Lucie Clermont : Blog : Latest Blog Posts

Ottawa’s Housing Market Shows Early Signs of Transition as Winter Activity Remains Subdued

Thu, 05 Mar 2026 20:06:59 GMT

Ottawa’s residential market continued its winter slowdown in February, with overall sales remaining well below the five-year average of 990 transactions for the month. The slowdown, however, is not uniform across segments, and the data tells a more nuanced story than the headline numbers suggest.

Average condo apartment prices rose month over month while inventory measures eased, signalling what may be an early shift in a segment that has carried elevated supply since late 2025. Townhomes saw the most turnover of any segment, with sales activity running stronger than typical February levels even as rising inventory placed downward pressure on prices. The single-family market remained comparatively stable, with pricing holding relatively steady despite a drop in total sales. The data suggests significant competition for listings at lower price points.

With CREA forecasting a gradual strengthening in demand throughout 2026, we can likely expect continued balanced market conditions even as we approach a more active spring market.

“Benchmark prices moved higher in February across every segment, and demand remained active where affordability allows, creating a more balanced environment,” said Tami Eades, President of the Ottawa Real Estate Board. “Buyers are gaining a little more breathing room to make thoughtful decisions, while sellers continue to see consistent momentum. The conditions that kept many buyers cautious over the past year are gradually shifting. Spring is shaping up to be a meaningful window for those who are ready to act.”

Residential Market Activity

In February, 780 residential properties sold in Ottawa, down 6.8% from February 2025. Activity improved from January’s 610 transactions, though sales remained 21.2% below the five-year February average of 990 and 17.8% below the ten-year average of 949. This makes the current winter one of the slowest of the past decade. Even so, demand has not disappeared. Buyer activity remains present, particularly at lower price points, with elevated inventory and ongoing affordability considerations contributing to longer decision timelines.

Pricing trends reflected this environment. The average residential sale price in February was $662,773, down 1.0% year over year, while the median price declined 3.1% to $615,450. Both movements remain modest in scale and are consistent with a market adjusting to elevated supply rather than one experiencing broad-based downward pressure. With months of inventory easing to 3.8 from January’s 4.4 as seasonal sales activity increased, Ottawa continues to operate in balanced territory.

The MLS® Home Price Index provides important context. Benchmark prices remain below year-ago levels, but February recorded month-over-month increases in the composite, single-family, townhouse, and apartment benchmarks compared to January. Because the HPI controls for seasonality and changes in the mix of sales, these gains reflect genuine upward movement in market valuation rather than simply the typical increase in pricing that accompanies the approach of the spring market. This suggests that, despite a slower-than-usual winter, pricing momentum is beginning to firm across segments.

Prices and Market Balance

New listings in February totalled 1,582, down 7.8% from February 2025 but up from January’s 1,522. Active listings reached 2,928 units at month end, an increase of 11.1% year over year and well above levels seen in recent February periods.

The broader inventory base is giving buyers more properties to consider at any given time, which is reducing urgency. At the same time, improved sales activity and rising month-over-month benchmark prices indicate that underlying demand remains present. Inventory is higher than seasonal norms, but it is being absorbed in a way that is keeping pricing and overall market balance steady.

Months of Inventory:

Single Family: 3.8
Townhome: 2.7
Apartment: 5.6

Looking Ahead

February’s data reinforces what January initially indicated: Ottawa is in a period of transition. This winter has been slower than the past few years, but the combination of firmer month-over-month HPI benchmarks, improving apartment absorption, steady townhome turnover, and relatively stable detached pricing suggests that demand is stable. Buyers continue to operate with more time and more choice than in recent years.

Balanced Conditions Define Ottawa’s Housing Market in January

Fri, 06 Feb 2026 01:54:51 GMT

February 5, 2026

Market Overview

Ottawa’s residential market entered 2026 on a balanced footing. Inventory levels remain higher than in recent years, giving buyers more choice, while sellers continue to adjust to conditions that reward accurate pricing and patience. Benchmark prices are down year over year across all housing types, with softer conditions most evident in townhouses and apartments. Detached homes continue to show greater price stability. Overall, January’s data points to a market that is operating more evenly, rather than one under broad-based pressure.

“What January is showing us is a market that’s adjusting in a healthy way,” said Tami Eades, President of the Ottawa Real Estate Board. “We’re seeing more choice for buyers, more realism on the selling side, and pricing that’s responding to those conditions without sharp swings. That kind of balance is a sign of stability, not stress.”

Residential Market Activity

In January, 610 residential properties sold in Ottawa, reflecting a typical post-holiday slowdown while also signalling a steadier start to the year. Sales were 5.6% lower than a year ago but remained within the range of long-term January norms. This points to demand that is still present, even as buyers continue to proceed cautiously amid ongoing affordability considerations.

Pricing activity also reflected seasonal conditions rather than renewed weakness. The average residential sale price was $641,436, down 4.5% from January 2025, a change consistent with winter market dynamics and a more price-sensitive buyer pool. Recent interest rate reductions have begun to ease pressure at the margins. January’s data suggests their impact is appearing first in buyer engagement rather than completed transactions.

The MLS® Home Price Index provides further context. In January, the composite benchmark price declined modestly month over month, with single-family, townhouse, and apartment benchmarks all posting small decreases.

Prices and Market Balance

Supply conditions continue to vary significantly by property type. Overall, new listings totalled 1,522 units, up 8.8% year over year, while active listings reached 2,673. This is an increase of 22.7% from last January. Although inventory levels remain elevated compared to recent seasonal norms, growth has slowed, helping to prevent a buildup of excess supply.

With months of inventory at 4.4, Ottawa’s market is operating closer to long-term, pre-pandemic averages. This level of supply is providing buyers with more choice and negotiating flexibility, while still allowing well-priced homes to attract solid interest. Rather than putting sharp downward pressure on prices, current inventory levels are supporting a more balanced market.

Property Type Breakdown

As noted above, differences in market performance by property type continued to shape Ottawa’s market in January.

Single-Family Homes

Detached homes remained the market’s most stable segment, even as winter conditions weighed on overall activity. In January, 276 single-family homes sold, down 13.8% year over year. Supply levels remained comparatively balanced at 4.3 months of inventory, supported by 1,177 active listings, and 663 new listings, essentially flat year over year.

Prices softened modestly. The average sale price was $793,874, down 3.6% year over year, while the median price held at $750,000, unchanged from last January. Together, these indicators suggest that detached home pricing is adjusting in an orderly manner. The single-family benchmark price also edged lower year over year, marking a shift from the modest gains seen late last year; the decline remains limited.

Townhomes

Townhome sales rose to 215 units, up 6.4% year over year, while new listings increased sharply to 487, up 45.8% from January 2025 and well above December’s 176 new listings. Active listings climbed to 708, a 67.0% increase year over year.

As supply increased, leverage has shifted modestly toward buyers. Months of inventory rose to 3.3, and pricing reflected this adjustment. The average townhouse sale price was $536,106, down 3.3% year over year, while the median price declined 3.4% to $560,000. The townhouse benchmark price was down 3.2% year over year, but rose 1.0% compared to December.

Apartments

The apartment segment showed a constructive month-over-month shift in January, marking a contrast to late 2025. In January, apartment-condo sales increased to 95 from 78 in December, and months of inventory decreased to 6.8 from 7.9, an indication of stronger absorption.

At the same time, supply expanded meaningfully. New listings rose to 312 from 144 in December, and active listings increased to 647 from 617. In other words, January brought a sizeable seasonal influx of condo listings, but improved sales activity helped prevent a further deterioration in market balance.

Pricing in this segment remains the most sensitive anywhere across the Ottawa market. The average apartment sale price was $388,307, down 12.1% from January 2025 and lower than December’s $401,465. While condo pricing continues to adjust, January’s combination of higher sales and lower months of inventory suggests that conditions may be starting to stabilize.

Months of Inventory:

Single Family: 4.3
Townhome: 3.3
Apartment: 6.8

Looking Ahead

January’s data reflects a familiar winter pattern, with slower sales and cautious buyer behaviour shaped by seasonal factors and ongoing economic uncertainty. At the same time, there are early signs that market conditions are beginning to firm. The apartment segment, in particular, showed improving absorption, with lower months of inventory alongside higher sales and dollar volume.

Townhome activity held up, while detached trends remained steady, reinforcing a market that is segmented by property type but remains largely balanced overall.

This picture aligns with CREA’s outlook for 2026, which anticipates improving conditions as lower interest rates gradually draw more sidelined demand back into the market. January supports a credible case for a stronger spring market if rate reductions continue to ease affordability pressures.

OTTAWA HOUSING MARKET CLOSES 2025 ON A NOTE OF STABILITY

Wed, 07 Jan 2026 22:43:19 GMT

Ottawa’s real estate market closed out 2025 with a seasonally quieter finish, but the broader story of the year is one of balance, resilience, and stability. While sales activity softened in November and December — typical for the time of year — overall annual results edged ahead of 2024, with total residential sales up 1.3% and total dollar volume rising 4.1%, reflecting steady pricing and consistent demand across much of the market

The year followed an unconventional seasonal pattern, beginning with a delayed spring, moving into a steady summer that avoided the usual mid-year slowdown, and gradually moderating through the fall and early winter. Despite this quieter ending, Ottawa continued to outperform many larger Canadian markets that experienced sharper price corrections, underscoring the city’s reputation for long-term housing stability

Sales Activity & Inventory: In December, 587 residential properties sold, a notable decline from November but very much in line with long-term December averages when excluding the unusually active pandemic years. This slowdown reflects both seasonal trends and continued buyer caution in a market shaped more by thoughtful decision-making than urgency

On the supply side, active listings declined from 3,628 in November to 2,544 in December, as many sellers paused during the holidays. Even so, inventory levels remained elevated compared to recent years, continuing a multi-year trend toward increased choice for buyers. By year-end, active listings were 19% higher than 2024, 45% higher than 2023, and nearly double 2022 levels, bringing months of inventory to 4.3, closer to long-term, pre-pandemic norms

Pricing & Market Balance: Home prices remained remarkably steady. The average residential sale price in December was $658,943, virtually unchanged from the same time last year. While the MLS® Home Price Index showed modest month-over-month softening since summer, benchmark prices still finished 2025 slightly above 2024 levels, suggesting a gradual, orderly adjustment rather than a correction

Overall, Ottawa’s market remains well balanced. Buyers benefit from more options and negotiating room than in recent years, while sellers continue to see solid demand and resilient pricing — particularly for well-located and well-maintained homes.

Looking Ahead to 2026: As Ottawa enters 2026, the data suggests that any increase in activity is likely to be gradual rather than immediate. Interest rate relief has helped improve confidence, but buyers remain measured, watching broader economic conditions closely. The outlook points to modest fluctuations within an overall theme of stability, with market performance continuing to vary by property type and neighbourhood

The key takeaway for homeowners and buyers alike is consistent: Ottawa’s real estate market remains fundamentally sound, increasingly shaped by long-term needs and thoughtful decisions rather than pressure or speculation.

Helping Seniors Embrace the Next Chapter with Confidence

Sun, 09 Nov 2025 16:34:06 GMT

Selling your home and embracing a new adventure can be a thrilling journey, yet, it's common to hesitate. Let's address some key concerns and benefits, and even discuss the role of your beloved kids in the process. We're here to make it all feel like a breeze!

