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Chances are, you’ve heard some news about the Canadian real estate market shifting. It’s a hot topic, and everyone seems to have an opinion. Whether you’re planning to buy or sell real estate in Ottawa, the shifting market will have an impact on you.
The best course of action is to work with an experienced local real estate team.
What type of real estate market is Ottawa in?
For several years, Ottawa has been in a competitive Seller’s Market—inventory was low and there were many buyers looking to purchase. We saw prices increase and multiple offers on most properties.
However, the market is shifting.
Many people think Ottawa is now in a Buyer’s Market—when there are more listings than there are buyers—but we are not there yet. The market still favours sellers, but there is a definite transition to a more Balanced Market, where supply meets demand.
The upcoming Policy Rate increase from the Bank of Canada coming in September should help further cool the hot market, but many experts predict that we will remain in a Balanced Market that slightly favours sellers for the next while.
How is the shifting market impacting Ottawa homeowners?
Ottawa is a great city for real estate because we are relatively sheltered from major economic changes or crises. As a government town, our economy is stable, with a high average household income.
That being said, the shifting market will have an impact on anyone trying to buy or sell.
Here are a few of the changes to expect if you are selling your home:
- Home prices will moderate, and pricing your home correctly to sell will be important
- Home preparation will take center stage: buyers will have more negotiating power and will expect home repairs and staging when viewing homes
- Homes will likely sit on the market for longer
- There will be fewer showings and offers
- Offers will likely have some conditions
Conversely, here are a few things you can expect if you are buying a home:
- Prices are moderating but not dropping significantly
- You will have more time to view homes and consider offers
- There will be less competition and you will not experience as many bidding wars
- You can be more strategic with your offers and include conditions. In this type of market, the highest bid is not necessarily the winner—conditions are also key.
Why you need an experienced real estate team
A changing real estate market can make anyone nervous. However, an experienced Ottawa real estate agent has seen all types of market conditions: they know how to succeed in Buyer’s and Seller’s Markets. A real estate team with a long track record, like the Chell Team, is better positioned to help you succeed in both.
An experienced team also works together to serve their clients; and when you have the resources, insights, and strategy of an entire team of experienced REALTORs® behind you, you can feel confident about making choices that will best benefit your situation.
Additionally, a local real estate team knows the area better than anyone: they understand the neighbourhoods, and they know the trends and new developments.
Curious about making real estate decisions in a shifting market? The Chell Team is your resource for up-to-the-minute information and knowledgeable advice.