Less Risk In 2023 - Ottawa Real Estate Market Update - Greg Hamre RE/MAX Affiliates Realty
📰The Great News for Ottawa is that we just made it through this historic housing recession!📊
🎯North America just lived through an historic event and where we went from in the first quarter of the year, we went from interest rates that were 💸2.0 something which was unsustainable to the highest interest rate since 1980.🎰
⚖It was, it wasn't a gradual swing.
❗It was like a light switch like a line in the sand and it, it happened in the months of 🗓May and May 2022 and, and it was, it was all over.
🔑Buyers were on strike for September and November.
🛒They just weren't buying market conditions now are trending positively for the first time in 10 months, foreclosures are non existent.❌
💹Everything in real estate is trending positively with lower mortgage rates increase in new listings, shorter days on the market.😀
There's a sense of optimism.🤩
🔁Real estate is a cyclical type of market where things go up and they go down and we started to feel the upswing in December and it's, it's increasing as we went through January and we're really optimistic that February going to the spring will be will be a little 🤒 healthier than it was for the later part of 2022.👑