Why Seniors Delay Moving?

Comfort & Familiarity: Your home is filled with cherished memories, making it tough to say goodbye.
Fear of Change: Moving can be daunting, but it can also bring exciting new experiences.
Family Dynamics: The thought of involving kids in your decisions can be complex. But remember, they want what's best for you!

Benefits of Moving Sooner: ✨

Streamlined Lifestyle: A new, downsized home means less upkeep, more time for you.
Safety & Accessibility: Modern homes often offer senior-friendly features, like step-free entry and grab bars.
Community & Amenities: Independent living options provide social activities, and local facilities offer full-service amenities, from dining to healthcare.

Kids in the Decision:

Your kids are your biggest fans. Involving them can ensure they understand your needs and preferences. Together, you can make the best choice for your future.

Independent Living Options:

Condos: Maintenance-free living in a vibrant community.
Apartments (Buy or Rent): Flexibility to suit your budget and lifestyle.

Local Senior-Friendly Facilities:

There are several options across the city offering Independent Living, Assisted Living or Memory Care. The key is to plan ahead if possible and visit a few of these facilities to decide which one offers the little touches you are looking for. Natural settings, access to shopping or dining, pet friendly? Having a clear sense of what will best suit your needs will help in your selection.

Your new adventure awaits, and we're here to help you make the move, stress-free and light-hearted. Explore Ottawa's vibrant senior living options.

Ready to embrace your next chapter? Contact us today, and let's make it happen together!

Sales Rise as Inventory Levels Ease in October

Fri, 07 Nov 2025 22:43:00 GMT

November 2025 ■ Ottawa’s market continues to be resilient despite broader concerns about economic uncertainty. In October, Ottawa’s housing market experienced a modest, seasonal increase in sales activity accompanied by a reduction in the elevated inventory levels seen in recent months. This points to a stable yet cautious phase for the region as we move into the typically slower winter season.

Last month, a total of 1,177 homes were sold, up 8.1% from 1,089 in September 2025, but down slightly year over year with a 1.2% decrease compared to October of 2024. The average sale price climbed to $709,002, an increase of 2.7% month over month and 5.7% higher than the same period last year, suggesting that underlying demand remains resilient.

Ottawa saw 2,405 new listings in October, a 15.1% decline from September 2025, but 13.4% higher than October 2024. This seasonal drop off in new listings between September and October has been a consistent pattern over the past decade. More notably, active listings fell from 4,388 in September to 4,232 in October, a 3.6% decrease. While inventory levels remain higher than in recent years, this familiar fall decrease in active listings suggests that the trend towards elevated supply levels may be starting to stabilize, still within a balanced market range. Reinforcing that trend, the months of inventory measure eased from 4.0 to 3.6, indicating a modest tightening in the balance between buyers and sellers as the fall market settled.

The Bank of Canada’s second consecutive rate cut on Oct. 29, 2025, lowered the policy rate by 25 basis points to 2.25%, providing additional relief to borrowers and some optimism for an active spring market. However, the bank tempered expectations for further easing, noting in its statement that this is likely the final cut in the current cycle. The Ottawa Real Estate Board (OREB) is monitoring the newly released federal budget and workforce announcements, as cuts in either area have historically affected Ottawa’s housing market given the city’s large federal employment base.

Overall, Ottawa continues to display a pattern of measured balance, modestly improving demand, steady prices, and a market environment that remains fundamentally healthy as it heads toward year-end.

“Ottawa’s market continues to demonstrate balance and resilience,” said OREB President Paul Czan. “We’re seeing modest growth in sales activity, stable pricing, and a seasonal easing of elevated inventory levels. The recent rate adjustments provide optimism for the coming months, but economic uncertainty looms, and buyers and sellers remain cautious, watching how broader economic factors play out. The current environment points to a steady market rather than a rapid shift in either direction.”

Year to date, 12,197 homes have sold, a 3.3% increase over the first 10 months of 2024. The total dollar volume through October reached $8.55 billion, up 6.5% year over year, while the average year-to-date price stands at $700,869, a 3.0% increase year over year.

Looking at the bigger picture, there have been 12,197 home sales so far this year, a 3.3% increase compared to the same period in 2024.

The average sale price for all sold listings in October was $709,002, up 5.7% from last year and 2.7% higher than September.

The year-to-date average price now stands at $700,869, a 3.0% increase over the first ten months of 2024.

Altogether, the total value of homes sold in October was approximately $834.5 million, a 4.5% year-over-year increase, and sits just under $8.5 billion year to date, a significant 6.5% increase over the same period of time in 2024.

On the listing side, there were 2,405 new residential listings added in October, down 15.1% from September but still 13.4% higher than last year.

Active listings totaled 4,232, a 3.6% decrease from September but 21.3% higher year over year.

The months of inventory, a key measure of supply, eased from 4.0 in September to 3.6, reflecting a slightly tighter balance between supply and demand within what remains a generally balanced market.

MLS® Home Price Index (HPI)

The MLS® Home Price Index (HPI) composite benchmark for Ottawa was $622,700 in October, down 0.7% month over month but up 0.7% year over year, continuing the trend of moderate, sustainable price movements rather than volatility.

By property category:

Single-family: $692,400 up 0.3% compared to 2024

Townhouse: $456,300 up 6.6% compared to 2024

Apartment: $402,900 up 0.1% compared to 2024

INVENTORY BUILDS BUT DEMAND REMAINS RESILIENT HEADING INTO FALL

Tue, 14 Oct 2025 15:19:00 GMT

October 2025 — Ottawa’s housing market in September demonstrated a continuation of late-summer seasonal trends, with sales activity easing slightly while inventory levels continued to climb. A total of 1,089 homes sold in September, down from 1,236 in August and 1,318 in July. This three-month trend of softer sales is not unusual as the spring peak transitions into the quieter summer months.

On the price side, the average sale price of $690,397 in September fell between August’s $686,536 and July’s $695,209, remaining up 0.3% year-over-year. Benchmark prices have remained relatively stable throughout this adjustment period, indicating that demand is holding steady even as buyers gain more choice.

Active listings rose to 4,388 in September, following 3,971 in August and 4,205 in July. These elevated inventory levels are a departure from undersupplied pandemic-era levels and align more with longer-run balanced conditions, though at elevated levels, which continues to be a trend worth monitoring. Continued steady demand helps explain why prices have remained relatively flat, even as inventory builds. Months of inventory edged up to 4.0, compared to 3.2 in August and 3.2 in July, reinforcing this balance between buyers and sellers.

On September 17, the Bank of Canada cut its key policy interest rate by 25 basis points to 2.5%, citing slowing global growth and easing inflation pressures. This policy shift, combined with Ottawa’s resilient demand and balanced market conditions, could encourage more first-time buyers and bring additional activity to the market in the months ahead.

“September reinforced Ottawa’s resilience, with sales nearly 2.4% higher than last year, and prices are holding steady despite more listings coming to market,” said Paul Czan, OREB President. “When you peel back the layers, you see that townhomes are driving stability while single-family homes are easing. And while Ottawa’s diversity of housing continues to increase inventory, missing middle housing—like townhomes—still aren’t being built fast enough, and that’s something OREB continues to advocate for.”

Residential Market Activity

Looking at the bigger picture, there have been 11,025 home sales so far this year, which is 3.9% higher than at this time in 2024. The average sale price for all sold listings in September was $690,397 up 0.3 % from last year. This year, the average year-to-date price is $699,910, a 2.7% increase over the first nine months of 2024.

Finally, the months of inventory, a measure of supply, sits at 4.0 months, which is up from 3.2 months of inventory in August. Having 4.0 months of inventory is typically understood to be an indicator of being a balanced market.

INVENTORY BUILDS BUT DEMAND REMAINS RESILIENT HEADING INTO FALL

Tue, 14 Oct 2025 12:40:36 GMT

Residential Market Activity

SEASONAL INVENTORY GROWTH MEETS STEADY DEMAND

Tue, 09 Sep 2025 15:28:00 GMT

September 2025 ■ In August 2025, a total of 1,236 homes were sold across the Ottawa Real Estate Board (OREB) region. While down from 1,318 units in July 2025 and 1,602 in June 2025, this represents a 12.1% increase compared to August last year. Two consecutive months of slower sales is consistent with the spring to summer market seasonality, particularly as we are already approaching what is typically a more active fall market.

Looking at the bigger picture, there have been 9,936 home sales so far this year, which is 4.1% higher than at this time in 2024. 

The average sale price for all sold listings in August was $686,536, up 3.6% from last year. 

This year, the average year-to-date price is $700,828, a 3% increase over the first eight months of 2024. 

Altogether, the total value of homes sold in August reached approximately $850 million, up 16% year-over-year, with the housing sector continuing to be one of the major drivers of the overall Ottawa economy. 

On the listing side, there were 2,121 new residential listings added in August, a significant 8.6% increase compared to last year, and 3,971 active listings on the market, up 13.3% from August 2024, and 37.1% above the five-year average for this time of year. 

Finally, the months of inventory—a measure of supply— sits at 3.2 months, which is unchanged from last month and identical to last August’s metric as well. 3.2 months of inventory is typically understood to be an indicator of what is considered a balanced market.  Another indication that, despite Ottawa’s high active listing count that demand is currently keeping pace with supply.

“August was an active month for Ottawa’s housing market, with overall prices trending upward and sales activity stronger than in recent years as the summer season winds down,” said Tami Eades, OREB President-Elect.

“While we continue to see different price movements across segments, the broader picture points to renewed momentum in the Ottawa Region as buyers and sellers alike re-engage ahead of the fall market. Ottawa’s market reflects balanced conditions, though we are mindful of broader economic factors—such as federal employment trends and U.S. trade policies—that could affect our market in the months ahead.”

SEASONAL INVENTORY GROWTH MEETS STEADY DEMAND

Tue, 09 Sep 2025 11:24:32 GMT

Signs of Growth Amid Ottawa’s Steady Housing Market

Fri, 08 Aug 2025 14:19:48 GMT

Ottawa’s housing market continues to demonstrate steady demand, moderate price growth, and a healthy level of supply—even as other markets experience increased volatility.

Nevertheless, it is important to keep an eye on what is happening across the province. Some markets in Ontario are encountering more pronounced slowdowns—with declining sales, price corrections, and rising inventory levels outpacing demand.

Historically, the perception is that Ottawa has been somewhat insulated from such extremes, due in part to its stable employment base and consistent population growth, but it is not entirely immune. Broader provincial or national trends have the potential to ripple through the local market over time.

Currently, the rise in active listings both year-over-year and compared to the five-year average, may serve as an early indicator of rising supply pressure. At the same time, the sales-to-new-listings ratio changed from 51.7% to 55.1% from a year ago, providing a mixed signal that may indicate demand is currently keeping pace with supply. For the time being, this rise in inventory provides buyers with more choice, but this is certainly a trend worth monitoring.

“While we’ve seen demand may be softening in the condo market, especially in the downtown core, as a whole, Ottawa’s real estate market continues to stand out for its resilience and stability," says Paul Czan, President of the Ottawa Real Estate Board (OREB).

