Is the Ottawa real estate market still “energetic”?
Yes, it is!
In a nutshell: prices remain high and sales remain brisk.
But the winds of change are blowing. They are light winds, so far and it remains to be seen whether they will keep blowing.
Along with my colleagues, I am noticing not all listings are selling quite as quickly. There are more price reductions, some properties are selling for under the asking price and some are even selling with inspection and financing conditions.
The changes to the mortgage stress test that came into effect on June 1st will also likely have a cooling effect. In short, time will tell but we may be moving towards a slightly more balanced real estate market, and that would be a most welcome change.