The Bank of Canada has held its target overnight rate steady at 2.75%, with the Bank Rate set at 3.00% and the deposit rate at 2.70%.

Since the April Monetary Policy Report, the United States has continued to adjust various tariffs, with both the U.S. and China stepping back from earlier aggressive trade measures. Bilateral trade negotiations have resumed with several countries, but outcomes remain highly uncertain. “Tariff rates are well above their levels at the beginning of 2025, and new trade actions are still being threatened. Uncertainty remains high.”

The global economy has shown some resilience, though this is partially due to businesses advancing activity in anticipation of future tariffs. In the U.S., consumer demand stayed solid, though a rise in imports caused a dip in Q1 GDP. Inflation has edged down but still sits above 2%, and the full impact of tariffs on prices has not yet been realized. In Europe, growth has been export-driven, and defence spending is on the rise. China, meanwhile, is experiencing a slowdown as earlier fiscal measures wear off, and its exports to the U.S. are being hindered by steep tariffs. Following April’s market volatility, most risk assets have rebounded and volatility has calmed—though markets remain sensitive to U.S. policy changes. Oil prices have varied but are relatively stable compared to April levels.

In Canada, Q1 GDP growth reached 2.2%, slightly exceeding the Bank’s forecast. The main drivers were advanced exports to the U.S. and higher inventories, though final domestic demand remained flat. Stronger-than-expected spending on machinery and equipment supported business investment. Consumer spending slowed from Q4 but remained positive, even amid a steep drop in confidence. Housing activity declined, primarily due to a significant drop in resale transactions. Government spending also decreased. The labour market has weakened, particularly in trade-reliant industries, with the unemployment rate now at 6.9%. Looking ahead, economic momentum is expected to slow further in Q2 as earlier gains from exports and inventories fade, and domestic demand stays weak.

CPI inflation eased to 1.7% in April, largely due to the removal of the federal carbon tax, which reduced overall inflation by 0.6 percentage points. “Excluding taxes, inflation rose 2.3% in April, slightly stronger than the Bank had expected.” Key measures of core and underlying inflation also ticked higher. Surveys show that many households expect tariffs to push prices up, and a growing number of businesses intend to pass those costs along. “The Bank will be watching all these indicators closely to gauge how inflationary pressures are evolving.”

Given the ongoing uncertainty around U.S. trade policy, a soft but not sharply declining Canadian economy, and stronger-than-expected inflation data, “Governing Council decided to hold the policy rate as we gain more information on US trade policy and its impacts. We will continue to assess the timing and strength of both the downward pressures on inflation from a weaker economy and the upward pressures on inflation from higher costs.”

“Governing Council is proceeding carefully, with particular attention to the risks and uncertainties facing the Canadian economy.” These risks include how U.S. tariffs impact demand for Canadian exports, the potential ripple effects on business investment, employment, and household spending, and how quickly businesses pass rising costs on to consumers. Inflation expectations will also remain under scrutiny.

“We are focused on ensuring that Canadians continue to have confidence in price stability through this period of global upheaval. We will support economic growth while ensuring inflation remains well controlled.”

The spring market is gaining momentum in Ottawa, with notable shifts in both buyer and seller behaviour. According to the Ottawa Real Estate Board (OREB), a total of 1,306 homes were sold through the MLS® System in April 2025. While this represents a significant 18.4% increase over March 2025, it also marks an 11.2% decline compared to April 2024.

Sales activity for the month came in 17.6% below the five-year average and 16.2% below the 10-year average, indicating a slower pace when viewed from a longer-term perspective.

“While April sales were down year-over-year, we saw a healthy month-over-month increase—an encouraging sign of growing momentum as we move through the spring market,” says OREB President Paul Czan. “Inventory remains at higher levels compared to previous years, indicating a gradual move towards a balanced market.”

As market conditions shift, both buyers and sellers are adjusting their strategies.

“With more certainty following the federal election, buyers are returning with greater confidence—but they're proceeding cautiously, taking their time, including conditions in their offers, and being more selective,” adds Czan. “Sellers, meanwhile, are adjusting to longer days on market, which makes strategic pricing and thoughtful home preparation more important than ever. If the listing is priced well, shows well, it's moving—and in some cases, it’s even getting multiple offers. Looking ahead, we’ll be watching how the federal government’s recent housing commitments translate into action. Policies aimed at increasing supply, improving affordability, and supporting first-time buyers are welcome steps toward meaningful impact here in Ottawa.”