"With steady demand, balanced inventory, and moderate price growth, our fundamentals remain strong. We’re keeping a close eye on changing dynamics, and we’ll continue monitoring the data and providing transparent insights to help our Members and the public navigate with confidence.”

Residential Market Activity

In July 2025, a total of 1,318 homes were sold across the Ottawa Real Estate Board (OREB) region. While this is down from 1,602 units in June, it represents a 4.9% increase over July last year.

Looking at the bigger picture, there have been 8,704 home sales so far this year, which is 3.1% higher than at this time in 2024.

The average sale price for all sold listings in July was $695,209, up 2.2% from last year.

This year, the average year-to-date price is $702,840, a 3% increase over the first seven months of 2024.

Altogether, the total value of homes sold in July reached approximately $920 million, up 7.2% year-over-year, representing a huge contribution to the overall Ottawa economy.

On the listing side, there were 2,549 new residential listings added in July, a solid 11.7% increase compared to last year, and 4,205 active listings on the market, up 14% from July 2024, and 23.6% above the five-year average for this time of year.

Finally, the months of inventory—a measure of supply—rose slightly to 3.2 months, up from 2.9 at this time last year and 2.7 months from last month. 3.2 months of inventory is typically understood to be an indicator of what is considered a balanced market.

MLS® Home Price Index

As for prices, the MLS® Home Price Index (HPI) composite benchmark price in Ottawa was $633,100 in July, a modest 1.9% increase year-over-year. If we break that benchmark price down by property type:

Single-family homes came in at $704,800, up 2%.
Townhouses saw the biggest jump, up 8.3% to $468,000.
Apartments, on the other hand, dipped slightly, down 1.6% to $411,900.

JUNE HOUSING MARKET POSTS ANNUAL GAIN DESPITE SUMMER SLOWDOWN

Tue, 08 Jul 2025 20:51:41 GMT

July 2025 ■ A total of 1,602 homes were sold through the MLS® System of the Ottawa Real Estate Board (OREB) in June 2025. This marks an 11.34% decrease from the previous month, but a more modest 10.6% increase compared to June 2024 and sits 3.8% above the five-year average.

“This was the busiest June we’ve seen in quite some time, with sales up 10.6% and new listings rising nearly 14% year over year, signifying we did, in fact, experience a delayed spring market,” says OREB President Paul Czan. “We’re seeing more inventory hit the market, giving buyers more choice. With the changing market conditions, sellers need to be future-focused—pricing thoughtfully and preparing their homes to be one of the top picks in their area.”

“Apartments are one segment that continues to feel the strain, with sales down about 20% across Ottawa and inventory building. There is a variety of compounding factors in play here including an increase in new construction, elevated financing costs and rising strata fees reducing affordability—especially for first-time buyers, but also, we’re seeing neighbourhood-specific factors impacting demand,” adds Czan. “Still, Ottawa remains a stable market. We’re getting back to familiar seasonal trends—where summer activity will pick up for families looking for a home prior to the school year, and with students returning to the city—a stronger fall is likely ahead.”

By the Numbers – Prices:

· The overall MLS® HPI composite benchmark price was $634,300 in June 2025; a 1.6% increase from June 2024.

· The benchmark price for single-family homes was $707,600, up 1.6% year-over-year.

· The benchmark price for a townhouse/row unit was $467,900, a 9.0% increase from 2024.

· The benchmark apartment price was $411,500, a 0.6% decline from the previous year.

· The average price of homes sold in June 2025 was $723,152, a 5.2% increase from June 2024.

· The total dollar volume of all home sales in June 2025 reached $1.15 billion, a 16.3% increase compared to the same period last year.

By the Numbers – Inventory & New Listings:

· The number of new listings increased by 13.8% compared to June 2024, with 2,933 new residential properties added to the market. New listings were 6.6% above the five-year average.

· Active residential listings totalled 4,350 units at the end of June 2025, reflecting an 11.6% increase from June 2024. Active listings were 42.6% above the five-year average.

· Months of inventory remained steady at 2.7 in June 2025, relatively the same level as in June 2024. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

MOMENTUM BUILDS IN OTTAWA’S HOUSING MARKET AMID GREATER CERTAINTY

Fri, 09 May 2025 16:41:44 GMT

The number of homes sold through the MLS® System of the Ottawa Real Estate Board (OREB) totaled 1,306 units in April 2025. This represented an 18.4% increase from March 2025, but an 11.2% decline from April 2024. Home sales were 17.6% below the five-year average and 16.2% below the 10-year average for the month of April.

“While April sales were down year-over-year, we saw a healthy month-over-month increase—an encouraging sign of growing momentum as we move through the spring market,” says OREB President Paul Czan. “Inventory remains at higher levels compared to previous years, indicating a gradual move towards a balanced market.”

“With more certainty following the federal election, buyers are returning with greater confidence—but they're proceeding cautiously, taking their time, including conditions in their offers, and being more selective,” adds Czan. “Sellers, meanwhile, are adjusting to longer days on market, which makes strategic pricing and thoughtful home preparation more important than ever. If the listing is priced well, shows well, it's moving—and in some cases, it’s even getting multiple offers. Looking ahead, we’ll be watching how the federal government’s recent housing commitments translate into action. Policies aimed at increasing supply, improving affordability, and supporting first-time buyers are welcome steps toward meaningful impact here in Ottawa.”

By the Numbers – Prices:

The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures.

· The overall MLS® HPI composite benchmark price was $631,200 in April 2025, a 1.1 % rise compared to April 2024.

The benchmark price for single-family homes was $703,200, up 1.0 % year-over-year in April.
By comparison, the benchmark price for a townhouse/row unit was $440,000, an increase of 4.4% from 2024.
The benchmark apartment price was $404,000, a 2.8% decline from the previous year.

· The average price of homes sold in April 2025 was $707,180, a 0.4% increase from April 2024.

· The total dollar volume of all home sales in April 2025 amounted to $923.5 million, a 10.8% drop compared to the same period last year.

By the Numbers – Inventory and New Listings:

· The number of new listings declined by 3.8% compared to April 2024, with 2,589 new residential properties added to the market. New listings were 2.8% above the five-year average and 5.6% above the 10-year average for the month of April.

· Active residential listings totaled 4,878 units at the end of April 2025, reflecting a 54.2% surge from April 2024. Active listings were 86.9% above the five-year average and 51.3% above the 10-year average for the month of April.

· Months of inventory stood at 3.7 at the end of April 2025, compared to 2.2 in April 2024. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

OTTAWA’S MARKET WARMS UP WITH MORE LISTINGS AND CAUTIOUS BUYERS

Tue, 11 Feb 2025 20:58:28 GMT

February 2025 ■ The number of homes sold through the MLS® System of the Ottawa Real Estate Board (OREB) totaled 617 units in January 2025. This was a 4.2% decrease from January 2024. Home sales were 13% below the five-year average and 9.6% below the 10-year average for the month of January.

“Ottawa’s market is seeing increased activity as more listings hit the market and buyers start to re-engage,” says OREB President Paul Czan. “Many buyers and sellers had been waiting for more conducive market conditions, but with the recent rate cut and potentially lower interest rates on the horizon, optimism is growing. While there’s more supply, the availability of suitable properties in various market segments remains tight. This is reflected in some homes selling quickly while others linger on the market. Sellers should be prepared to price competitively and present their homes in the best light to capture buyer interest in this evolving market."

“The recent Bank of Canada rate cut, introduction of U.S. tariffs, along with upcoming provincial and federal elections, introduce factors of variability,” adds Czan. “That said, confidence is growing, and more buyers are expected to return to the market in the coming months, leading to an increase in transactions.”

By the Numbers – Prices:

The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures.

· The overall MLS® HPI composite benchmark price was $649,900 in January 2025, an increase of 5.2% from January 2024.

o The benchmark price for single-family homes was $713,000 up 2.3% on a year-over-year basis in January.

o By comparison, the benchmark price for a townhouse/row unit was $448,000, down 3.9% compared to a year earlier.

o The benchmark apartment price was $436,900, up 4.5% from last year.

· The average price of homes sold in January 2025 was $670,258, increasing 5.8% from January 2024.

· The dollar volume of all home sales in January 2025 was $413.5 million, up 1.3% from January 2024.

By the Numbers – Inventory and New Listings:

· The number of new listings saw an increase of 3.0% from January 2024. There were 1,359 new residential listings in January 2025. New listings were 14.1% above the five-year average and 9.3% above the 10-year average for the month of January.

· Active residential listings numbered 3,312 units on the market at the end of January 2025, a gain of 57.3% from January 2024. Active listings were 90.6% above the five-year average and 48.9% above the 10-year average for January.

· Months of inventory numbered 5.4 at the end of January 2025, compared to 3.3 in January 2024. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

January is brimming with a special kind of energy—the promise of a fresh start. It’s a time to dream big, set meaningful goals, and envision the possibilities in our personal lives, health, and careers.

Fri, 17 Jan 2025 14:43:45 GMT

There’s something empowering about taking those first steps toward turning aspirations into reality.
Of course, change often comes with mixed emotions. It can feel exciting yet uncertain, hopeful yet bittersweet. But it’s through change that we discover our resilience and unlock our potential. I see this time and again in real estate—whether it’s a family downsizing for simplicity or a first-time buyer taking the leap toward homeownership, every step is an opportunity to embrace the future with hope and optimism.

The New Year brings excitement, but it also comes with its share of questions, particularly about the economy. None of us can predict exactly how shifts in the political and economic landscape will impact interest rates or the real estate market. What we can do, however, is stay informed and rely on expert insights to guide our decisions.

Market analysts suggest that 2025 could bring a more balanced real estate market. After years of rapid changes—whether in interest rates, home prices, or inventory levels

—the outlook is cautiously optimistic. Interest rates are expected to stabilize or see gradual adjustments, and demand for housing, particularly in the Ottawa area, is likely to keep the market active.

For buyers, this might mean an opportunity to secure a property at a fair price without the competitive frenzy of recent years. For sellers, it’s a chance to position your home strategically to attract prepared and motivated buyers.

While uncertainty can feel unsettling, it’s also a powerful reminder of the importance of planning and staying proactive. Whether you’re considering a move, exploring your options, or simply curious about how 2025’s trends might affect you, I’m here to offer clarity and guidance every step of the way.

The best decisions start with the right information and a trusted partner. Let’s connect to ensure your plans align with the market and your goals for the year ahead.

OTTAWA’S HOT SUMMER MARKET EXPECTED TO EXTEND INTO FALL

Tue, 24 Sep 2024 18:07:00 GMT

September 2024 ■ The number of homes sold through the MLS® System of the Ottawa Real Estate Board (OREB) totalled 1,100 units in August 2024. This was a 10.2% increase from August 2023. Home sales were 11.4% below the five-year average and 14.1% below the 10-year average for the month of August. On a year-to-date basis, home sales totalled 9,444 units in August 2024 — an increase of 6.0% from the same period in 2023.

“Being a seasonal market, it’s very encouraging to see sustained levels of market activity throughout the whole summer,” says OREB President-elect Paul Czan. “And coupled with a third consecutive interest rate drop from the Bank of Canada, we are anticipating a heated market in the fall.”

