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Market Update December 2023

Posted by admin on December 6, 2023
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Market Insights

Ottawa & Lanark County Real Estate Market Update December 2023 statistics are in for another month.

We are still trending a decrease of 7% in Lanark County and a decrease of 10% in Ottawa compared to last year.

Average days on market is 22 days last year and 42 days this year in Ottawa and 58 days in Lanark County this year.

The Bank of Canada has maintained the overnight rate this morning keeping the prime rate at 7.20%

Predictions hold strong and hopeful that we will see the Bank of Canada decrease rates come April 2024. In today’s announcement it was highlighted “Governing council is still concerned about risks to the outlook for inflation and remains prepared to raise the policy rate further if needed.“

The 5-year bonds have been slowly decreasing, fixed rates have followed suite. They aren’t drastically dropping by any means, but they are continuing to slowly come down. This helps borrowers in qualifying, increasing their affordability, which in this market is always helpful! 5 year fixed is 5.54% and variable at 7.20%

 

Statistics Graph – December 2023

For more details on the Ottawa & Lanark County Real Estate Market Update December 2023  click here or the above graph

Stay tuned for more real estate insights and tips next month

Reach out if you want to discuss your local neighbourhood statistics.

Download the PDF – December 2023 – Market Snapshot

Lynn 613-686-2064

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