When is the best time to buy a home in Ottawa?

One of the ultimate question for a buyer when looking at real estate is when is the best time to buy? When considering the optimal time to purchase a home in Ottawa, Ontario, it's beneficial to examine recent market data provided by the Ottawa Real Estate Board (OREB).   Market Activity and Pricing Trends Sales Volume: In November 2024, 1,059 homes were sold through OREB's MLS® System, slightly down from 1,179 units in October. This figure is 3.1% below the five-year average and 0.5% below the ten-year average for November. OREB Average Home Prices: The average home price in Ottawa for November 2024 was $667,098, marking a 0.2% decrease from the previous month but a 5.4% increase compared to November 2023. WowA Property Types: Breaking down by property type, the average price for freehold houses was $757,814 (up 4.5% year-over-year), while condominiums averaged $445,843 (up 3.3% year-over-year). Inventory Levels Active Listings: At the end of November 2024, there were 4,036 active residential listings, representing a 38.2% increase from November 2023. This level is 72.8% above the five-year average and 30.5% above the ten-year average for November, indicating a growing inventory. OREB Months of Inventory: The months of inventory stood at 3.8 at the end of November 2024, up from 2.9 months in November 2023, suggesting a shift towards a more balanced market. OREB Days on Market Time to Sell: In November 2024, freehold houses took an average of 36 days to sell, compared to 31 days in November 2023. Condominiums averaged 35 days on the market, up slightly from 34 days the previous year. Seasonal Considerations Spring and Summer: These seasons typically experience higher market activity with increased listings, offering buyers more options but also leading to heightened competition and potentially higher prices. Fall and Winter: Market activity generally slows during these months, resulting in fewer listings but also less competition among buyers. Sellers during this period may be more motivated, potentially leading to better negotiation opportunities. Conclusion Analyzing OREB's recent data indicates that Ottawa's real estate market is experiencing increased inventory levels and a slight moderation in price growth, suggesting a shift towards a more balanced market. While spring and summer offer a broader selection of homes, fall and winter may provide advantageous conditions for buyers seeking less competition and more motivated sellers. Ultimately, the best time to purchase a home depends on individual circumstances, financial readiness, and personal preferences. The first step to buying a home is the intention to buy. If you have any questions about market conditions or anything relating a purchase of a home, our team would love to be part of that journey.  If you are actively looking, we recommend registering to our website to get the latest market trends and updates. Register here.  Give us a call anytime at 343-804-0015 or use our Booking Link to get started.   

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