Congrats to my seller on the firm sale of her beautiful home! 25 years of family gatherings, easter dinners and backyard entertaining will forever me immortalized and cherished and she prepares for the next stage in her life. And although it might feel bitter sweet leaving our home after such a long time, today marks a new chapter to not only create new lasting memoires with friends and family, but also meet new friends we haven't yet met along the way.

The Ottawa market report is out!  As expected, April sales and listings are up in the last month as we enter the spring market, these numbers are a lower relative increase when compared to historical selling activity (new listings and sales both down) as the market slowly ticks up in activity.  Months of inventory is now at 3.7 for April, as the residential market gets closer and closer to parity for buyers and sellers (parity).  It’s important to understand that certain neighborhoods and style of homes sell much more differently than others.  Homes that are priced well, show well, can sell quickly (within a day) and even with multiple offers (including no conditions).  

A bit slower-than-average March kicks off the Spring Real Estate market.  Active listings are up over 60% y/y, as reflected in months of inventory, which improved over February, is the highest in years (with the range from 2019 of 1.8 to last year of 2.3).  It’s important to understand that these averages represent the class as a whole, and certain pockets and style of homes can be much more competitive than others.  Buyers continue to reap the benefit of a continual downward trend in interest rates (borrowing costs) and increased supply (choice).

Coupled with today’s rate cut announcement, the Ottawa market stats for February paint an interesting picture.  Buyer choice (months of inventory) remains very high and with continual downward pressure on interest rates, buyers reap the benefit of lower mortgage cost and more options for homes.  Sellers that had previously delayed listings (or relisting from last year which didn’t sell), are coming to market increasing supply suggesting more inventory and choice for buyers.  Some segments of the market continue to experience very strong demand - it’s important to understand that the housing market stats can vary considerably based on property type and location.

Nearly two years in the making, we found the perfect place to call home.  :)  Christmas, birthday parties, young cousins playing, and of course big Greek and Italian family dinners!! I know my buyer will love it here for years to come. I just hope I get some leftovers!  :D

Inventory has increased, shooting up to the highest level since 2017 as we approach close to a buyer’s market based on months of inventory.  This should be taken with a grain of salt, as different neighborhood and styles of home remain more competitive than others.  With the latest interest rate drop, coupled with dropping bond yields the longer-term fixed rates (5+ out) have made it more enticing for buyers to jump into the market.  

Despite Tariff threats, underlying softness in the economy (unemployment at 6.7% but gradually improving) were enough for the BOC to make a small drop.  The BOC warns that a Tariff war could lead to lower efficiency, growth and output, but higher inflation caused by rising import prices. The next BOC decision isn’t until March and the Bank will have time to assess any geopolitical changes in Canada/US.