In November, the market hibernates
In typical November fashion, activity in the real estate market was on the quieter side last month. Now, the market is known to see less activity around this time, almost as though it embarks on a quick hibernation—but current economic conditions have exacerbated this market low.
Naturally, there is less proactive action as people brace for an economic downturn. As a result, rentals are notably increasing. At the moment, less people are entering the market given the risks and uncertainties, but as we often say—it’s important to remember that real estate is a long-term investment, and over the long-term, steady growth has been consistent.
There are always two sides to every coin. The state of the market in Ottawa is becoming quite balanced with a healthy amount of steady inventory that slightly favours buyers. At the end of the day, behind every real estate position, there’s always a possible strategy. A solid strategy accounts for different variables—for example, neighbourhoods, appropriate pricing, and optimal timing. With experience navigating all types of situations, we can help take the stress out of achieving your real estate goals—hibernation, or not! All it takes is a simple conversation for us to learn more about you! As always, we look forward to helping you strategize.