When Is The Right Time To Buy or Sell Properties In Ottawa?
The Bank of Canada's recent interest rate cut had somewhat of an impact on property sales and the time period it took for those properties to sell from May to June 2024.
Despite generating the most sales among the property types in the residential market, 2-storey family properties, bungalows, semi-detached properties, and 2-storey townhouses sold much less in June 2024, except for 2-storey townhomes which sold slightly more. This confirms buyers' patience in looking for affordable housing options in anticipation of future interest rate cuts.
The trend in the residential market is similar to that in the condo market, where more sales of the popular one-level condo apartments and 2-storey townhomes in May decreased in June.
Depending on where inflation goes, there is a rumour that the Bank of Canada may further cut its interest rate in its upcoming announcement in September. If the inflation rate continues to decrease, interest rates will likely also decrease. Therefore, it is recommended for buyers and sellers to monitor where the inflation rate is heading and take precautions when making well-informed decisions to avoid frustration and disappointment.
RESIDENTIAL*
| Property Type |
Number of Sales May 2024 |
Median Number of Days To Sell: May 2024 |
Number of Sales June 2024
|
Median Number of Days To Sell: June 2024 |
| 1 1/2-Storey Detached | 73 | 19 | 71 | 29 |
| 2-Storey Detached | 541 | 16 | 521 | 20 |
| Bungalow | 525 | 20 | 414 | 19 |
| Hi-Ranch | 69 | 21 | 59 | 20 |
| Split-Level | 60 | 15 | 67 | 18 |
| Semi-Detached | 110 | 14 | 105 | 15 |
| 2-Storey Townhome | 254 | 14 | 257 | 15 |
CONDOS*
| Property Type |
Number of Sales May 2024
|
Median Number of Days To Sell: May 2024 |
Number of Sales June 2024
|
Median Number of Days To Sell: June 2024 |
| 1-Level Condo Apartment | 223 | 20 | 199 | 28 |
| 2-Storey Condo Townhome | 103 | 16 | 80 | 16 |
| Stacked Condo Townhome | 65 | 21 | 51 | 22 |
*Source: Ottawa Real Estate Board, July 2024
