Agent Blogs

Canada Mortgage and Housing Corporation (CMHC) uses the ratio of homes sold during a given period to homes listed for sale on the market (seasonally adjusted) to figure out whether the Greater Ottawa Real Estate Market is currently experiencing a Buyers, Sellers, or Balanced Market. If more than 50 per cent of the homes listed for sale are sold during the measuring period, they call it a seller’s market, but when the percentage of listed homes sold drops below 35, the advantage shifts to buyers. In Ottawa, a ratio of between 35 and 50 per cent is called a balanced market, with no definite advantage for either buyers or sellers.

In a seller’s market, the supply of homes for sale is lower relative to demand. This means that a seller may have a better chance of getting their asking price, because buyers have fewer homes to choose from and don’t have as much bargaining room as they might during a buyer’s market. When there is a higher supply of homes for sale, buyers can theoretically negotiate harder on a home’s price and other things such as the inclusion of appliances and other items. They know
that if they don’t get what they’re asking for from a seller, there are plenty of other homes to choose from on the market.  Source - OREB

What kind of market are we in now? Click here to contact me, and I would be happy to share my thoughts to help you with your Real Estate questions.