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Looking Up: Inventory Increase for Ottawa Real Estate Board in October
Dated: November 9 2022
Views: 470
For the past two years, the real estate market in Ottawa has been unpredictable and unstable.
Listing inventory has historically been quite low in this area, even compared to other hot markets in the province. And, at times, it was sitting as low as half a month.
But the good news is that the market is in a correction phase (and has been for several months).
In October 2022, the Ottawa Real Estate Board recorded 987 sales, compared to 1,670 last year (a 41% decrease). At the same time, the number of new listings for the month was 2,047 (a 4% increase).
With the slight rise in the number of new listings and the shift away from fast and frantic sales, the Ottawa Real Estate market currently has over 3 months of inventory.
This is great news for buyers, who now have more options and less pressure to buy quickly. It means they have the opportunity to make careful decisions instead of rushing into a purchase that might not be right for them in the long run.
Buyers can also take time to negotiate a deal that works for them without worrying about missed opportunities. At the time of writing this article, 86% of the properties sold on the Ottawa Real Estate Board in the last 7 days were under conditional offers before selling firm. So, you can ask for an inspection or some extra time to get your financing together if you need it.
While sales might be slowing, OREB President, Penny Torontow, has said that “demand is still high.” And that’s good news for anyone looking to sell. Houses may not be flying off the market the way they were this spring, but they are still selling. If you list, you might have to spend more time cleaning and accommodating showings than you had hoped (there’s only a small chance that it will sell in the first week), but it will all be worth it.
Paul Schnittker
Almonte has been my home for many years, and I love living and working in this community. I moved from sales to Real Estate in 2016 because I wanted to help others find their dream home here in the Ot....
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