“REALTORS® know firsthand how affordability remains a top concern for most buyers. With a stream of new listings hitting the market and prices holding steady, buyers are not moving with urgency. They are still using caution and patience to find the right property for their needs and budget. As such, sellers need to be patient and work with a REALTOR® who can use the latest neighbourhood-level data and insights to properly price their property and build a selling strategy.”

By the Numbers – Prices:

The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures.

• The overall MLS® HPI composite benchmark price was $646,000 in August 2024, a decrease of 0.3% from August ‘23.

o The benchmark price for single-family homes was $732,500, down 0.3% on a year-over-year basis in August.

o By comparison, the benchmark price for a townhouse/row unit was $502,200, up 0.3% compared to a year earlier.

o The benchmark apartment price was $416,800, down 1.2% from year-ago levels.

• The average price of homes sold in August 2024 was $660,341 increasing 0.3% from August 2023. The more comprehensive year-to-date average price was $678,327, increasing by 0.9% from August 2023.

• The dollar volume of all home sales in August 2024 was $726.3 million, up 10.5% from August 2023.

By the Numbers – Inventory & New Listings

• The number of new listings saw an increase of 0.2% from August 2023. There were 1,907 new residential listings in August 2024. New listings were 0.2% above the 5-year average and 0.9% above the 10-year average for the month.

• Active residential listings numbered 3,324 units on the market at the end of August 2024, a gain of 25.8% from August 2023. Active listings were 46.5% above the five-year average and 1.3% below the 10-year average for the month.

• Months of inventory numbered 3.0 at the end of August 2024, up from 2.6 in August 2023. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

Helping Seniors Embrace the Next Chapter with Confidence

Fri, 17 Nov 2023 17:05:38 GMT

Why Seniors Delay Moving?

Comfort & Familiarity: Your home is filled with cherished memories, making it tough to say goodbye.
Fear of Change: Moving can be daunting, but it can also bring exciting new experiences.
Family Dynamics: The thought of involving kids in your decisions can be complex. But remember, they want what's best for you!

Benefits of Moving Sooner: ✨

Streamlined Lifestyle: A new, downsized home means less upkeep, more time for you.
Safety & Accessibility: Modern homes often offer senior-friendly features, like step-free entry and grab bars.
Community & Amenities: Independent living options provide social activities, and local facilities offer full-service amenities, from dining to healthcare.

Kids in the Decision:

Your kids are your biggest fans. Involving them can ensure they understand your needs and preferences. Together, you can make the best choice for your future.

Independent Living Options:

Condos: Maintenance-free living in a vibrant community.
Apartments (Buy or Rent): Flexibility to suit your budget and lifestyle.

Local Senior-Friendly Facilities:

There are several options across the city offering Independent Living, Assisted Living or Memory Care. The key is to plan ahead if possible and visit a few of these facilities to decide which one offers the little touches you are looking for. Natural settings, access to shopping or dining, pet friendly? Having a clear sense of what will best suit your needs will help in your selection.

Your new adventure awaits, and we're here to help you make the move, stress-free and light-hearted. Explore Ottawa's vibrant senior living options.

Ready to embrace your next chapter? Contact us today, and let's make it happen together!

Putting the Homeowner First: A Realtor's Perspective

Wed, 12 Jul 2023 19:41:30 GMT

In the world of real estate, it's easy to get caught up in the glitz and glamour of the industry—the accolades, the listings, and the charismatic real estate agents. However, amidst the excitement, it's crucial to remember that the heart of real estate lies not in the agents themselves, but in the homeowners and their unique needs. As a dedicated realtor, my utmost priority is to connect with my clients and ensure that their biggest investment decision is not only sound but also the least stressful experience possible.

Understanding the Homeowner's Perspective: When it comes to buying or selling a home, homeowners are driven by a myriad of factors, ranging from financial aspirations to personal circumstances. As a realtor, I firmly believe in taking the time to listen and understand my clients' individual needs, goals, and concerns. By putting the homeowner at the center of every transaction, I can tailor my services to create a personalized and seamless experience that addresses their specific requirements.

Building Trust and Connection: Establishing a strong rapport and fostering trust is fundamental to a successful client-realtor relationship. I strive to go beyond the mere transactional nature of real estate by genuinely connecting with my clients on a personal level. By taking the time to understand their unique preferences, lifestyle, and long-term vision, I can offer informed guidance and support throughout the entire process.

Guiding Through the Decision-Making Process: Navigating the real estate market can be overwhelming, especially for those making significant investment decisions. As a realtor, my role is not just to provide expertise and knowledge but also to act as a steady guide, offering valuable insights and advice. I am committed to empowering my clients with the information they need to make informed choices, ensuring that their best interests are always at the forefront.

Reducing Stress and Facilitating a Smooth Transaction: The process of buying or selling a home can be filled with stress and uncertainty. Recognizing this, I make it my mission to alleviate as much of that burden as possible for my clients. From conducting thorough market research to streamlining paperwork and negotiations, I handle the intricate details, allowing homeowners to focus on what matters most—their own lives and aspirations.

A Holistic Approach to Real Estate: Real estate is not merely about transactions; it is about people and their stories. I believe in taking a holistic approach that goes beyond the confines of a single transaction. By building lasting relationships and maintaining open lines of communication, I aim to be a trusted advisor for my clients, even beyond the immediate real estate needs. Whether they require assistance with home maintenance, renovations, or future investment opportunities, I am there to provide ongoing support.

In a world where real estate can sometimes overshadow the true essence of the industry, I am committed to recentering the focus on what truly matters—the homeowner and their needs. As a realtor, I understand that my success lies in helping my clients achieve their goals and make sound investment decisions. By placing the homeowner at the forefront of every transaction, I strive to create a seamless and stress-free experience that exceeds expectations and builds lasting trust. Let me be your guide on this exciting journey, as we work together to make your real estate dreams a reality.

JUNE’S RESALE MARKET EASES INTO SUMMER

Mon, 10 Jul 2023 18:46:00 GMT

July 2023 ■ Members of the Ottawa Real Estate Board (OREB) sold 1,658 residential properties in June through the Board’s Multiple Listing Service® (MLS®) System, compared with 1,493 in June 2022, an increase of 11%. June’s sales included 1,234 in the freehold-property class, up 10% from a year ago, and 424 in the condominium-property category, a 16% increase from June 2022. The five-year average for total unit sales in June is 1,881.

“Although June’s transactions surpassed last year’s, the number of sales, average prices, and new listings declined on a week-to-week basis over the course of the month. Compounded by the typical summer decline in activity, the Bank of Canada’s interest rate adjustment at the beginning of the month may have also flattened the curve,” says Ottawa Real Estate Board President Ken Dekker.

By the Numbers – Average Prices*:

The average sale price for a freehold-class property in June was $746,445, a decrease of 4% from 2022, but still on par with May 2023 prices.
The average sale price for a condominium-class property was $448,380, an increase of 2% from a year ago and up 1% over May 2023 prices.
With year-to-date average sale prices at $731,847 for freeholds and $432,885 for condos, these values represent a 10% decrease over 2022 for freehold-class properties and a 7% decrease for condominium-class properties.

“Supply is trending in the right direction. The increase in inventory is encouraging and indicates sellers have confidence in the market. A growing resale housing stock will result in more selection for buyers and more sales,” Dekker suggests.

By the Numbers – Inventory & New Listings:

June’s new listings (2,758) were 14% lower than June 2022 (3,212) and down 2% from May 2023 (2,822). The 5-year average for new listings in June is 2,802.
Months of Inventory for the freehold-class properties has increased to 2.1 months from 1.9 months in June 2022 and 1.5 months in May 2023.
Months of Inventory for condominium-class properties has decreased to 1.4 months from 1.6 months in June 2022, although up from 1.3 months in May 2023.
Days on market (DOM) for freeholds stayed on par with last month at 23 days and increased to 27 days for condos compared to last month (26 days).

“We are looking forward to a strong second half of 2023 in terms of sales volume and prices compared to last year. Whichever side of the transaction you are on, the advice of a professional REALTOR® who has their pulse on the week-to-week variabilities in Ottawa’s resale market is priceless.”

Is it time to downsize?

Mon, 24 Apr 2023 15:39:40 GMT

Seniors may choose to downsize for a variety of reasons, including financial benefits, lifestyle changes, and health considerations. By downsizing, seniors can reduce their housing costs, minimize maintenance expenses, and free up equity that can be used to fund their retirement or to enjoy their golden years. Here are some specific reasons why seniors may want to downsize:

Financial benefits: Downsizing can help seniors save money on housing expenses, including mortgage payments, property taxes, utilities, and maintenance costs. This can free up cash that can be used for other expenses, such as travel, hobbies, or medical bills. Additionally, downsizing may allow seniors to unlock equity in their homes, which can be used to supplement retirement income or to leave a legacy for their children or grandchildren.
Lifestyle changes: As seniors age, they may find that their current home no longer meets their needs. For example, they may have difficulty climbing stairs or maintaining a large yard. Downsizing to a smaller, more manageable home or a retirement community can offer a more relaxed and convenient lifestyle, with less stress and more opportunities to socialize with other seniors.
Health considerations: For seniors with health issues, downsizing to a smaller, more accessible home or a retirement community can provide a safer and more supportive environment. Many retirement communities offer amenities such as health care services, wellness programs, and transportation, which can help seniors maintain their independence and quality of life.

Regarding Ottawa's housing market, the past 10 years have seen significant changes in real estate values. According to the Ottawa Real Estate Board, the average sale price of residential properties in Ottawa has increased well over 65% over the past decade. This growth has been driven by a number of factors, including population growth, low interest rates, and a continued low inventory of available homes.

Despite rising home prices, downsizing can still be a financially savvy choice for seniors. Smaller homes and retirement communities are generally more affordable than larger homes, and they often offer a range of cost-saving amenities, such as maintenance services and energy-efficient features.

In terms of lifestyle benefits, downsizing can offer seniors more freedom, less stress, and more opportunities to pursue their interests and hobbies. By living in a smaller home or a retirement community, seniors can spend less time on home maintenance and more time enjoying their retirement years. Additionally, many retirement communities offer social activities, fitness programs, and other amenities that can help seniors stay active and engaged.

Overall, downsizing can be a smart financial and lifestyle choice for seniors. By freeing up cash, reducing expenses, and enjoying a more relaxed and convenient lifestyle, seniors can make the most of their retirement years and enjoy their golden years to the fullest.

MARCH RESALES: SIGNS OF SPRING SURGE SPROUTING

Wed, 05 Apr 2023 13:50:45 GMT

April 2023 ■ Members of the Ottawa Real Estate Board (OREB) sold 1,194 residential properties in March through the Board’s Multiple Listing Service® (MLS®) System, compared with 2,003 in March 2022, a decrease of 40%. March’s sales included 893 in the freehold-property class, down 40% from a year ago, and 301 in the condominium-property category, a decrease of 42% from March 2022. March sales transactions increased 40% over February. The five-year average for total unit sales in March is 1,698.

“The recent rise in transactions is a sign of typical spring activity, even if we’re behind the pandemic peaks of 2022. As spring unfolds, so too will a clearer picture of Ottawa’s balanced market state,” says OREB President Ken Dekker.

