"For the first time in 2010, the inventory [of properties for sale] increased year-over-year in June, by almost 6%. The Ottawa housing market is now moving towards balance, rather than the seller's market we have been in for most of the past year," according to the most recent statement released by Pierre de Varennes, president of the Ottawa Real Estate Board."Increased inventory" is the industry euphemism for more people selling, less people buying. What Pierre doesn't mention, however, is that real estate markets don't usually stay in balance for long. With this in mind, many agents are anticipating a buyer's market come fall, particularly as we see an increased number of sellers reduce their prices and conditional sales fall through.
Decisions, decisions... buy now while mortgage rates continue to fall, or wait til rates go up but prices stabilize?