By the Numbers – Prices

The MLS® Home Price Index (HPI) provides a more accurate reflection of market trends than traditional average or median price measurements.

• The overall MLS® HPI composite benchmark price was $631,200 in April 2025 — a 1.1% increase from April 2024.

• The benchmark price for single-family homes reached $703,200, rising 1.0% year-over-year.

• Townhouses/row units saw a more notable price gain, with a benchmark of $440,000, up 4.4% compared to April 2024.

• Apartment-style properties experienced a decline, with the benchmark price at $404,000, down 2.8% from the previous year.

Meanwhile, the average sale price across all property types in April 2025 stood at $707,180, reflecting a modest 0.4% increase compared to April 2024. The total dollar volume of home sales amounted to $923.5 million, which represents a 10.8% decline year-over-year.

By the Numbers – Inventory and New Listings

Market supply continued to expand in April, offering more options for prospective buyers.

• New listings totalled 2,589 residential properties, a 3.8% decrease compared to April 2024. However, this figure remains 2.8% above the five-year average and 5.6% above the 10-year average for April.

• Active listings reached 4,878 units by the end of the month, a surge of 54.2% over last year. Inventory levels were 86.9% higher than the five-year average and 51.3% above the 10-year average.

• The months of inventory—which measures how long it would take to sell all current listings at the current sales pace—stood at 3.7, up from 2.2 months in April 2024.

As Ottawa’s real estate market continues its transition toward more balanced conditions, buyers and sellers alike will benefit from working closely with knowledgeable REALTORS® who can help navigate pricing strategies, property preparation, and offer negotiations.

Stay tuned for more insights as we monitor how upcoming policy implementations and evolving market dynamics shape the remainder of the 2025 real estate landscape.

Source:OREB.ca

In its latest interest rate announcement, the Bank of Canada has chosen to hold the overnight rate steady at 2.75%, with the Bank Rate set at 3.00% and the deposit rate at 2.70%.

This decision comes amid significant shifts in U.S. trade policy and growing uncertainty surrounding tariffs, which have collectively dampened global and domestic economic growth prospects while increasing inflation expectations. The April Monetary Policy Report (MPR) addresses this uncertainty by outlining two possible scenarios for U.S. trade policy moving forward.

• In the first scenario, trade uncertainty remains high but tariffs are limited in scope. Under these conditions, Canadian economic growth is expected to weaken temporarily, while inflation holds close to the 2% target.

• In the second scenario, a prolonged trade war drives the Canadian economy into recession this year, with inflation projected to rise temporarily above 3% in 2026.

The Bank notes that various trade policy outcomes are possible, and the level of uncertainty—both in terms of potential scenarios and their outcomes—is unusually high due to the rapid and unprecedented shifts in U.S. trade policy.

Globally, economic growth was solid at the end of 2024, and inflation had been easing towards central bank targets. However, rising trade tensions have since weighed heavily on the outlook. In the United States, signs of economic slowing have emerged amid elevated policy uncertainty and declining market sentiment. Inflation expectations have also risen. Meanwhile, euro area growth has been modest in early 2025, particularly impacted by a sluggish manufacturing sector. In China, the economy ended 2024 strong but has shown signs of slowing more recently.

Financial markets have experienced significant volatility due to ongoing tariff announcements, delays, and persistent threats of escalation. This turbulence has only added to existing uncertainty. Since January, oil prices have dropped significantly, driven largely by downgraded global growth expectations. The Canadian dollar has appreciated recently, primarily due to a broader weakening of the U.S. dollar.

Domestically, Canada’s economy is also feeling the impact. Tariff-related uncertainty has eroded both consumer and business confidence, contributing to weakness in consumer spending, residential investment, and business capital expenditures in the first quarter. The labour market recovery has also been disrupted, with a reported decline in employment in March and indications from businesses that hiring will slow. Wage growth is showing continued signs of moderation.

