September Market Statistics
Market Insights
The statistics are in for another month. The summer was definitely busier than expected.
The number of homes sold in Ottawa and Lanark County were less year to date than 2022 and the average sales price is trending at 9% less than 2022.
It’s still a strong market. Some buyers are shying away if there is multiple offers suspected and will only bid if they can add conditions. The average DOM have doubled for 2023 compared to the previous year.
Rent prices and inventory for rentals is at a all time high as some buyers are waiting for interest rates to drop or home price to dip lower.
Doug Ford is the second premier to request the bank of Canada halt interest rate hikes which is what they have decided to do. They did however want to make it clear that another rate hike may happen before the end of the year. The next Bank of Canada meeting is October 25th.
The 5 year insured mortgage is 5.64% but some brokerages have specials of 5.54% and the prime rate is 7.20%.
Reach out if you need more information.
Download the PDF – September 2023 Market Snapshot
Lynn 613-686-2064
