Published January 31, 2024

By Trevor Greenway

There may not be much movement on the real estate market right now, but with interest rates holding firm this winter, the Hills should see a busy, “frenzied” spring, according to at least one Hills realtor.

“I think we’re gonna see a pretty active spring,” said The Agency’s Erica Bernstein. “We live in a pocket where there’s always demand to live here. But there’s never really enough listings to meet that demand.”

The Bank of Canada announced on Jan. 24 that it would be holding its overnight interest rate steady at five per cent, which prompted economists at TD Economics to predict a potential rate drop this spring – the first since the early days of the pandemic.

Because of the desirable nature of the Gatineau Hills, which most real estate agents agree on, Bernstein said the region didn’t see the significant drop in sales like other regions did, including across the river in Ottawa, which saw home sales drop 11 per cent from 2022, according to the Ottawa Real Estate Board.

Local agents agree that November through to the New Year has been slow, but with “buyers chomping at the bit,” Bernstein expects the market to get red hot this spring.

She added that the market has been quite unpredictable lately, with some homes selling immediately while other, similar homes sit empty on the market for months.

“It’s not quite frustrating; this is just sort of the nature of the game,” said Bernstein. “Real estate is kind of emotional. And it’s a bit of a roller coaster.”

Century 21 broker Stephen Lynott told the Low Down that, while January–February is typically the slowest time in real estate, a home priced well is still selling and fetching top dollar. But he said there isn’t much to shop for online, and until more homes show up on MLS.ca, the market won’t start moving until the snow starts melting.

“It’ll be interesting come April–May, I think, as more stuff comes on the market, but no, prices aren’t really going down because there’s no supply,” he said. “The demand is still pretty strong, and there’s really no supply still.”

A search on MLS.ca brought up just 56 properties in La Pêche at one point during the winter – less than half of what is usually available, said Lynott.

“Pre-Covid, that would be 90 to 110 listings active. So again, there is not a lot of supply. Demand is still pretty good, so if the right house comes along, we have a lot of buyers.”

Part of the reason sellers aren’t showing up right now is because of the interest rate. Lynott explained that many potential sellers aren’t ready to bow out of their low-interest mortgages and are waiting to see if the Bank of Canada drops the interest rate. Lynott said, while the market is still strong for well-priced and quality homes, sellers shouldn’t expect to unload their homes within 24 or 48 hours.

“We may very well sell your house quickly, but you can also count on three to six months as a normal time,” said Lynott. “We live in a place where people want everything yesterday, so if they want to move now, they are going to move now, but that’s not always possible.”

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