Inflation measured at 2.3% in March, slightly lower than February, but still up from 1.8% in January. This increase is largely attributed to a rebound in goods prices and the conclusion of the temporary GST/HST suspension. Looking ahead, the removal of the consumer carbon tax in April is expected to suppress CPI inflation over the next year. Additionally, lower global oil prices will exert downward pressure on inflation. However, tariffs and supply chain disruptions could push certain prices higher. The extent of this impact will depend on how tariffs evolve and how quickly businesses pass increased costs onto consumers. While short-term inflation expectations have risen, long-term expectations remain relatively unchanged.

The Bank’s Governing Council will continue to evaluate both the downward pressures on inflation arising from a slowing economy and the upward pressures caused by higher input costs. The primary focus remains on maintaining price stability and ensuring Canadians retain confidence in the central bank’s ability to manage inflation.

As we navigate this period of heightened global volatility, the Bank of Canada is proceeding cautiously, paying close attention to a range of economic risks. These include:

• The potential reduction in demand for Canadian exports due to higher tariffs,

• The possible knock-on effects on business investment, employment, and household spending,

• The speed and extent to which businesses pass increased costs to consumers, and

• The evolution of inflation expectations.

While monetary policy cannot directly resolve trade uncertainty, it plays a crucial role in safeguarding price stability and supporting economic resilience during challenging times.

Source: bankofcanada.ca

The Bank of Canada today reduced its target for the overnight rate to 2.75%, with the Bank Rate at 3% and the deposit rate at 2.70%.

The Canadian economy entered 2025 in a solid position, with inflation close to the 2% target and robust GDP growth. However, heightened trade tensions and tariffs imposed by the United States will likely slow the pace of economic activity and increase inflationary pressures in Canada. The economic outlook continues to be subject to more-than-usual uncertainty because of the rapidly evolving policy landscape.

After a period of solid growth, the US economy looks to have slowed in recent months. US inflation remains slightly above target. Economic growth in the euro zone was modest in late 2024. China’s economy has posted strong gains, supported by government policies. Equity prices have fallen and bond yields have eased on market expectations of weaker North American growth. Oil prices have been volatile and are trading below the assumptions in the Bank’s January Monetary Policy Report (MPR). The Canadian dollar is broadly unchanged against the US dollar but weaker against other currencies.

Canada’s economy grew by 2.6% in the fourth quarter of 2024 following upwardly revised growth of 2.2% in the third quarter. This growth path is stronger than was expected at the time of the January MPR. Past cuts to interest rates have boosted economic activity, particularly consumption and housing. However, economic growth in the first quarter of 2025 will likely slow as the intensifying trade conflict weighs on sentiment and activity. Recent surveys suggest a sharp drop in consumer confidence and a slowdown in business spending as companies postpone or cancel investments. The negative impact of slowing domestic demand has been partially offset by a surge in exports in advance of tariffs being imposed.

Employment growth strengthened in November through January and the unemployment rate declined to 6.6%. In February, job growth stalled. While past interest rate cuts have boosted demand for labour in recent months, there are warning signs that heightened trade tensions could disrupt the recovery in the jobs market. Meanwhile, wage growth has shown signs of moderation.

Inflation remains close to the 2% target. The temporary suspension of the GST/HST lowered some consumer prices, but January’s CPI was slightly firmer than expected at 1.9%. Inflation is expected to increase to about 2½% in March with the end of the tax break. The Bank’s preferred measures of core inflation remain above 2%, mainly because of the persistence of shelter price inflation. Short-term inflation expectations have risen in light of fears about the impact of tariffs on prices.

While economic growth has come in stronger than expected, the pervasive uncertainty created by continuously changing US tariff threats is restraining consumers’ spending intentions and businesses’ plans to hire and invest. Against this background, and with inflation close to the 2% target, Governing Council decided to reduce the policy rate by a further 25 basis points.

Monetary policy cannot offset the impacts of a trade war. What it can and must do is ensure that higher prices do not lead to ongoing inflation. Governing Council will be carefully assessing the timing and strength of both the downward pressures on inflation from a weaker economy and the upward pressures on inflation from higher costs. The Council will also be closely monitoring inflation expectations. The Bank is committed to maintaining price stability for Canadians.

