Predictions For 2024 Ottawa Real Estate Market

The worst is over and here's my predictions for 2024 in the Ottawa real estate market.

My name is Greg Hamre from RE/MAX Affiliates in Ottawa and the Hamre Real Estate Team.

And there are five key components to the real estate market in 2024.

Number one, interest rates will come down.

We've got a tease for it in December where mortgage lenders came, some of them came below 5% to create a lot of excitement and buyers jumped in.

We saw that creep back up before the end of the month.

Mortgage brokers pulled back, but we expect that those price drops will continue to come on a more frequent level in 2024.

And we are expecting rates to get to 4.5 if not lower.

Number two, price increases, they'll be marginal up to 5% possibly, but there will be a push to be flat.

So the market pricing should be very flat to 2023 and the second half of 2022 there will be more selection buyers have been waiting, the lower interest rates will pull people in but sellers have also been pulled back because of the higher interest rates, they didn't put their house on the market.

It will balance out with buyers and sellers, meaning more of a flat line price points, the biggest increases will be in the condominium apartment style.

There's just not enough inventory here.

We don't have enough product coming onto the market as far as new builds go.

Selection is minimal.

There's some nice selection out there right now but not enough to bring people into that lifestyle.

One-level living and Ottawa will have a shortage of condominiums.

That will be the biggest price increase.

Buyers will be fussy in 2024 price points are still high.

Interest rates are still relatively high.

There won't be a lot of extra money to do new kitchens, bathrooms, roof and windows, and hardwood flooring.

So the product has to look attractive.

It has to be right and it has to be turnkey for as much as possible.

And buyers will be fussy and, looking for the type of product that grabs their emotions has the edge over the competition.

And lastly those sellers that list in January, February, and March will have a competitive advantage over other sellers throughout the rest of the year.

The excitement happened New Year's Day, it's the busiest day of the year for real estate.

And that first week, a lot of buyers have made that jump into 2024 were gonna make a move this year and they start looking now.

My name is Greg Hamre from RE/MAX Affiliates in Ottawa and the Hamre Real Estate Team.

We want to be a part of your journey in the real estate market.

We've been a part of family journeys in Ottawa for over 40 years and continue to be outstanding in our profession.

Please reach out to us.

Let's make your journey a wonderful experience and a prosperous New Year.

Hope to see you soon.

Take care.

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