If you’re a real estate buyer, you want to know when you can find the best deals and when you’ll have the most listings options. And it goes without saying that if you’re a real estate seller, you want to know when’s the best time to get the most money for your house.
Looking at the sales cycles in Ottawa on an annual basis, we’ll see that the vast majority of listings hit the market between March and September every year. Inventory levels in Ottawa usually peak around September or October, and then it’s a sharp decline into winter. If you’re a buyer waiting on the sidelines for the perfect time to get in, I would have to say it’s most likely around August or September. Now, that is not a absolute guarantee, as things do tend to fluctuate. There are good deals all year long if you really know what to look for (and how to negotiate). As a general rule, the best opportunities for buyers will late summer and early fall.
As for sellers/listings, I usually recommend February or March as there is very little competition and the spring buyers are already aggressively shopping. If you wait until June or July to list your home, you may be disappointed. Like the rest of Canada, buyers typically go on vacation for the summer months and there’s very little market activity. If you list your home in June, it could very well fall on deaf ears. Nobody’s buying, and you could be waiting until September or October when summer vacations are over.
For more a more detailed look at the real estate sales cycle in Ottawa (and Canada), check out my latest YouTube video here. I apologize in advance if I rambled too much in that video 🙂
I have noticed that we currently have a lot more active listings across the board then we had at this time last year or the year before. And there are many home-owners with mortgages coming up for renewal this year so I expect will continue to see an influx of listings hitting the market.
It’s also worth noting that we’re seeing an increase in ‘months of inventory’. What this means; more listings on the market AND they’re taking longer to sell. This could be a sign that things will slow down soon…..
I caution that this is a time to be careful and conservative with borrowing and debt. I do believe inflation will continue to rise, interest rates will continue to rise, and the economy will slowly shrink. All of this is a recipe for tighter times and less spending across the boards. Budget carefully, spend cautiously, and DO NOT OVER-EXTEND yourself. If you have questions about real estate in Ottawa and Canada, I’m always happy to help 🙂
WHEN TO BUY OR SELL REAL ESTATE IN OTTAWA, CANADA
CHRIS STEEVES
www.exprealty.com
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