Source: www.bankofcanada.ca

Ottawa City Council has approved plans to expand two existing fire stations in response to growing populations, intensification, and increasing call volumes in both Manotick and Greely. The fire station upgrades are part of the Ottawa Fire Services' 2025 Station Location Study, which aims to place fire stations in optimal locations to ensure prompt and effective emergency response across the city.

The renovations will include the addition of full-time personnel and enhancements to service coverage over the next 10 years.

• Station 94 at 5669 Manotick Main Street will expand its reach to a broader area, including Barrhaven and Riverside South, serving the growing population of residents, homes, and businesses in the area.

• Station 93 at 6891 Parkway Road in Greely will extend its coverage to nearby communities such as Findlay Creek, Leitrim, Metcalfe, and Osgoode.

The fire stations in these rural areas will also shift from a volunteer response standard to an urban response standard, reducing emergency response times from 11 minutes and 8 seconds to 7 minutes and 13 seconds. This change will significantly enhance the city’s ability to respond quickly to emergencies.

Funding for these expansions will be included in future budget plans, starting with the 2027 budget for Manotick and the 2030 budget for Greely.

Flood Protection Rebates for Ottawa Homeowners

In addition to the fire station updates, City Council has approved important updates to the Residential Protective Plumbing Program to help homeowners safeguard their properties from flooding and prepare for extreme weather events. These changes aim to simplify the application process and reduce associated costs.

Residents can now access larger rebates for installing sump pumps, backwater valves, and other protective plumbing measures to prevent basement flooding. Here’s what’s available:

• $3,000 for a sump pump in a new sump pit

• $1,500 for a sump pump in an existing pit

• $2,500 for an exterior storm backwater valve

• $1,000 for an indoor backwater valve

• 100% coverage of the building permit fee for protective plumbing work

These rebates are designed to help homeowners protect their properties from flooding and prepare for extreme weather events. The City has also made changes to the Compassionate Grant Program, which provides financial support for residents affected by flooding caused by sewer surcharging.

Ottawa’s commitment to enhancing fire services and flood protection is evident in these two important initiatives. The expansion of fire stations in Manotick and Greely will improve emergency response times, while the increase in flood protection rebates gives homeowners the tools to protect their properties from water damage.

For more information on the Residential Protective Plumbing Program click here!

Source: https://ottawa.ca/en

The Bank of Canada has announced a reduction in its target for the overnight rate to 3%, with the Bank Rate set at 3.25% and the deposit rate at 2.95%. Additionally, the Bank has outlined its plan to finalize the normalization of its balance sheet by ending quantitative tightening. Asset purchases will resume in early March, with a gradual approach to ensure the balance sheet stabilizes before experiencing modest growth in line with economic expansion.

The January Monetary Policy Report (MPR) highlights an increased level of uncertainty in its projections due to the rapidly shifting policy landscape, particularly regarding potential trade tariffs from the new U.S. administration. Because the extent and duration of a possible trade conflict remain uncertain, the report presents a baseline forecast that assumes no new tariffs.

According to the MPR, the global economy is projected to maintain growth at approximately 3% over the next two years. U.S. economic growth has been revised upward, primarily due to stronger consumer spending. In contrast, growth in the eurozone is expected to remain sluggish due to competitiveness challenges. In China, recent policy measures are supporting short-term demand and economic expansion, though structural challenges persist.

Since October, financial conditions have diverged internationally. U.S. bond yields have risen, driven by solid economic growth and persistent inflation. Meanwhile, Canadian bond yields have declined slightly. The Canadian dollar has weakened significantly against the U.S. dollar, largely due to trade uncertainty and overall strength in the U.S. currency. Oil prices have been volatile, rising by about $5 above the levels anticipated in the October MPR.

In Canada, previous interest rate cuts have already started stimulating the economy, and the momentum in consumption and housing activity is expected to continue. However, business investment remains weak, while exports are benefiting from expanded oil and gas export capacity.

The labour market remains soft, with the unemployment rate at 6.7% as of December. While job growth has improved in recent months, it had previously lagged behind labour force expansion for over a year. Wage pressures, which had been persistently high, are now showing early signs of easing.

