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People looking to buy a home in Ottawa say the housing market is still red hot despite the city's real estate board seeing s of a temporary cool down. Earlier this week, the Ottawa Real Estate Board released a report saying June's resale market performed similar to a typical pre-pandemic June.
The board said those prices have not seen nearly the same increase from one month to the next as earlier in the year, which is a prices are levelling off, according to Wright. Ben Rabidoux of Edge Realty Analytics says he agrees the market is normalizing, but from an artificial and unsustainable peak in the first quarter of This is still a very hot market that is just not conducive to affordability," said Rabidoux.
With limited inventory and a market that leans heavily toward sellers, Rabidoux doesn't see things correcting anytime soon. Dan Riendeau has been looking to buy a home in Ottawa for two years, which has included about 60 visits to homes.
There are less houses on the market and whatever prices that are being asked are still over and above what they should be," Riendeau said.
He says the process of buying a home feels very rushed, roping some into buying homes they like, but not necessarily love because of how competitive the market is. The experience is just as stressful for those who successfully bought insuch as Josh Flynn and his wife Marcela.Fall Market in Ottawa is Hot!
They also started the search for a new home two years ago, and the experience was much different than when they bought their first home in It was a much more exciting experience in that there was a build-up and anticipation to the whole process," Flynn said.
Flynn has been on the buyer and seller side, and says he still thinks there's an aggressive bump in the value of homes. For those looking to buy, his advice is not to rush. I think there's too much variability right now as a new home buyer.
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Comments on this story are moderated according to our Submission Guidelines. Comments are welcome while open. We reserve the right to close comments at any time. the conversation Create. Already have an ? Ottawa Ottawa housing market normalizing — but still pretty hot The Ottawa housing market is no longer boiling hot, according to the local real estate board, but buyers say homes are still out of reach for many.
Board president Debra Wright says the market is showing s of balance. Red-hot market 'never before seen in Ottawa' hard on homebuyers Analysis.Hot Ottawa looking
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