Ottawa real estate market gained momentum in January, real estate board says
CTV
The Ottawa Real Estate Board (OREB) says the capital's real estate market thawed in January, but the market is still relatively quiet.
The Ottawa Real Estate Board (OREB) says the capital's real estate market thawed in January, but the market is still relatively quiet.
Newly released statistics show 629 homes were sold in January, which is in increase of 16.5 per cent from January 2023. OREB notes that home sales were 10.7 per cent below the five-year average and 3.9 per cent below the 10-year average for the month of January.
“Ottawa’s market activity is seeing positive gains over last year but it’s still a relatively quiet market even by pre-pandemic standards," Curtis Fillier, OREB president, said in a statement.
Fillier says realtors are reporting "lots of showing activity," but it's not translating into higher sales numbers.
“During the pandemic market, buyers had to move quickly and sometimes settle for a property that didn’t check all their boxes. Today, buyers are using the slower market to take the time needed to find their perfect place,” he said. "Sellers would be well-advised to adjust their expectations and thoughtfully consider their pricing and timing strategy."
Meanwhile, Brandon Reay, OREB’s policy and external relations manager says the city’s “market conditions can fluctuate quickly,” given the limited supply when it comes to the number of available houses.
“Ottawa needs more suitable and affordable homes to address the housing crisis, and we need to increase density to meet population demands. We can’t restore and grow upon the market activity Ottawa saw five and ten years ago without more houses for people to buy. OREB recommends direct solutions for meaningful policy change, including streamlining the process at the Ontario Land Tribunal, eliminating exclusionary zoning, and permitting four units on residential lots,” said Reay.
