Ottawa’s real estate market took a gentle step into winter this November, and the numbers tell an interesting story. Between cooler weather and a cautious economy, home sales slowed down compared to both October and last November. While the market is still considered balanced, there are definite signs that supply is beginning to outpace demand.
A Shift Toward More Supply
Active listings dipped slightly month over month, but something important happened: months of inventory (MOI) increased again. This signals that, even with fewer new listings hitting the market, homes are taking longer to sell — giving buyers more options and time to make decisions.
This softening is more noticeable than what we usually see in November. Normally, inventory rises a bit heading into winter, but this year the increase is stronger, especially in townhomes and apartments. With more properties available in these segments, buyers have more leverage, and sellers need to pay close attention to pricing and presentation.
What’s Ahead?
There’s some good news: recent interest rate cuts, and the most recent Bank of Canada December 10th announcement that they are holding the rate at 2.25%, may spark renewed buyer activity over the winter. Even though this time of year is traditionally quiet, lower borrowing costs could bring a boost of confidence back into the market.
Looking ahead, Ottawa appears to be setting up for:
A steadier start to the new year, and
A more active, energized spring market.
Whether you’re buying, selling, or just keeping an eye on the market, understanding these shifts helps you plan your next move with confidence.
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