Jason Anbara has been trying to buy a new house for more than a year. However, financing and prices were still too high.
"Rates are at 7 per cent. With the stress test you have to qualify at 9 per cent," Anbara says."So your budget went from, let's say a million dollars down to $800,000. So it's been tough.""That’s going to give us more affordability to put a better offer in to get the property that we’re looking for."
Statistics released by the Canadian Real Estate Association show average sale prices in Ottawa have dropped 15 per cent year-over-year, from roughly $760,000 in March 2022 to $640,000 in March 2023."Prices seem to have stopped falling all over the place," says Shaun Cathcart, CREA Senior Economist."I expect that it's going to heat up further. Whether that's on the sales side if we get a lot of listings out there, which we don’t have right now.
Real estate agent with Coldwell Banker First Ottawa, Nick Kyte, has had a busy two weeks. He says buyers are anxious to bid again. "Next two and a half months are the busy time," Kyte says."Right now, we're sitting at 3.1 months inventory for residential and 2.8 for condominium. That means, in layman's terms, that if no new homes came to market, it would take that long to sell the current inventory, which is not much.""As low as 4.29 per cent on a five year fix," says Anbara."Which is a lot better than what it was a few months ago.
Yet another article asking real estate agents if “things are heating up” and they shocking say yes. This is becoming a joke
It's almost like we shouldn't be bringing in a million more people right now