A new trend is emerging as Ottawa's resale market is experiencing a shift with a year-over-year sales decline in March, April, and May. The good news for buyers is the residential months of inventory in Ottawa have increased to 1.2 months. Although we are still a ways away from a balanced market, typically 6 months of inventory, prices have remained constant with an 8.2% year-over-year increase compared to May 2021. Another indication of the market shift is an increase in days on market up to 17 days, which represents a nearly 20% increase from last May 2021. In a balanced market, homes sell typically between 30 and 60 days. We also noticed a 48% increase in cancelled and expired listings in May compared to April as sellers struggle to find their homes' value in this shifting market.
Rising inflation, higher cost of living, and increasing interest rates will continue to factor into this market adjustment. Each neighbourhood can be hyper-local. We love helping families make the optimal decision that fits their budget and financial goals.
If you want to know the true market value of the home of interest, contact us today.