As the leaves change, so does Ottawa’s housing market. Buyers can take advantage of increased inventory, while sellers can still find a taker if they know how to judge market conditions. Fall and spring are typically the most important seasons for home sales, according to real estate agent Greg Hamre, in an interview with CTV’s Your Morning Ottawa this week. Hamre says Ottawa’s fall housing market, which begins after Labour Day and lasts to the end of November, presents a unique buying opportunity because inventory is often at the highest level of the year. “In the fall time period, the last five years, we’re at the highest level, about 4.5 months worth of inventory. So, there’s lots of selection. Buyers aren’t in a rush,” Hamre said. Hamre recommends buyers confirm their purchasing power and understand any rate-hold expiry before shopping. “The urgency is the mortgage rate or your interest rate. Those are creeping up quietly. Where we saw we could get you numbers in the three high threes months ago. Now, we’re at 4.5, and we know there are a few more rates coming up. So, if you’ve already locked in at a rate, know when that expires,” he said. If you don’t have a rate, lock it in now, he adds. Hamre says fall can be a great time to buy because you can still see decks, patios and pools before the snow begins to fall, making it easier to compare options. “There’s not as many buyers, so you’re not worried about multiple offers as much, but they still happen. The nice products go quickly, but there’s some opportunities there,” he said. Increased inventory means increased competition for sellers For sellers, the increased inventory means increased competition, making it key to understand the buyer pool. Rising rates may reduce the number of qualified buyers, so it’s important attract attention and engage buyers’ emotions. “Position yourself where you’re going to get eyeballs and you’re going to get attention, engage emotions,” Hamre said. “It’s not it’s not just about timing the market it’s about positioning in the market. Be present and engage your buyer’s emotions. That is key.” Hamre says the decision to either buy or sell this season lies entirely on your family’s situation. “Every family situation is different. This may be your time to buy. Take advantage of the selection. Take advantage of the lower interest rates. Depends on your family situation,” he said. Home sale prices stable According to the latest statistics from the Ottawa Real Estate Board, home sales remained steady across Ottawa this summer but saw a sharp 24% drop in the market in August. Last month’s total tied 2022 for the lowest sales count in August since 2016. A total of 1,002 homes were sold in Ottawa in August, down 18.6 per cent from the same month last year. Despite the slowdown, the OREB found prices remained relatively stable. The average home sale price was $633,253 in August, up 0.3 per cent from a year earlier and 0.7 per cent from July.