The Bank anticipates that GDP growth will strengthen in 2025. However, given reduced immigration targets, both actual GDP growth and potential growth are expected to be more moderate than previous forecasts in October. Following an anticipated GDP growth rate of 1.3% in 2024, the Bank now projects GDP growth of 1.8% in both 2025 and 2026—a rate that slightly exceeds potential growth. Consequently, excess supply in the economy is projected to diminish gradually over time.

Inflation remains close to 2%, though fluctuations are occurring due to the temporary suspension of the GST/HST on certain consumer goods. While shelter price inflation remains high, it is gradually declining as anticipated. Various economic indicators, including inflation expectation surveys and price change trends within the CPI, suggest that underlying inflation is stabilizing around 2%. The Bank projects that CPI inflation will remain near its 2% target over the next two years.

Excluding potential U.S. trade tariffs, the economic outlook maintains a relatively balanced level of risks. However, the MPR warns that a prolonged trade dispute could result in lower GDP growth and higher consumer prices in Canada.

Given inflation stabilizing around 2% and an economy operating with excess supply, the Governing Council has decided to cut the policy rate by another 25 basis points to 3%. Since last June, the cumulative rate cuts have been significant. Lower interest rates are already stimulating household spending, and based on today's projections, the economy is expected to gradually strengthen while inflation remains stable. However, if significant trade tariffs were to be implemented, Canada's economic resilience would be put to the test.

The Bank will closely monitor economic developments and assess their impact on inflation and monetary policy. It remains dedicated to maintaining price stability for Canadians.

With the Bank of Canada lowering its policy rate to 3%, now is the time to assess your real estate plans. Whether you're buying, selling, or refinancing, lower rates could open new opportunities. Let’s discuss how this impacts your goals—contact us today!

The Ottawa real estate market showed signs of growth in July 2024, with 1,241 homes sold through the MLS® System of the Ottawa Real Estate Board (OREB). This represents a 13.6% increase compared to July 2023.

However, home sales were still 7.1% below the five-year average and 8.8% below the 10-year average for July. Despite this, year-to-date sales figures were encouraging, with 8,349 units sold by July 2024, marking a 5.5% increase from the same period in 2023.

The market’s performance is a positive signal amidst the usual summer slowdown, reflecting growing buyer confidence and a steady stream of new listings. Recent policy changes, including interest rate cuts and extended mortgage amortization periods for first-time buyers, could further support the market, though supply challenges remain.

Price Trends

The MLS® Home Price Index (HPI) provides a detailed view of price trends:

The overall MLS® HPI composite benchmark price in July 2024 was $648,900, up slightly by 0.1% from July 2023.

Single-family homes had a benchmark price of $734,700, down 0.1% year-over-year.

Townhouse/row units saw a benchmark price of $506,100, an increase of 3.4% compared to last year.

The benchmark price for apartments was $422,800, a decrease of 0.9% from July 2023 levels.

The average price of homes sold in July 2024 stood at $679,610, reflecting a 2.1% decrease from July 2023. The year-to-date average price, however, showed a slight increase of 1.0%, reaching $681,082. The total dollar volume of home sales in July 2024 was $843.3 million, an 11.3% increase from July 2023.

Inventory and New Listings

New residential listings in July 2024 increased by 17.1% from the previous year, totaling 2,231 new listings. Active residential listings at the end of July 2024 numbered 3,480 units, a substantial 37.0% increase from July 2023. The months of inventory, which indicates how long it would take to sell current listings at the current sales pace, rose to 2.8 months, up from 2.3 months in July 2023.

These statistics reflect a market that is gaining momentum, with increasing buyer activity and a growing inventory, although challenges around supply and affordability persist.

Source: Ottawa Real Estate Board

Preparing your cottage or cabin for the spring season is an eagerly anticipated task for many homeowners. As summer approaches swiftly, it's time to gear up for another season of relaxation and enjoyment away from urban life. Ensuring a smooth transition requires meticulous planning and execution. Here's a comprehensive checklist of the top 10 tasks to complete before opening your recreational property for the season.

