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Ottawa Real Estate Market Early 2023 - Greg Hamre - RE/MAX Affiliates Ottawa Realty

There's a real sense of optimism.🗣 I can feel it. The market 🏡 has a certain pulse to it that is un-normal for an early January. My name is Greg Hamre from RE/MAX Affiliates in Ottawa and the Hamre Real Estate Team. Our sense on the pulse on the market is that people want to make a change🏡🔛. There's a real freshness👃 in early January. The phones are busy📳. We're getting lots of emails📩, phone calls📲 from wonderful, very important clients of ours and new people reaching out saying, I just want to make a change in my life and it's going to happen in 2023. The volume of those interactions, the volume of those contacts is somewhat higher than expected.👍✅ We have lots of new listings coming out this week🏡🏘🏙. We're working on some offers, right in the first part of January already. We sold a house New Year's Eve. There's a real sense of optimism in the market. Where is this market going to go?🔎 No one really knows, but my prediction is that. We've somewhat peaked on the five-year rate. We're seeing interest rates go up, but the mortgages and the banks 🏦 are holding the mortgages for five years at 4.89% and we've seen that for 30 plus days through December. I know they're talking about another interest rate hike, but mortgage rates seem to be staying below five, which is still very obtainable. Very affordable for a lot of families👥. The pricing of homes has come down.💲🔻 👁Has it leveled off? Well, that'll all depend on how much new inventory🏘 comes on in the market compared to existing inventory houses 🏡are selling ✔️through. We're getting lots of footsteps 👣through the doors of our listings🔑, and there's a very new, very little new construction 🚧👷‍♀️coming down the pipe. We have run into situations where buyers 💰and clients 🤝have purchased new homes and the builders at the last moment are delaying the closing dates. That's been a concern for more than one or two families that we're dealing with. And it's a bit disheartening.👎 The delays are not a week or two, they're 30 and 60 days. So, their short-term accommodations are what we've had to manage for them and make sure things work. Not a lot of new construction coming down the pipe, lots of people moving to Ottawa. 📌 It'll be a supply and demand kind of balance.⚖ ✨This year we're optimistic that the Ottawa market will stay very stable and it's, as we know, a wonderful place to live. ✨ My name is Greg Hamre from RE/MAX Affiliates in Ottawa and the Hamre Real Estate Team. We hope to see you soon. Take care.