Has the housing market bottomed out? - Ottawa Real Estate Market Update
Has the housing market bottomed out?
Is this the ultimate low point for a price on a home for sale?
My name is Greg Hamre from RE/MAX Affiliates in Ottawa and the Hamre Real Estate Team in Ottawa
We're listening to some chief economists saying that this is the bottom end, this is the low point.
Things will start to pick up from here. We're starting to get a sense of that in the economy. We're also seeing lower interest rates lower than we've seen in the last 30 days, and that really takes a lot of pressure off the pricing of homes, as interest rates pull back, they get a little more affordable.
The price of homes and the actual idea of purchasing a home, becomes a little more favorable.
We're also hearing a lot of chatter, about 500,000 new Canadians coming to Canada in 2023 with half of that number coming to Ontario and then it's that number that is 250,000 is supposed to be divided between Toronto and beautiful Ottawa.
We just don't have enough inventory at the moment to support that kind of growth. So there'll be a lot of pressure this spring on finding available homes to purchase.
It won't be the same as it was in the 10 weeks of 2022 when interest rates were record low and very affordable.
I think we're going to see more manageable, more normal conditions, but any easing of the interest rate really helps a purchaser afford a home today.
And we're starting to see that one of the best months ever to purchase a home over the calendar year is always in the month of December. There's less competition.
We still have great climate conditions where you can see landscaping decks, patios, walkways, and you can close out a house relatively quickly.
We're doing deals right now where houses are closing before the end of the year, so at 15 to 20 days.
But we're also doing negotiations where deals are closing in March and April at that time period, you don't have to settle in on your rate until you're closing at that time period. The interest rate should be much better than they are today.
If you'd like to talk about real estate strategy and how to take advantage of the current market conditions, my name is Greg Hamre from RE/MAX Affiliates in Ottawa. Please reach out to me or the Hamre Team.
We're happy to help. We hope to hear from you soon. Take care