Rising Inventory in Ottawa: How It Impacts Your Home’s Value

Hi ,

The Realestate market is shifting as we move into 2025. More homes are hitting the market, and sales have picked up swiftly in the last quarter of 2024.

That’s great news for buyers! But if you’re a homeowner or seller, you’re probably wondering what it means for you. Let’s break it down so you can navigate this evolving market and quickly understand if it’s worth buying or selling in 2025.

What’s Happening in the Market? December 2024 Residential Trends

Here’s what we’ve seen in the past year, based on the latest Ottawa Real Estate Board statistics:

• Sales are up: Home sales have increased by 8% compared to last year.

• More homes for sale: Inventory grew by 36%, with over 3,400 homes listed.

• High demand: 613 homes sold, while only 603 new homes were listed in December.

• Balanced market: It would take about 3 months to sell all the homes currently for sale, giving both buyers and sellers equal advantages.

• Steady prices: The average home price is 1% higher than last year, indicating strong demand.

Summary: 2025 is shaping up to be an exciting year for buying and selling, with strong demand, rising inventory, and balanced conditions!

So…

What Does More Listings Mean for Sellers and Buyers?

As more listings hit the market, both buyers and sellers will face new opportunities and challenges.

For sellers, more competition means it’s even more important to make your home stand out:

1.  Stand Out From The Crowd: When more homes are for sale, a great presentation and marketing strategy will help catch buyers’ attention and make your home the obvious choice in the marketplace.

2.  Price It Right: Pricing your home correctly is a game changer. Overpricing can driver buyers away, while underpricing means leaving money on the table.

For buyers, more listings offer clear advantages:

1.  More Options: More homes to choose from makes it easier to find the right fit.

2. Less Rush: With prices staying steady, you have more time to make decisions, but be ready to act quickly—well-priced homes are still selling fast.

The Most Important Question: Will 2025 Be a Good Time to Buy or Sell?

2025 looks promising for real estate in Ottawa. Where’s why:

• Better Buying Power for Buyers: Lower interest rates are giving buyers more purchasing power and are expected to lower further in 2025.

  • Limited New Builds: Fewer new homes are being built in Ottawa, particularly affordable ones, due to various factors. As a result, current buyers are focusing more on resale homes rather than new construction. (Read more below)

    • Buyers: It’s a good time to transition from renting to owning, as rental prices are similar to owning outright.

The market looks solid as we head into 2025! While some political changes could bring uncertainty, I’ll be staying on top of the trends and updating you on any big changes, especially here in Ottawa. Here’s to a great year for real estate!

Thinking of Selling or Buying?

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THANK YOU

Thank you for reading this week’s edition of my newsletter. I look forward to consistently bringing you helpful knowledge and being your one-stop shop for anything real estate.

Best regards,

Cale

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