George Prazmowski - Real Estate Sales Representative

The Ottawa Real Estate Board (OREB) has issued the latest statistics for the real estate market in Ottawa....."After the volatility of the past two pandemic years, which was unsustainable, the market is correcting and adjusting," says Penny Torontow, OREB President. "The slowdown is compounded by Bank of Canada interest rate increases, which further exacerbates buyer hesitancy and weakens people's purchasing power—especially first-time homebuyers."
“Demand is still high, and with increasing inventory available, Buyers have more choices and time to shop for their new home. However, the ongoing speculation about where prices and interest rates are headed shakes consumer confidence and has made some prospective Buyers take a wait-and-see approach.”

The latest stats from the Ottawa Real Estate Board shows 2022 property sales trending quite a bit lower than the previous 3 years, while sale prices are showing a slowing trend from the start of the year, with prices coming closer in line to those of last year at the same time.