By the Numbers – Average Prices*:

The average sale price for a freehold-class property in March was $710,070, a decrease of 17% from 2022. However, it marks a 0.2% increase over February 2023. Average freehold prices have climbed approximately 8% during Q1 2023 over December 2022’s market low.
The average sale price for a condominium-class property was $418,670, decreasing 13% from a year ago, but still a 2% gain over February 2023.
With year-to-date average sale prices at $701,837 for freeholds and $414,698 for condos, these values represent a 16% decrease over 2022 for freehold-class properties and an 11% decrease for condominium-class properties.

“As evidenced by the recent climb in freehold prices, Ottawa’s resale market is stabilizing along with the interest rate. Condos remain steady due to their lower price point, there’s more affordability based on the current interest rate structure. Prices are certainly headed in the right direction—if you are looking forward.”

By the Numbers – Inventory & New Listings:

Months of Inventory for the freehold-class properties has increased to 2.3 months from 0.6 months in March 2022.
Months of Inventory for condominium-class properties has increased to 2.8 months from 0.6 months in March 2022.
March’s new listings (2,089) were 21% lower than March 2022 (2,632) and up 53% from February 2023 (1,366). The 5-year average for new listings in March is 2,474.
Days on market (DOM) for freeholds decreased from 37 to 34 days and 43 to 39 days for condos compared to last month.

“Well-priced and well-prepared homes are selling. REALTORS® have up-to-the-minute statistics to ensure sellers are positioning themselves at the current market value based on recent sales and hyper-local market comparisons. Buyers can benefit from the same data along with their negotiation expertise to guarantee they are receiving the best value for their dollar.”

Bank of Canada Keeps Rates on Hold

Thu, 09 Mar 2023 00:24:00 GMT

RESALE MARKET STABILIZES IN FEBRUARY WITH A GLIMMER OF HOPE FOR BUYERS AND SELLERS ALIKE!

Fri, 03 Mar 2023 16:34:49 GMT

March 2023 ■ Members of the Ottawa Real Estate Board (OREB) sold 855 residential properties in February through the Board’s Multiple Listing Service® (MLS®) System, compared with 1,411 in February 2022, a decrease of 39%. February’s sales included 633 in the freehold-property class, down 42% from a year ago, and 222 in the condominium-property category, a decrease of 31% from February 2022. The five-year average for total unit sales in February is 1,157.

“We’re going to see declines in transactions and prices when we compare current figures to last February — the height of the pandemic resale market activity,” says Ottawa Real Estate Board’s President Ken Dekker. “On the other hand, with the Bank of Canada holding interest rates steady, prospective buyers have more budget certainty to work with as we head into the spring market.”

By the Numbers – Average Prices*:

The average sale price for a freehold-class property in February was $708,968, a decrease of 15% from 2022. However, it marks a 5% increase over January 2023.
The average sale price for a condominium-class property was $410,927, decreasing 12% from a year ago.
With year-to-date average sale prices at $695,086 for freeholds and $411,449 for condos, these values represent a 14% decrease over 2022 for freehold-class properties and a 10% decrease for condominium-class properties.

“The average price increase for freeholds over January could be an indicator that buyers have normalized to the current interest rates. And perhaps, it’s a glimmer of more activity to come in the months ahead.”

By the Numbers – Inventory & New Listings:

Months of Inventory for the freehold-class properties has increased to 2.8 months from 0.7 months in February 2022.
Months of Inventory for condominium-class properties has increased to 2.5 months from 0.7 months in February 2022.
February’s new listings (1,366) were 22% lower than February 2022 (1,762) and up 3% from January 2023 (1,323). The 5-year average for new listings in February is 1,632.
Days on market (DOM) for freeholds decreased from 43 to 37 days and 47 to 43 days for condos compared to last month.

“A decrease in the days on market, paired with fewer new listings entering the market, is good news for sellers,” says Dekker. “However, if that trend continues to impact our supply stock and we don’t get more inventory, our otherwise balanced market could swing back into seller’s territory — but it’s too early to predict.”

“The best advice for sellers and buyers in today’s market is to pay close attention to the comparison and competition insights only a REALTOR® can offer. Ottawa is made up of many micro-markets, and neighbourhood-level data is vital to standing out and closing deals.”

RESALE MARKET STARTS SLOW AS BUYERS REMAIN CAUTIOUS

Fri, 10 Feb 2023 16:18:00 GMT

February 2023 ■ Members of the Ottawa Real Estate Board (OREB) sold 606 residential properties in January through the Board’s Multiple Listing Service® (MLS®) System, compared with 933 in January 2022, a decrease of 35%. January’s sales included 460 in the freehold-property class, down 30% from a year ago, and 146 in the condominium-property category, a decrease of 47% from January 2022. The five-year average for total unit sales in January is 819.

“January’s marked slow down in unit sales over 2022 indicates potential home buyers are taking their time,” says OREB President Ken Dekker. “While last month saw the culmination of the succession of interest rate hikes announced by the Bank of Canada, affordability remains a factor. They may be waiting for a shift in listing prices. They’re being cautious in uncertain conditions.”

By the Numbers – Average Prices*:

-The average sale price for a condominium-class property in January was $412,244, a decrease of 8% from 2022.

-The average sale price for a freehold-class property was $676,272, decreasing 12% from a year ago.

“Despite the decrease in average prices, the market should not be considered on a downward slide,” says Dekker. “A hyper COVID-19 seller’s market is now levelling out to our current balanced market state.”

“On a positive note, in comparison to December’s figures, January’s average price of freehold properties increased by 3%. The average price of condos did fall by 5% compared to December but condo pricing tends to fluctuate more due to the small data set.”

By the Numbers – Inventory & New Listings:

-Months of Inventory for the freehold-class properties has increased to 3.8 months from 0.9 months in January 2022.

-Months of Inventory for condominium-class properties has increased to 3.8 months from 0.8 months in January 2022.

-January’s new listings (1,324) were 16% higher than 2022 (1,142) and up 89% from December 2022 (699). The 5-year average for new listings in January is 1,233.

“Ottawa’s inventory and days on market figures are typical for a balanced market and another sign that buyers are no longer racing to put in an offer,” says Dekker. “The increase in new listings and supply is a boon for home buyers, who now have more selection and the ability to put in conditions at a less frantic pace. REALTORS® are an essential resource in finding the right property for the right buyer. On the other side of the transaction, REALTORS® can help sellers with hyper-local insights about how to sell in their neighbourhood at a time when pricing is key.”

More people are turning to REALTORS® for help renting properties — 509 this month compared to 410 in January 2022, an increase of 24%. “Even with the increase in housing stock, the tighter rental market is another indication that affordability is keeping some potential buyers on the sidelines.”

Ottawa’s May Residential Resales Underperform Expectations

Wed, 08 Jun 2022 12:51:50 GMT

June 2022 ■ Members of the Ottawa Real Estate Board sold 1,846 residential properties in May through the Board’s Multiple Listing Service® System, compared with 2,285 in May 2021, a decrease of 19 per cent. May’s sales included 1,384 in the residential-property class, down 22 per cent from a year ago, and 462 in the condominium-property category, a decrease of 11 per cent from May 2021. The five-year average for total unit sales in May is 2,031.

“With year-over-year resales declining in March and April, and now with this downward trend continuing into May, traditionally the highest performing month for resales, it is quite clear that Ottawa’s resale market is shifting away from the blazing pace of 2021,” states Ottawa Real Estate Board President Penny Torontow. “And if rising interest rates, cost of living, and inflation aren’t enough factors to cause a pullback, the powerful and deadly storm that brought our city to its knees last month has justifiably impacted the market as well.”

“Our data shows a sharp decline in new listings with a corresponding increase in cancelled/suspended listings on the MLS® System in the period following the storm. Overall, in May, however, there were 3,120 properties that entered the market. This is on par with last May and is 5% over the 5-year average. The result is an 18% increase in residential-class inventory. Meanwhile, there was a slight decline (0.4%) in condominium inventory, but this is not surprising since they have likely become an entry point for many first-time homebuyers due to the affordable price point.”

The average sale price for a condo-class property in May was $472,920, an increase of 11% from 2021, while the average for a residential-class property was $802,393, increasing 8% from a year ago. With year-to-date average sale prices at $824,276 for residential and $470,353 for condos, these values represent a 12% increase over 2021 for both property classes.*

“Average prices, while still higher than 2021, are showing signs of adjusting to the pace of the market with a month-over-month decrease of 2% in both property classes. In April, we also saw a decline of 1-3%. In contrast, January to March experienced month-to-month increases ranging from 2% to 12%. This may be good news for Buyers, including the fact that the months of inventory have increased to 1.2 for residential and 1 month for condominiums. We are still a far cry away from a balanced market, but it finally seems to be moving in the right direction,” Torontow suggests.

“Additionally, another statistic that we see increasing is the cumulative days on market (CDOM), which is now 14 days, increasing from 11 days last May. CDOMs are typically between 30-60 days in a balanced market, and usually closer to that one-month mark in Ottawa. I mention this because we don’t want Sellers to panic if their homes aren’t selling as quickly as perhaps their neighbours’ properties did. Buyers will also have a little more breathing room if this trend continues.”

“But at the end of the day, each property for sale has its own hyper-local market factors (location, condition, other properties for sale in the same neighbourhood, etc.) that will affect the final sale price. If you want to know the most accurate price point to sell your home or what is the true market value of a home you are interested in, a licensed professional REALTOR® has the education and the experience with access to the most current market statistics and property information, to guide you into making the optimal decision for you and your budget.”

April Residential Resales in a Flux

Sat, 07 May 2022 15:10:10 GMT

May 2022 ■ Members of the Ottawa Real Estate Board sold 1,889 residential properties in April through the Board’s Multiple Listing Service® System, compared with 2,394 in April 2021, a decrease of 21 per cent. April’s sales included 1,419 in the residential-property class, down 23 per cent from a year ago, and 470 in the condominium-property category, a decrease of 13 per cent from April 2021. The five-year average for total unit sales in April is 1,849.

“With the number of transactions just slightly over the 5-year average, this was one of the weakest performing Aprils we have seen in a while,” states Ottawa Real Estate Board’s President Penny Torontow. “Considering that the number of new listings increased last month, it is a bit of a surprise that sales were off.”

“Certainly, there are a few factors at play: rising interest rates, growing Buyer frustration, April’s cooler temperatures, as well as the housing supply measures recently announced by the government – these could all be causing Buyers to pull back with a wait-and-see approach. We are watching the rest of the spring market closely to determine if this could perhaps be an early indicator of a shift in the market.

Since April is only one month, we will be monitoring to see if it becomes a trend moving forward.” “The fact remains that it is still a Seller’s market with supply under one month. Bidding wars and multiple offers persist in some pockets, prices continue to rise, albeit more moderately, and the market remains relatively strong,” she adds.

The average sale price for a condominium-class property in April was $473,702, an increase of 11 per cent from 2021, while the average sale price for a residential-class property was $829,318, increasing 12 per cent from a year ago. With year-to-date average sale prices at $830,588 for residential and $469,603 for condominiums, these values represent a 13 per cent and 12 percent increase over 2021, respectively.*

“Limited supply and high demand will continue to place upward pressure on prices. And as long as there are Buyers willing to pay, average prices will reflect the inventory shortage. However, it is conceivable that price growth may moderate as we do not see the level of price escalations that occurred earlier in the pandemic,” Torontow suggests.

