Ottawa Real Estate Market June 2023
🥁 One thing about Ottawa, and if you've lived here long enough, you know that it, the city kind of beats to a different drum than the rest of Canada probably because it's a big, very federal city.
💥 We never have the high peaks and the, and the big lows that the rest of Canada 🇨🇦has experienced over the past 25 years that I've been around paying attention to real estate market.
💪💼 But right now, coming into the beginning of June, the economy in Ottawa is quite strong. And that relates to not just the economy, but the Real estate market in general.👍🏼
⏫ The peak of the market here is always week 17, and we saw that again this year. And, but it, it didn't drop off like it did in 2022.
📉 🐢It slowed down just marginally, and there's still a really good pace out there. We we're listing a lot of new homes coming this week and next week, some really exciting stuff, but the buyer pool won't be as strong as it was in the early part of the year.
🚪💰So buyers won't, there won't be as many people going through the doors.
💼 There won't be as many bidding wars coming up as we head into the summer months. But there will be good inventory and we're still running into multiple offers, but it's, it's one other offer on the property in knock five and knock 12 like it was last year.
👁️So, I'm not sure if that trend will continue through the summer months, or if that's a push because everybody wants to buy before the interest rates go up on June 7th, or the rumor of interest rates.🔺
💰📆 I did see a rumor today that interest rates could go as high as 7% in the second half of 2023. Right now, we're seeing interest rates around 4.69, 4.59. They are starting to creep up, so there's, there is a little bit of urgency in the auto real estate market. The savvy buyers are out there and there's a great selection of listings.
👥🔍 If you're thinking of buying or selling. This is a good time to get going.
📲Reach out to us at WeKnowOttawa.com. That's actually our website. We know Ottawa.
🏘️🖥️ My name is Greg Hamre from RE/MAX Affiliates in Ottawa and the Hamre Real Estate team.
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