1. Utility Restoration: Before your arrival, contact utility providers to reinstate electricity, gas, internet, and any other essential services after the winter hiatus.

2. Insurance Review: Ensure that your property, boats, ATVs, and trailers are adequately insured for the summer season to avoid any coverage gaps in case of accidents or natural calamities.

3. Property Inspection: Conduct a thorough inspection upon arrival, checking for weather damage such as missing shingles, clogged gutters, leaks, and debris from fallen branches.

4. Deck and Siding Assessment: Examine the condition of your deck and siding, cleaning outdoor areas and inspecting recreational equipment like barbecues and hammocks.

5. Interior Check: Upon entering, watch for signs of moisture, pest infestation, and unpleasant odors.

6. Ventilation: Open doors and windows to freshen up the interior and consider adding fragrances to combat stale odors. Laundering bedding can also help freshen up the space.

7. Mold Inspection: Check window sills and door frames for any mold growth due to moisture and condensation.

8. Water and Electricity Reinstatement: After thorough checks, restore water and electricity, ensuring pipes are free of leaks or frost damage.

9. Appliance and Electrical System Testing: Verify the functionality of all appliances and electrical systems once power is restored.

10. Replenish Supplies: Replace batteries in smoke and carbon monoxide detectors, clean or replace central ventilation filters, refill fire extinguishers, and restock first-aid kits.

By adhering to this comprehensive checklist, you can ensure your cottage or cabin is primed and ready for the summer season ahead!

Interested in learning more about the recreational market in Canada? Read the latest market trends and insights in Unveiling Opportunities: Spring 2024 Outlook for Canada’s Recreational Property Market

With the arrival of warmer weather, Canadians eagerly await weekends filled with waterfront adventures and tranquil evenings around the fire pit. As prime time approaches in the recreational housing market, potential buyers are gearing up to secure their slice of lakeside tranquility or a cozy family retreat, intensifying competition amidst limited supply and driving property values upward.

The Spring 2024 Recreational Property Report forecasts a 5.0% increase in the median price of single-family homes in Canada's recreational regions, reaching $678,930. This projected rise is fueled by a resurgence in consumer confidence, enticing sidelined buyers back into the market.

The pandemic witnessed an extraordinary surge in demand for recreational properties nationwide, driven by remote work opportunities and a yearning for outdoor living. Though economic fluctuations post-pandemic tempered prices, the underlying demand for recreational properties remains strong, hinting at a resurgence in activity for 2024.

In 2023, the median price of single-family homes in recreational regions saw a slight decrease of 1.0% compared to the previous year, following a more substantial decline of 11.7% in 2022. Notably, waterfront properties experienced a 7.9% decrease in median price, while standard condominiums dipped by 1.5%.

Despite fluctuations in inventory levels, 64% of surveyed Royal LePage recreational real estate professionals report sustained or increased demand from buyers. This demand, coupled with potential interest rate cuts, is expected to exert upward pressure on prices in Canada’s recreational property market.

Experts anticipate a slight to significant increase in demand following interest rate reductions, highlighting the market’s resilience to mortgage rate fluctuations. A cut to the Bank of Canada’s key lending rate, anticipated later in the year, is poised to bolster consumer confidence and drive heightened activity in the recreational property sector.

Key highlights from the report include expectations of price appreciation across all provincial recreational markets in 2024, with Ontario leading at 8.0%. Additionally, condominiums in Atlantic Canada witnessed significant year-over-year price growth in 2023, soaring by 16.9%. Despite recent fluctuations, the national median single-family home price in Canada’s recreational real estate market remains substantially higher than 2019 levels, showcasing the enduring appeal of recreational living.

Take the leap into your dream recreational property today! With the Spring 2024 forecast predicting a surge in demand and property values, now is the time to secure your piece of lakeside serenity or cozy family retreat. Don't miss out on this opportunity to embrace the outdoor lifestyle you've been longing for. Contact us now to explore available properties and make your recreational living dreams a reality!

Early signs of a vibrant spring real estate market are evident in Ottawa's MLS® data. In March 2024, the Ottawa Real Estate Board recorded 1,165 home sales, marking a 10% increase from the same period last year. However, despite this surge, sales remained 21.5% below the five-year average and 15% below the ten-year average for March.

