latest report from the Ottawa Real Estate Board highlights the continued surge in home sales and prices in the capital, with April witnessing a 1.6 per cent increase in home prices compared to the same period last year. The average cost of a property sold in Ottawa now stands at $643,700, with single-family homes commanding a benchmark price of $727,700.
Despite concerns stemming from the federal government's new mandate requiring workers to be in the office for a minimum of three days a week, the real estate market remains robust, witnessing an 8.9 per cent increase in home sales from April 2023. However, there are warnings of potential shifts in the market dynamics due to this mandate.
The report indicates a particularly strong performance in the townhome segment, which has transitioned into a seller's market due to shrinking supply. Single-family homes, on the other hand, remain the most active market segment, contributing to the inflation of the average sale price.
President of the Ottawa Real Estate Board, Curtis Fillier, acknowledges the evolving landscape, emphasizing the significance of the upcoming federal election and the back-to-work mandate for government workers in shaping market trends. Fillier notes a "restored mutual confidence" among both buyers and sellers, attributing this to recent sales activity.
The market is witnessing a surge in listings, with 2,597 new listings in April alone, marking a substantial 40 per cent increase from the previous year. At the end of April, there were 2,966 active listings in Ottawa, reflecting growing interest and confidence among sellers.
Despite the cautious pace influenced by economic factors and the ongoing transition to a post-pandemic normal, Ottawa's real estate market remains strong and stable. Buyers now have the luxury of time to find properties that meet their needs, alleviating the pressure experienced during the peak of the pandemic market.
As the city navigates through this period of transition, the next few months will be crucial in understanding the long-term implications of these shifting dynamics. However, amidst these changes, Ottawa's real estate market stands resilient, offering opportunities for both buyers and sellers alike.
Source From: Wealth Professional
Adapted by Jose Gustavo