Ottawa’s real estate market experienced a boost in sales in September as interest rates continued to fall. However, real estate agents warn that chronic supply issues are impacting the market.
The Ottawa Real Estate Board reported an increase in home sales and a slight rise in benchmark prices. The fall outlook for Ottawa’s housing market is positive, with steady prices and increased sales activity. Buyers and sellers are adjusting their purchasing power in response to anticipated interest rate cuts, longer amortizations, and higher price caps for insured mortgages.
Despite improving conditions for homebuyers, the market faces challenges due to insufficient development. A report highlighted that housing construction starts were significantly below target for the first half of the year. The number of new listings and active listings in Ottawa also saw a modest increase in September.
Conclusion: Ottawa’s real estate market is navigating a dynamic landscape with rising sales and stable prices. However, the chronic supply issues underscore the need for more development to meet the growing demand. As interest rates continue to fall, the market presents opportunities for both buyers and sellers to rethink their strategies and make informed decisions.
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