Year-to-date figures also depict a positive trend, with 2,678 homes sold in the first three months of 2024, reflecting a 13.1% increase from the corresponding period in 2023. Curtis Fillier, President of OREB, highlights the overall health of Ottawa's real estate market, anticipating an active spring and summer. Fillier notes the growing confidence among sellers, as indicated by the rise in new and active listings, coupled with increased showing activity. However, he observes a cautious approach from buyers, likely due to concerns regarding affordability and limited supply.

Fillier suggests a shift is imminent in the market dynamics, driven by post-pandemic adjustments in housing needs. This includes trends such as downsizing, urban migration, and seeking properties better suited to evolving requirements. Consequently, there's mounting pressure on the mid-range property market in Ottawa, which traditionally faces tight inventory levels. Fillier advises both buyers and sellers not to delay their decisions in this evolving market landscape.

In terms of pricing, the MLS® Home Price Index (HPI) reveals consistent growth. The composite benchmark price reached $636,700 in March 2024, reflecting a 2.7% increase year-over-year. Single-family homes saw a benchmark price rise of 2.6%, reaching $719,000, while townhouse/row units and apartments experienced modest gains as well.

The average price of homes sold in March 2024 was $682,078, up 5.1% from the previous year, with the year-to-date average price showing a 3.2% increase. Overall, the dollar volume of home sales in March 2024 surged by 15.6% compared to the same month in 2023.

In terms of inventory and new listings, March 2024 witnessed a 13.5% increase in new residential listings compared to March 2023, totalling 2,074 new listings. However, this figure remained slightly below the five-year average and significantly lower than the ten-year average for March. Active residential listings also rose by 18.3% year-over-year, with 2,543 units on the market by the end of March 2024. Despite this increase, months of inventory only saw a slight uptick, indicating a persistent imbalance between supply and demand in the Ottawa real estate market.

Take Charge of Your Real Estate Journey Today!

Whether you're looking to buy or sell in Ottawa's dynamic market, now is the time to act. Don't wait on the sidelines as opportunities unfold and market conditions evolve. Reach out and we can guide you through every step of the process. Seize the moment and make your move in Ottawa's buzzing real estate scene!

Selling a property quickly without compromising on price requires strategic planning and execution. Here's an expanded explanation of each point:

1. Make your property move-in ready: Address any necessary repairs and maintenance issues to ensure your home is in top condition. This includes fixing leaky faucets, repairing damaged walls, and attending to any other visible flaws. A well-maintained property gives potential buyers confidence and reduces the likelihood of negotiations over repair costs.

2. Hire professional help: Consider hiring professionals such as cleaners, stagers, or home improvement contractors to enhance the appeal of your property. While this incurs an initial cost, it can significantly expedite the selling process and potentially increase your home's market value. These experts can showcase your property in its best light, attracting more interested buyers.

3. Utilize staging techniques: Staging involves arranging furniture, decor, and accessories in a way that highlights the property's best features and maximizes its appeal to potential buyers. Professional stagers have the expertise to create inviting spaces that resonate with a wide range of buyers, making it easier to sell your home quickly and at a desirable price.

4. Remove sale impediments: Be open to considering offers with conditions, such as contingencies for inspections or financing. Flexibility regarding closing dates can also attract more buyers, especially those with specific timelines or circumstances. By accommodating various buyer needs, you increase the likelihood of receiving offers sooner rather than later.

5. Accommodate viewings: Make your home accessible for viewing appointments, particularly during the initial stages of listing. While it may be inconvenient, accommodating potential buyers' schedules demonstrates your commitment to selling and increases exposure to your property. The more buyers who see your home, the greater the chance of receiving a quick offer.

6. Effective marketing: Utilize various marketing channels to attract qualified buyers quickly. This includes professional photography, virtual tours, online listings, and social media promotion. Highlight the unique selling points of your property and emphasize its value proposition to capture the interest of potential buyers in a competitive market.

By implementing these strategies and potentially exploring other techniques tailored to your specific circumstances and market conditions, you can expedite the sale of your property while still achieving a favourable sale price. Effective preparation, presentation, and marketing are key to a successful and swift real estate transaction.