“Although the number of new listings in April (2,846) was down by 11% from 2021, the number of properties that entered the market was still 10% over the 5-year average (2,600), and 214 units more than what was added to the housing stock in March. This has increased Ottawa’s months of inventory to just under a month’s supply. In March, it was just over two weeks. This is good news for potential Buyers as they will have more options and more opportunities to enter the market.”

“In fact, the condo market may be performing slightly better than residential property classes due to the fact that they are the most affordable price point to enter the market and could possibly now be considered the new entry-level property type.”

March Resales Indicate Strong Spring Market

Tue, 05 Apr 2022 17:59:09 GMT

April 2022 ■ Members of the Ottawa Real Estate Board sold 2,011 residential properties in March through the Board’s Multiple Listing Service® System, compared with 2,274 in March 2021, a decrease of 12 per cent. March’s sales included 1,493 in the residential-property class, down 12 per cent from a year ago, and 518 in the condominium-property category, a decrease of 10 per cent from March 2021. The five-year average for total unit sales in March is 1,792.

“Although the number of sales in March decreased from last year at this time, it was still a robust and busy start to the spring season. Transactions increased 42% over February (590 units) and were 12% higher than the 5-year average. Last March was unseasonably warm in comparison, and the lion-like weather that pervaded most of this March may have played a role. More likely, the lifting of some restrictions and opportunity for unfettered travel during the spring break had peoples’ attention turning towards other activities during the month,” states Ottawa Real Estate Board President Penny Torontow.

“March tends to be the early indicator of the spring resale market pace, so we anticipate April’s numbers will be a better indication of just how the spring market will perform, which tends to be the peak time of year for resales,” she adds.

The average sale price for a condominium-class property in March was $479,405, an increase of 10 per cent from 2021, while the average sale price for a residential-class property was $853,615, increasing 13 per cent from a year ago. With year-to-date average sale prices at $831,122 for residential and $467,915 for condominiums, these values represent a 14 per cent and 13 percent increase over 2021, respectively.*

“Average prices continue on their upward trend, albeit only increasing 2-3% over February’s figures, the year over year percentage increases of 13-14% validate that the housing supply shortage will continue to put strong upward pressure on prices until that is remedied.”

“Last month saw 2,632 new listings enter the MLS® System, and although 6% lower than March 2021, this is still 4% (or 100 units) above the 5-year average. Residential-class property inventory is approximately 10.5% higher than last year at this time, with condominium-class inventory down 12%. Overall, we are just slightly over (.6%) a half month’s supply of inventory and require at least four months of inventory to be considered within a balanced market.” “It is encouraging to see new inventory entering the resale market. However, these properties are being quickly absorbed due to the unrelenting high demand, and more listings are crucial to meeting this need,” Torontow advises.

“We appreciate the provincial government has introduced the first phase of its More Homes For Everyone Act to tackle the housing shortage by implementing measures, including working with municipalities to get homes built faster and increasing the Non-Resident Speculation Tax. This is a good start, and we are hopeful that with the application of these and further measures, Ottawa’s many potential home buyers waiting on the sidelines will finally be able to get a foothold in our local market.”

Prevent Spring Flooding in Your Home

Wed, 30 Mar 2022 15:45:23 GMT

Most Canadians look forward to the spring thaw, but the arrival of warmer temperatures can often have a wet and damaging side effect: flooding. But it’s not always rainbows and butterflies, especially as warmer temps cause snow to melt in mass while also leading to rainier weather from up above. Before you know it, flooding is on the rise, and your home is at risk for water damage.

As you anticipate the blooming tulips and nesting robins, use the following tips to help strengthen your home’s fight against any spring moisture the season sends your way.

Here are 7 ways to prevent basement flooding or water damage to your home this spring:

Relocate snow

The closer piles of snow are to your home, the easier it is for it to melt and make its way into your home. Clear snow away from around the foundation and move it to be at least two metres away from the exterior.

Check gutters and downspouts

When debris, such as leaves, sticks, and dirt, gets trapped in gutters, it can block the passage of water from flowing freely off of roofs and away from the home. Clearing out debris from both gutters and downspouts can help to prevent water from seeping into attics, walls, and foundations. If necessary, also add downspout extensions to ensure water is draining at least two metres from the home’s foundation, down to the street or catch-basin.

Inspect and mend foundation cracks

Water can get in more easily when there are cracks in the foundation. For minor repairs, fill cracks with a concrete patch. For bigger concerns, it’s best to bring in a professional to make sure your foundation is repaired in such a way that it acts as a waterproof barrier between the interior and exterior.

Make sure the ground slopes away from your foundation

If weather permits, regrade landscaping surrounding your home to make sure water drains away from the home instead of toward it. If necessary, pull plant material and add more soil where needed. Clearly, this is likely a task to be undertaken once the ground is thawed but definitely to be done prior to next winter.

Install and maintain sump pumps (if applicable)

Sump pumps help to send water away from the home in areas such as basements and below-grade rooms that tend to flood more easily. If you don’t already have one, consider installing a sump pump or investing in a more portable version. If you already have a sump pump, inspect it to make sure it is in good working order and is clear of debris.

Cover window wells

Installing window well covers not only allows for natural light in below-ground rooms but also prevents melting snow and rain from making its way into the home.

Home inspection

Bring in a skilled professional to investigate your home in more depth than you might feel confident doing on your own. A professional will be able to specify vulnerabilities where water damage could occur as well as provide recommendations on how to mediate any concerns; particularly if your basement feels or smells damp or you find dampness creeping in around your foundation.

The unfortunate truth is that water damage can happen no matter what measures you take to reinforce your home. In the event of flooding, equip your home with tools to help you quickly respond to any potential damage, including: a generator, a wet/dry vac, fans, contact information for water damage restoration service professionals in your area. Mould is an issue that many overlook, and can be a health hazard; sometimes, it’s the minor repairs such as caulking around your windows or doors that could have prevented the damage!

Has Spring Sprung Early in Ottawa’s Resale Market?

Thu, 03 Mar 2022 17:06:54 GMT

March 2022 ■ Members of the Ottawa Real Estate Board sold 1,421 residential properties in February through the Board’s Multiple Listing Service® System, compared with 1,385 in February 2021, an increase of 3 per cent. February’s sales included 1,095 in the residential-property class, up 7 per cent from a year ago, and 326 in the condominium-property category, a decrease of 10 per cent from February 2021. The five-year average for total unit sales in February is 1,184.

“Although February’s resales were only 3% higher than last year at this time, we saw a 52% increase in the number of transactions compared to January’s figures (936). While a month-to-month increase is typical for this time of year, the gradation of this increase is higher than previous years, which could be an indication that our spring market may ramp up earlier this year,” states Ottawa Real Estate Board President Penny Torontow.

“Whether this has to do with the easing of government pandemic restrictions and the opening up of the economy or perhaps due to apprehension of the (then) upcoming interest rate increase, which is now in effect, we can’t entirely be sure,” she adds. “We are watching intently to see how the 2022 spring market will play out considering not only the higher interest rates and inflation but also other macro factors in our global environment that could affect our local economy.”

“Undoubtedly, the interest rate increase along with the higher rate of inflation will weaken potential Buyers’ purchasing power. And even though average price growths are not as acute as they were in the past two years, we are still seeing significant increases that are without question a result of the unrelenting high demand and current housing stock scarcity.”

The average sale price for a condominium-class property in February was $466,682, an increase of 15 per cent from 2021, while the average sale price for a residential-class property was $837,517, increasing 17 per cent from a year ago. With year-to-date average sale prices at $812,813 for residential and $458,107 for condominiums, these values represent a 16 per cent increase over February 2021 for both property classes. *

“The number of new listings in February (1,762) offers a slight glimmer of hope for prospective Buyers. At 4% higher than the five-year average and 12% higher than February 2021, it resulted in an almost 10% increase in residential-class property inventory compared to last year at this time. Condominium supply, however, is down 20%. Overall, we are now at a 0.7 month’s supply of inventory which means that most listings that enter the market are going to be snapped up very quickly, as evidenced by the continuous decline in Days on Market (DOM). We certainly hope this trend of increased new listings will continue to supplement the housing stock going forward,” Torontow acknowledges.

“Ottawa is a beautiful city with a healthy, stable economy and is a utopic place to work, live and play. It attracts Canadians from other cities and people from all over the world. But it is deeply entrenched in a Seller’s Market. This means homebuyers need to have all their ducks in a row and are prepared to move expeditiously. A REALTOR® will have the knowledge to ensure you are making your best offer at the optimal time. Sellers also need the experience and resources a REALTOR® brings to ensure they are strategically positioning their homes given the conditions of their neighbourhood and property type. Don’t gamble with what is likely your biggest asset – contact a professional REALTOR® today!”

2021 Resale Market Normalizes and Breaks Records

Thu, 13 Jan 2022 18:33:30 GMT

January 2022 ■ Members of the Ottawa Real Estate Board sold 862 residential properties in December through the Board’s Multiple Listing Service® System, compared with 997 in December 2020, a decrease of 14%. December’s sales included 601 in the residential-property class, down 15% from a year ago, and 261 in the condominium-property category, a decrease of 10% from December 2020. The five-year average for total unit sales in December is 809.

“December’s resale market performed as it typically does with a marked decrease in sales from November as families turned their attention towards the holiday break. Although slightly above the five-year average, the number of properties exchanging hands was lower than the year before due to the atypical market we experienced in 2020 when peak market activity shifted to later in the year because of the initial spring pandemic lockdown,” states Debra Wright Ottawa Real Estate Board’s 2021 President. “However, while the market normalized in the latter part of the year, looking at the year-end figures, 2021 was still a record-breaking year,” she adds.

The total number of residential and condo units sold throughout 2021 was 20,302, compared with 18,953 in 2020, increasing 7%. Meanwhile, total sales volume in 2021 was approximately $13.1B compared to $10B in 2020.

“This significant increase in sales volume reflects the price acceleration that we have seen over the last year and correlates with average sale price increases for the city,” Wright elaborates. “As we have reiterated for the past few years, Ottawa’s housing inventory challenges have been and will continue to place an upward pressure on prices. Reviewing the year-end figures for 2021, the average sale price year to date was $719,605 for residential-class properties and $419,683 for condominium units. These values represent a 24% and 16% increase over 2020, respectively.”

The average sale price for a condominium-class property in December was $399,125, an increase of 12% from 2020, and the average sale price for a residential-class property was $709,980, increasing 18% from a year ago.* “Six hundred new listings entered the housing stock in December, which represents a 58% decrease from November and down 15% from the 5-year average. At less than one month’s supply of units in both the residential and condominium property classes, we are firmly entrenched in a strong Seller’s market and will continue to be in this state until our inventory increases to a 3-4 month’s supply for a balanced market to be achieved,” cautions Wright.

When asked for a forecast, Ottawa Real Estate Board’s new 2022 President Penny Torontow suggests, “January through March are usually slower months. With the macro factors that are currently at play in the resale market, it is difficult to predict what the effects will be going forward. We are entering yet another pandemic wave, Buyers are fatigued, parents are focusing on remote learning, interest rate hikes are looming – I don’t expect we will see the first quarter increases as we did in 2021.”

