Ottawa.
Need Help Finding a Home in Ottawa?
I help families confidently and successfully relocate to Ottawa.
Moving to a new city is exceptionally challenging. I am your resource for all things Ottawa. Finding a home let alone a new neighbourhood is a huge undertaking without any support. Connect with me where I will help guide you through the process in relocating to your new city!
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