Welcome to the series where we ask 10 real estate agents for their take on the current market challenges and opportunities
AUTHOR(S):
Melanie Mctigue, Brady Tran,
Toju Temile, Stefanie Winstan,
Paul Mclaughlin, Nish Kapoor,
Nic Ciatto-Bégin, Melissa Nguyen,
Jason Spartalis, Candice Trzmiel
TOPIC(S):
Home Buyers and Sellers, Market Strategy, Ottawa Real Estate
LOCATION(S):
Ottawa, Ontario
PUBLISHED:
September 14, 2022 11:59am EDT
ORGANIZATION(S):
EXP Realty, REMAX Hallmark Realty, First Choice Realty, Royal LePage Team Realty, Marilyn Wilson Dream Properties, Avenue North Realty, REMAX Affiliates Realty, Engel & Völkers Ottawa Central, Century 21 Synergy Realty
SOCIAL:
TAG(S):
How do you see the house prices changing in the Ottawa market for the remainder of 2022 and into 2023?
Agent #1 – Melanie Mctigue – Century 21 Synergy Realty
“Melanie brings extraordinary energy to her real estate business, resulting in an unequaled level of customer service.”
“No one has a crystal ball (who would have predicted the last two years?). I see a return to sensible pricing. This won’t be good news for people that recently purchased a home, but it should not present a real problem unless they are trying to sell right now! The market should become more accessible to new, young, first-time home buyers; this should be everybody’s goal. This is fundamental to our economy, it is what drives communities, markets, employment, and growth.”
Agent #2 – Brady Tran – Engel & Völkers Ottawa Central
“Staying mindful and consistently maintaining a strong commitment to service, I acknowledge what my clients and partners need and want.”
“I think the market has and will continue to experience a minor decrease in house prices. The two biggest contributing factors are the rising interest rates and the slowdown in the global economy. Home buyers may have second thoughts about spending/borrowing large amounts of money due to the increased cost of borrowing.”
Agent #3 – Toju Temile – EXP Realty
“I am a young, family-oriented, self-driven, and passionate woman who loves helping people find comfort in their homes, hence my love for real estate.”
“In my opinion, the real estate market is simply on its way back to how it was pre-covid. Simply put, we are back to appreciation at a slower and more steady rate. Interest rates are playing a key factor in this adjustment. The market is not crashing as many people believe it to be; it is only stabilizing.”
Agent #4 – Stefanie Winstan – REMAX Hallmark Realty
“Thrives on being a part of others success and wishes nothing but happiness, health and wealth for those around her.”
“It looks as though the housing market correction we expected has begun, though it’s still concentrated in a small number of markets. While a correction in the range of 10% to 20% is likely by the end of next year in most provinces, average home prices are expected to remain above the pre‐Covid level and trend. The anticipated correction should bring more balance to the housing market.”
Agent #5 – Paul Mclaughlin – First Choice Realty
“Making the process of buying and/or selling your home a pleasant and successful experience.”
“As we had anticipated, there was another interest rate increase on September 7th, we may now see a slight cooling of the market. The market has returned to pre-covid territory in that it is a more balanced market as opposed to the strong seller’s market which we enjoyed during the covid period. This may have the effect of slowing the appreciation of homes or even a slight reduction in home prices, however, this may be mitigated by the strong demand fuelled by Ottawa’s continued growth and low supply of homes for sale.
“The market has returned to pre-covid territory in that it is a more balanced market.”
Should the anticipated return to lower interest rates occur in the next couple of years, coupled with the continued growth of our city, we could expect a return to a reasonable degree of appreciation in the Ottawa housing market.”
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Agent #6 – Nish Kapoor – Royal LePage Team Realty
“Always prepared to offer his clients a truly complete package to enhance their real estate experience.”
“For the most part, the change in house prices will depend on the interest rates and how the economy is performing. If there is a small recession and a hike in prices, we may experience a slower growth rate in the market over the coming months. In Ottawa, as we know, the Federal government and IT companies are the region’s biggest employers. This is one key advantage that Ottawa has over other large cities in Canada. I am optimistic for the remainder of 2022 and into 2023 when it comes to the Ottawa real estate market.”
Agent #7 – Nic Ciatto-Bégin – Marilyn Wilson Dream Properties
“I’ll be there to guide you through every step to ensure a smooth transaction and build a lasting relationship along the way.”
“I think pricing depends on the area/neighbourhood you’re looking at. So many factors affect prices that it’s challenging to predict what exactly will happen. Looking back at pre-Covid times (1st quarter of 2020), it would’ve been difficult enough to predict the craziness our real estate market has experienced over the last year and a half. I don’t think we’ll see increases in prices like we’ve been seeing the past few years, but I also don’t think we’ll be seeing 20-30% price decreases like some are predicting.”
Agent #8 – Melissa Nguyen – Avenue North Realty
“I have a passion for people, a dedication to my clients, and strive for a lifetime client relationship.”
“If we take a look at market trends, prices haven’t dropped significantly, more so just the number of units sold. For the rest of 2022, I think prices will stabilize, potentially drop slightly in the short term, but rise again come spring 2023 following the natural real estate cycle.”
Agent #9 – Jason Spartalis – REMAX Affiliates Realty
“Owing to his success is his drive to exceed his clients’ expectations and determination to always get the very best value.”
“The market for the rest of 2022 is different for all types of homes, locations, and price points. Some areas are still selling at high values and are even receiving multiple offers. We should see a slow increase through to 2023 followed by the market returning to an overall average growth rate of between 3-5%. This will likely slowly increase sales volumes as interest rates start to retract. “
“The market for the rest of 2022 is different for all types of homes, locations, and price points.“
Agent #10 – Candice Trzmiel – Royal Lepage Team Realty
“She listens to her clients’ wants and needs to achieve the best outcome in every transaction.”
“The market in Ottawa generally gets busier in the fall (September – December) and then slows down over the holidays. When the summer ends, buyers tend to revisit their home search. I cannot say how this will reflect price points for the last bit of 2022, but I do foresee a busy fall!
“If rates continue to increase drastically as is expected, I do believe this will have an impact on prices.”
Interest rates are another factor that should be considered. An interest rate announcement was made on September 7th by the Bank of Canada. If rates continue to increase drastically as is expected, I do believe this will have an impact on prices. The real estate market has cooled and I do see it remaining this way until at least the Spring of 2023. As we all know, spring is when everyone is looking to buy. Although I do not have a crystal ball, I believe prices will remain stable through 2023.”
