“New year, new me” for the Ottawa real estate market
Before we hop on the 2023 real estate ride, let’s take a moment to reflect on the roller coaster that was 2022. While the year really ended on a quiet note in December, the Ottawa Real Estate Board (OREB) recorded that spring of 2022 was quite active with resales and high prices. Overall, 2022 resales were 25% less than in 2021, as things calmed down towards the end of the year.
Once rising interest rates came into the picture last year, buyer motivation was suppressed, and many took on a “wait and see” approach. However, that being said, this has given our market the opportunity to return to a balanced state. This is good; Ottawa’s market has been suffering from “chronic supply insufficiency,” which OREB cites as the leading reason why the market has appreciated so rapidly in the past five years. Hopefully we will continue to see steadily rising inventory, despite the fact that inflation has taken the momentum out of some building projects, which doesn’t help with increasing supply.
With the economic environment and real estate pulling a “new year, new me” situation, it will be interesting to see how 2023 plays out, especially in the Ottawa market, where many area-specific variables are at play in influencing market performance across town.
- Ottawa Real Estate Board: Quiet December Caps Off Tumultuous Year
- CTV News Ottawa: Ottawa home sales down 30 per cent in December
- Ottawa Citizen: Ottawa housing market: December 2022 was quiet, but January 2023 is likely to look bleak