Our own Paul Rushforth spoke with CTV about the current market, and how buyers should prepare when there’s a low listing inventory.
While Canada’s real estate numbers are down overall, Ottawa is staying strong. Real estate agents are seeing plenty of demand. Unfortunately there is a lower than usual number of home listings for buyers to view. Both CTV and the Ottawa Citizen approached real estate expert Paul Rushforth to find out more.
“It started in January, and it’s carried on,” Paul explains of the high demand, low supply market. Residential sales are down over 20% year over year, and buyers are having to approach home sales prepared to act fast and pay a little more. It’s not uncommon for a well-priced home in the $300,000-$450,000 range to initiate a bidding war, which drives up the price.
“That what we’re educating our buyers on right now,” Paul says. To succeed in this market, preparation, education, and an expert team are essential.
Fortunately, the upcoming spring thaw is arriving with more listings. “We are seeing a little bit of a pickup now in March, which is good news,” Paul says. However, both buyers and sellers should speak with an experienced real estate agent for more information.