June 2023 Ottawa Real Estate Market
🔍 What happened in May and what is going to happen in June in the Ottawa real estate market? 🏠💼
🔮 Here is what we are forecasting.
💼 Leif Olson with the Hamre real estate team RE/MAX Affiliates.
💥 May was a big month for Ottawa real estate and was actually the first month where the market was UP in a long time.
📈 Market was up 10%.
💰 The average residential sale price was $745,000 and the highest sale price was $4.5 million.
💪 So May was a positive month overall.
❓ But what happens next?
🔮 Now nobody knows the future for certain, but you can read the signs and you can watch the market to see where trends are going.
📅 Since week 17 we have been closely matching 2022 pricing.
⚠️ But this week there is talk of a potential interest rate hike. Could go up 0.5% this Thursday.
🔒 Now if you have a good mortgage broker and you’re looking to buy now, you can lock into that rate for 120 days.
📞 And we can put you in contact with those mortgage brokers.
💭 But what could that mean for the market? Well, the 120 days could give a bit of a buffer until we feel the effects of the interest rate hike on the market.
⏳ So the next 5 weeks could have pricing stay fairly steady as inventory is still not high.
📉 But when new people start applying for mortgages and start being locked in at that higher rate, what they can afford will be diminished.
💰 This could result in prices dropping because the cost of borrowing money is higher.
⏰ Now is the time if you want to sell your home, and we are beginning to enter a trickier part of the market.
🎯 That’s when skill comes into play, you can’t just put a sold sign up and expect the best results. And you can’t just work with anyone to find your next home.
👥 You want to work with a skilled team of professionals, the Hamre real estate team at RE/MAX Affiliates.
📲 Reach out today for more info, it would be our pleasure to help.
😀 I’m Leif Olson with the Hamre Team, talk soon.