“We are unlikely to see the true outcome of these macro factors until the spring. Presumably, we will see more of the same with the market performing as well as it can with the current housing stock. Unfortunately for homebuyers, it will sustain itself as a Seller’s market for quite some time until our inventory issues are remedied. Whether you are buying or selling a home right now, the experience and knowledge of a REALTOR® is essential in this current challenging market,” Torontow concludes.

The Resale Market Settles Back to a Typical August

Mon, 13 Sep 2021 11:52:44 GMT

September 2021 ■ Members of the Ottawa Real Estate Board sold 1,572 residential properties in August through the Board’s Multiple Listing Service® System, compared with 2,006 in August 2020, a decrease of 22 per cent. August’s sales included 1,175 in the residential-property class, down 25 per cent from a year ago, and 397 in the condominium-property category, a decrease of 9 per cent from August 2020. The five-year average for total unit sales in August is 1,684.

“August’s unit sales followed a trajectory typical of the resale market’s summer months with a considerable decline in transactions compared to the spring and 9% fewer sales than in July (1,724). The number of properties changing hands was on par with August 2017 and 2018 figures. The reason we see a sharp decrease compared to last year’s numbers is due to the first wave lockdown in spring 2020, which shifted that market’s peak to the summer and fall months,” states Ottawa Real Estate Board President Debra Wright.

“Year-to-date resales are at 14,728 and are 24% higher than this period in 2020, which clearly indicates we are in the midst of another strong year in the Ottawa market,” she adds.

August’s average sale price for a condominium-class property was $407,148, an increase of 6 per cent from last year, while the average sale price for a residential-class property was $674,449, an increase of 14 per cent from a year ago. With year-to-date average sale prices at $722,526 for residential and $420,654 for condominiums, these values represent a 27 per cent and 18 percent increase over 2020, respectively.*

“Supply continues to remain scarce, and that is the driving factor behind these price increases. New listings were down 400 units from July and 500 units from last August and below the 5-year average for the first time this year since February. Although inventory is approximately 5-6% higher than last year for both residential and condominium property classes, we are only at about 1.5 months’ worth of housing stock. To achieve a balanced market, we need 4-6.5 months’ supply of inventory,” Wright points out.

“We are pleased to see that housing affordability and the supply shortage have been a predominant part of election conversations and federal party platform pledges – which is a step in the right direction. We look forward to the collaboration between municipal, provincial, and federal governments to establish measures which will effectively address these fundamental barriers to homeownership for all Canadians who desire to own a home.”

June’s Residential Resale Market begins to Normalize

Thu, 08 Jul 2021 15:41:00 GMT

July 2021 - Members of the Ottawa Real Estate Board sold 2,131 residential properties in June through the Board’s Multiple Listing Service® System, compared with 2,038 in June 2020, an increase of 5 per cent. June’s sales included 1,647 in the residential-property class, up 2 per cent from a year ago, and 484 in the condominium-property category, an increase of 13 per cent from June 2020. The five-year average for total unit sales in June is 2,098.

“June’s resale market performed similar to a typical (pre-pandemic) June, with unit sales on par with the five-year average and a lower volume of activity compared to May, particularly in the last two weeks of the month. This is a normal tapering off as families turn their attention to end of school events and enjoying more outdoor recreation. This year, it also coincided with some easing of pandemic restrictions,” states Ottawa Real Estate Board President Debra Wright. “It will be interesting to watch the market over the summer to see if this normalization of the real estate sales ebb and flow is indeed the case moving forward. Last year, summer resales skyrocketed due to pent-up demand when the first lockdown ended.”

“Year-to-date sales are tracking 48% higher than last year at this time with 11,446 properties changing hands and are 16-18% higher than 2018 and 2019. Much of this increase is due to the increased activity in the first five months of 2021 compared to previous years. We have also seen an instrumental increase in new listings this year, and inventory levels for both residential and condominiums are higher than we’ve seen since 2017. However, we are still at a one month supply of housing stock, so we aren’t out of the woods yet.”

June’s average sale price for a condominium-class property was $435,198, an increase of 21 per cent from last year, while the average sale price for a residential-class property was $725,970, an increase of 26 per cent from a year ago.With year-to-date average sale prices at $734,357 for residential and $422,734 for condominiums, these values represent a 33 per cent and 20 percent increase over 2020, respectively.*

“For the moment, there are signs that we’ve reached a levelling out, especially as it relates to average prices which, in recent months, have not experienced the drastic increases of earlier in 2021, nor are we seeing a drop,” notes Wright.

“Properties are not moving as quickly as they were. Inventory has picked up; there is less scarcity and more choices – consequently, less upward pressure on prices. Additionally, we are noticing fewer of the multiple offer frenzy situations. Of course, many properties do still have multiple offers, but our REALTORS® are noticing that there are less of them on offer day.”

“This start of a perhaps equilibrium in the market is good news for Buyers, while Sellers are going to have to adjust to this new normal and be more strategic in their positioning. Whichever side of the transaction you are on, you will bode well by listening and heeding the advice of a professional REALTOR® who has their pulse on the day-to-day variabilities Ottawa’s resale market is experiencing,” Wright suggests.

* OREB cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Price will vary from neighbourhood to neighbourhood.

Residential Resale Market: A tale of Two May Lockdowns

Tue, 08 Jun 2021 15:53:14 GMT

Members of the Ottawa Real Estate Board sold 2,296 residential properties in May through the Board’s Multiple Listing Service® System, compared with 1,342 in May 2020, an increase of 71 per cent. May’s sales included 1,779 in the residential-property class, up 67 per cent from a year ago, and 517 in the condominium-property category, an increase of 85 per cent from May 2020. The five-year average for total unit sales in May is 2,123.

“Although Ontario was in a lockdown in both May 2020 and May 2021, the impact they had on Ottawa’s resale market was quite different – with this year’s number of transactions being well over the five-year average. Undoubtedly, enhanced safety measures and vaccine adoption rates have enabled potential Buyers and Sellers to feel more protected and comfortable in their home buying and selling process,” states Ottawa Real Estate Board President, Debra Wright.

“Additionally, twice the number of new listings entered the market in May 2021, compared to last year at this time, with 2,386 residential properties and 727 condos added to inventory. This is approximately 50 units more than the five-year average for new listings,” she adds.

May’s average sale price for a condominium-class property was $424,843, an increase of 24 per cent from last year, while the average sale price for a residential-class property was $741,206, an increase of 35 per cent from a year ago. With year-to-date average sale prices at $736,241 for residential and $420,074 for condominiums, these values represent a 35 per cent and 21 percent increase over 2020, respectively.*

“With the number of condominium sales transactions having increased by 85% in May of 2021, over May of 2020, coupled with the 21% price increase in the same periods, it appears that the condo market has recovered from the declines experienced early in the pandemic.”

“For residential-class properties, price movement is still well above 2020, with 46% selling over $700K compared to 16% of properties last year at this time – these percentages are reflected in the sales data for both May and year-to-date. We observe that month-over-month average price increases for April and May are not as high as the jumps in value in the first quarter of 2021. While it is still too early to predict, this may be a sign that the rapid price acceleration we have been experiencing is easing in the market.”

“As we come out of this lockdown, we will closely monitor other market factors including the effects of the increased stress test measures combined with the average five-year fixed mortgage rates climbing back over two per cent since the beginning of 2021, and whether pent-up supply will decrease our supply shortage and eventually bring Ottawa’s real estate market to a more balanced state,” Wright concludes.

OREB Members also assisted clients with renting 1,837 properties since the beginning of the year compared to 1,207 at this time last year.

FEBRUARY RESALES SNAPPED UP QUICKLY

Tue, 30 Mar 2021 14:05:16 GMT

March 2021 ■ Members of the Ottawa Real Estate Board sold 1,390 residential properties in February through the Board’s Multiple Listing Service® System, compared with 1,134 in February 2020, an increase of 23 per cent. February’s sales included 1,028 in the residential-property class, up 24 per cent from a year ago, and 362 in the condominium-property category, an increase of 19 per cent from February 2020. The five-year average for total unit sales in February is 1,101.

“Resale properties are virtually flying off the shelves,” states OREB President Debra Wright. “Even though our inventory is significantly lower than 2020 – a combined 46% decrease in housing stock for residential and condos – we witnessed a record number of sales in February 2021. How is that possible? Simply put, properties that come onto the market are selling very quickly.”

“With less than a month’s supply in both categories, residential homes, in particular, are experiencing the quickest turnarounds. This is evidenced in the sharp decline of Days on Market from 30 days in February 2020 to 14 days last month. Interestingly, DOM for the condo market has gone up slightly from 19 to 22 days, likely due to the fact that the condo market was thriving and moving very quickly prior to the pandemic spread in Canada. We saw Buyer desire for more house space dampen that market temporarily; however, it is clear the condo market has stabilized and is starting to rebound with a 19% increase in transactions compared to last year at this time.”

February’s average sale price for a condominium-class property was $407,671, an increase of 17 per cent from last year, while the average sale price of a residential-class property was $717,914, an increase of 27 per cent from a year ago.With year-to-date average sale prices at $701,778 for residential and $395,496 for condominiums, these values represent a 29 per cent and 15 percent increase over 2020, respectively.*

“With supply constraints continuing to place upward pressure on pricing, there is no doubt that this economic fundamental is driving the price increases. This is also reflected in February’s total sales volume for residential and condos, which combined was at $885,592,105, 54% higher than the same month in 2020. There is no denying that scarcity is leading to a more rapid price acceleration. This scarcity combined with Buyers’ willingness to pay and compete in this market will continue to drive up the sales prices,” Wright asserts.

“The upcoming spring market will bring more listings and increased inventory; however, the question is whether it will be enough to meet demand. Having a sound strategy, whether you are buying or selling, is the key to success. In this complex and fast-paced market, it is essential to utilize the skills and experience of a REALTOR® with negotiation skills and the market knowledge to act quickly on your behalf.”

“Did you know they also help tenants locate rental accommodations in addition to assisting landlords in finding tenants? Ottawa’s vacancy rates have soared due to the lack of immigration, visiting student populations, decline in Airbnb, etc. There are many good quality rentals out there, and a REALTOR® can help you find one whether you are selling and prefer to rent or searching for a different location,” Wright concludes.

* The Board cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Price and conditions will vary from neighbourhood to neighbourhood.

OTTAWA’S RESALE MARKET THRIVES DESPITE PANDEMIC

Sat, 09 Jan 2021 15:09:25 GMT

January 2021 ■ Members of the Ottawa Real Estate Board (OREB) sold 1,002 residential properties in December through the Board’s Multiple Listing Service® System, compared with 757 in December 2019, an increase of 32.4 per cent. December’s sales included 710 in the residential property class, up 33.7 per cent from a year ago, and 292 in the condominium property class, an increase of 29.2 per cent from December 2019. The five-year average for total residential unit sales in December is 779.

“Our market performance in December capped off a year for resales that clearly shows a market that continued to thrive even through the challenges of 2020. December sales brought our year-to-date numbers at year-end to within 2% of 2019. There was a slight slowdown typical of December around the holiday season; however, the market continued its overall momentum and remained more active than usual,” states Ottawa Real Estate Board’s 2021 President Debra Wright.

