Houses for sale in Ottawa

January marked the fifth month in a row that prices fell – but inventory shortages are once again becoming clear, with available supply dropping to 3.7 months compared to 4.1 in November.

New listings inched upwards by 1.5% month over month, although they remain rooted around their lowest level since the middle of last year, according to CREA.

The association’s senior economist Shaun Cathcart said the market was still shaking off some sluggishness, but appeared to be well on the road to recovery after a prolonged downturn.

“Sales are up, market conditions have tightened quite a bit, and there has been anecdotal evidence of renewed competition among buyers,” he said. “Taken together, these trends suggest a market that is starting to turn a corner but is still working through the weakness of the last two years.”

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