Predictions For Ottawa Real Estate Prices 2024

Mark my words, the first quarter of 2024 will be the golden window for securing the lowest housing prices for the next decade. 🏠💰

I'm Melanie Giray with the Hamre Team and RE/MAX Affiliates in Ottawa and I was just reading the most recent article by the Financial Post, here are my crystal ball predictions for the local housing market. 🔮📰

So let's talk about inventory. 🏘️📉

We've all heard it, there is not enough inventory, not only in Ottawa, in Ontario, but in the nation. 🇨🇦📉

So builders are not building fast enough to sustain our growing population and there simply are not enough roofs for our population. 🚧👷‍♂️

So it's going to take years and years to resolve this inventory shortage that we are experiencing. ⏳🔍

Not only that, interest rates are expected to go down in the second quarter of this year and to keep going down into next year, which is an election year. 📉🗳️

So no surprise there that interest rates will be at a lower place during an election year. 🤔💼

So that from a zoomed-out perspective, the housing market seems more affordable to the consumer, right? 🔍💰

But we all know when interest rates go down pricing blow up and this generates more competition amongst buy. 💥💼

If you think home pricing has reached the stars, just wait em, brace yourself for what's on the horizon. 🌟🔭

If you're someone who has been contemplating the idea of getting your foot into the market, I would love to chat with you before you get priced out of the market. 🤝🏠

Reach out any time I'm Melanie Giray, the Hamre Team and RE/MAX Affiliates in Ottawa. 💼🏠

We'll chat with you soon. 👋😊

Take care. 🌟🏡

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