November market stats are out. Over the last several weeks, the residential Ottawa market has slowed down considerably, even beyond typical seasonality. Despite this market softening, prices have held up, as the residential market is up 3% YTD with Single-Family Homes leading the charge at 4.0%. Now sitting at 4.2 months of inventory, with apartment condos the highest at 7 months, there is a lot of buyer choice with with over 3700 active listings in November - the highest since 2016.
It will be interesting to see how the winter months shape up and whether selling activity reduces or expands existing inventory on the market. For those buyers willing to look at homes around the holidays, there is opportunity for bargain-shopping, especially properties that have been sitting on the market for a long time.
