Last week, the Royal Bank of Canada (RBC) released an economics report discussing housing trends and affordability in Canada. Included in the document were some interesting observations about the Ottawa real estate market and how its trends compare to other Canadian cities.
Ottawa Real Estate: A Buyer’s Market
The report called the 2014 Ottawa real estate market “lacklustre” even though property affordability has increased compared to past statistics.
“Home resales declined for the second-straight quarter in the first quarter of this year by 3.3%, thereby reaching their lowest levels since mid-2010,” the report says. “Demand-supply conditions weakened further due to the fact that new listings edged higher by 0.9% in the latest period.”
This isn’t all bad news, however. With homes lasting longer on the market, the power has moved into buyers’ hands.
“Price increases ground to a halt for the most part in the first quarter and even went into reverse in the case of condo apartments,” the report says. “The upside of these developments has been that housing affordability improved across all housing types in the Ottawa area.”
What This Means For Buyers and Sellers
As a homebuyer, now is the perfect opportunity to take advantage of market conditions and get a property at great value. With prices depressed so far in 2014 and a high property inventory, you have more options and more leverage when making an offer.
As a seller, it’s critical to ensure your home is properly priced and effectively marketed. A realtor knows how to navigate a buyer’s market and ensure you maximize the value of your property while selling in the minimum amount of time.
Need help buying or selling a home in the Ottawa real estate market? Contact us today.
Tags: John King Team, Ottawa, Ottawa Community, Ottawa Condo Market, Ottawa Housing Market, Ottawa Real Estate, Ottawa Real Estate Market, Ottawa Realtor John King, Real Estate Market, The John King Team Ottawa
Categorised in: Ottawa Real Estate Market
This post was written by John King Team