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. 

Ottawa Market Stats are out.  As we experienced the typical slowdown around the holidays, the market finished the year on a high note (home sales totaled 13,526 an 11.8% y/y increase) the number of active listings remained high with 3216 (the highest since 2016) and the absorption of new properties will vary greatly depending on property type, condition and location. 

Congrats to Trent on the purchase of his first home!  I’ve always been a big fan of looking at homes around the slow months of the year, and we got a great deal, for a great guy, on this one!  

November continued the strength of the residential real estate market we saw in October; sales were up nearly 46% compared to the slowdown of November 2023, with a very robust sales to list ratio of 78% (highest in three years).  Months of inventory has slowly increased as expected for this time of year, but with a strong absorption rate and a projected jumbo rate cut tomorrow, the end of the year is looking to finish on a high note.