“At the start of the pandemic, we didn’t know what to expect. We had a momentary stall as did most businesses; however, once real estate was deemed to be an essential service, REALTORS® worked with Buyers and Sellers to ensure safety in the process, and the market picked back up and accelerated past all expectations throughout the remainder of the year.” The total number of residential and condo units sold throughout 2020 was 18,971, compared with 18,613 in 2019, increasing 2 per cent. Residential property class unit sales went up by 3 per cent, with 14,455 properties exchanging hands last year compared to 14,030 in 2019. Condominium property class sales decreased slightly by 1.5 per cent, with 4,516 units sold in 2020 versus 4,583 in the previous year. Year-end figures show an average sale price of $582,267 for residential-class properties and $361,337 for condominium units in 2020. These values represent a 20 per cent and 19 percent increase over 2019, respectively.*

“When analyzing the year-end figures, what clearly stood out was that although the number of units sold was only slightly higher than last year, the Total Sales Volume topped a record-breaking $10 billion compared to $8.2 billion at the end of 2019. This is, in effect, a stark illustration of the increase in Ottawa property values over the course of the year. For example, in 2019, 35% of properties purchased were sold at or below $400K, while in 2020, only 16% of homes were. The market is certainly exhibiting a major shift in terms of availability in lower price ranges,” Wright points out.

“At the end of 2020, average prices increased by 19-20% over this time last year. In 2019, we saw a 9% overall increase for both residential and condo properties compared to 3-5% in 2018 and 3-7% in 2017. These substantive increases in property prices from year to year can be attributed to a variety of factors: the inventory shortage triggering economic supply and demand realities, the multiple-offer phenomena, the record-low mortgage rates increasing purchasing power of Buyers, migration of Buyers from larger markets with high returns to spend, and so forth.”

“I believe that Ottawa is just coming into its own as a national capital city. As such, it is resilient and sheltered in a way that other markets are not – with consistent government and tech sector employment that is particularly conducive to working from home as our current circumstances have required. We may have been privileged with lower price thresholds in previous decades, but perhaps the market is now beginning to reflect the real estate property values of a national capital.” “Going forward, I fully expect Ottawa’s resale market will continue to be robust in 2021. There are no indicators to suggest that this is an overheated market – it is simply very active, insulated, and strong. One that has only been mildly shaken by a world-wide pandemic,” Wright concludes.

No Signs of Slowdown in Ottawa Resale Market

Fri, 04 Dec 2020 17:02:51 GMT

December 2020 - Members of the Ottawa Real Estate Board sold 1,611 residential properties in November through the Board’s Multiple Listing Service® System, compared with 1,284 in November 2019, a year over year increase of 26 per cent. November’s sales included 1,209 in the residential-property class, up 27 per cent from a year ago, and 402 in the condominium-property category, an increase of 23 per cent from November 2019. The five-year average for November unit sales is 1,257.

“We continue to experience strong activity in Ottawa’s resale market during the time of year when we would typically see a slowdown,” states Ottawa Real Estate Board President Deb Burgoyne. “Further, the pandemic overall did not slow down the resale market, and our year to date transactions are now on par with 2019.”

“I’m confident in saying that if we had more supply, sales would be even higher. Although new listings were up almost 400 units compared to last November and over 225 properties higher than the five-year average, there were 1,000 fewer new listings entering the market than we saw in October. Listings coming on in November do typically slow as potential Sellers turn their attention to the upcoming holiday season,” Burgoyne adds.

November’s average sale price for a condominium-class property was $361,758, an increase of 15 per cent from this time last year, while the average sale price of a residential-class property was $602,892, an increase of 20 per cent from a year ago. With year-to-date average sale prices at $581,120 for residential and $361,674 for condominiums, these values represent a 20 per cent and 19 percent increase over 2019, respectively.*

“As far as average prices go, year to date prices are a more reliable indicator of what property values are doing over time, especially when we look at figures from the final quarter of the year. In November 2018, we saw a 3-5% gain in YTD average prices; a year later in 2019, they were up 9% for both property classes. Now in 2020, YTD average prices are 19-20% higher. This trajectory can be attributed to a concurrent decrease in inventory, which continues to be a challenge in our active market. The residential housing stock is 50% lower than last year at this time.”

“Interestingly, the number of condominiums on our MLS® System has actually increased 25% over last November,” Burgoyne notes. “As I stated last month, condos continue to be on our watchlist. This property type is staying on the market longer. The increase in these listings is likely a combination of factors. Investor owners who have been renting their units can now capitalize on the robust market, while some Buyers are seeking more space or other lifestyle options. For example, transitioning to working remotely is providing some Buyers with the opportunity to explore their lifestyle property preferences. Whether it be small town vs downtown living, a recreational property with acreage, be closer to golf courses or waterfront, rural spaces or hobby farms – it opens up the options beyond the classic property types of condominiums or single-family homes in suburbia.”

“Now more than ever, Buyers and Sellers will benefit from the knowledge and experience of a REALTOR®. Our resale market continues to experience multiple offers and bidding wars, and you would want the guidance of someone who has maneuvered through this many times. Particularly if you are looking at purchasing a recreational property, which have become very desirable in the past 6 months or so. These properties’ considerations are different than those you are used to seeing in the city, such as wells, septic tanks, conservation considerations, etc. A professional REALTOR® can explain these features to you, so you don’t risk any surprises down the road,” Burgoyne cautions.

In addition to residential and condominium sales, OREB Members assisted clients with renting 3,120 properties since the beginning of the year compared to 2,559 at this time last year.

OTTAWA’S RESALE MARKET “STEADY AS SHE GOES”

Fri, 06 Nov 2020 15:08:13 GMT

November 2020 - Members of the Ottawa Real Estate Board sold 2,146 residential properties in October through the Board’s Multiple Listing Service® System, compared with 1,604 in October 2019, a year over year increase of 34 per cent. October’s sales included 1,665 in the residential-property class, up 38 per cent from a year ago, and 481 in the condominium-property category, an increase of 22 per cent from October 2019. The five-year average for October unit sales is 1,515.

“We are heading into the colder months, the second wave of the pandemic is upon us, and yet Ottawa’s resale market continues to hold steady,” observes Ottawa Real Estate Board President Deb Burgoyne.

“While the October average price gains, number of sales, and new listings coming onto the market were all down from September, demand persists, and the number of sellers choosing to enter the market remains strong. With 1,937 residential listings and 708 condo units added to the housing stock in October, this is a 48% and 70% respective increase in new listings over last year at this time,” she adds.

October’s average sale price for a condominium-class property was $368,936, an increase of 16 per cent from this time last year, while the average sale price of a residential-class property was $603,253, an increase of 25 per cent from a year ago. With year-to-date average sale prices at $579,026 for residential and $361,666 for condominiums, these values represent a 19 per cent percent increase over 2019 for both property classes.*

“The condominium market is on our watchlist. Inventory for condo units increased 15% over last October, while inventory for residential properties is down 46%. This is an inverse relationship compared to the beginning of 2020 when condo supply was depleting much quicker than residential,” reports Burgoyne.

“The shift in the condo market occurred around June. There has been a lot of speculation about changing buyer behaviour and preferences due to our pandemic reality with homeowners wanting home offices and gym space, for example. One could extrapolate or conclude that buying preferences may be shifting towards a desire for properties with more square footage than this property type offers. Particularly, due to the sheer number of employees working remotely for the foreseeable future, commute times may continue to be less of an issue.”

“As the chillier weather and upcoming holiday season approaches, it will be interesting to see how the market calibrates. Typically, we start to see a slowdown in home sale activity. Whether that actually transpires is something we can’t predict given the topsy turvy year that is 2020. What I can tell you is that this is not the time to navigate the market on your own; there is too much at stake to venture in without the knowledge and guidance of an experienced REALTOR®,” Burgoyne concludes.

Ottawa’s Resale Market Tracks Upward into Fall

Tue, 06 Oct 2020 16:00:52 GMT

Members of the Ottawa Real Estate Board sold 2,329 residential properties in September through the Board’s Multiple Listing Service® System, compared with 1,547 in September 2019, a year over year increase of 51 per cent. September’s sales included 1,759 in the residential-property class, up 58 per cent from a year ago, and 570 in the condominium-property category, an increase of 31 per cent from September 2019. The five-year average for September unit sales is 1,602.

“The sheer volume of transactions in September, compared to a year ago, confirms the Ottawa resale market is continuing on its upward trajectory,” states Ottawa Real Estate Board President Deb Burgoyne. “The resale market in 2020, especially since the outset of the pandemic, has certainly not followed the usual spring and fall cycles we typically experience. This year has had its own distinct ebb and flow, and whether this momentum in our market will continue is difficult to predict.”

“However, the continued increase in new listings and demand remaining strong allows us to be cautiously optimistic. September saw 2,165 residential properties and 744 condominiums enter the market. This is an increase of 32% and 45% respectively over last year at this time, and over 400 more new listings than came on the market in August,” adds Burgoyne.

September’s average sale price for a condominium-class property was $373,565, an increase of 21 per cent from this time last year, while the average sale price of a residential-class property was $622,557, an increase of 28 per cent from a year ago. With year to date average sale prices at $575,506 for residential and $360,550 for condominiums, these values represent a 19 per cent and 20 percent increase over 2019, respectively. *

“While average prices in September hit an all-time high, the movement at the higher end of the market is also likely driving this figure higher. September’s median prices, which is calculated removing the extreme upper and lower prices, do show more moderate price gains coming in at $570,000 for residential properties and $350,000 for condominiums,” Burgoyne acknowledges.

“Of course, the fundamentals of supply and demand remain at play, and our inventory shortage will continue to put Sellers in a position to capitalize on the current market. Additionally, the dynamics of purchasing behaviour is shifting as Buyers become more tolerant of the condition of a property or its location, for example.”

“But, we can’t exhale just yet. At the end of the day, REALTORS® represent both Buyers and Sellers, so a balanced market would be a welcomed relief for everyone. We would like to see both sides get over the finish line with a feeling of elation, and that they have had a positive experience in their homeownership journey,” Burgoyne expresses.

TEMPERATURES COOL, BUT NOT OTTAWA’S RESALE MARKET

Thu, 03 Sep 2020 20:36:56 GMT

September 2020 ■ Members of the Ottawa Real Estate Board sold 2,017 residential properties in August through the Board’s Multiple Listing Service® System, compared with 1,725 in August 2019, a year over year increase of 17 per cent. August’s sales included 1,576 in the residential property class, up 22 per cent from a year ago, and 441 in the condominium-property category, an increase of 2 per cent from August 2019. The five-year average for August unit sales is 1,668. With year to date average sale prices at $566,291 for residential and $357,779 for condominiums, these values represent a 17% and 19% increase over 2019, respectively. *

“August’s resale numbers were undoubtedly driven by the considerable increase in new listings that came onto the market in both July and August,” states Ottawa Real Estate Board President Deb Burgoyne. “There were at least 300 more residential and 175 more condo listings added to inventory than we saw last year at this time. In fact, we have not seen new listing numbers like this since August 2015,” she adds.

“The question that comes to mind is: what is propelling these new listings? Well, there are several contributing factors; there are Sellers that are ready to capitalize on their investments, there are those who may be moving into new builds or further out of the city, and let’s not forget boomers who are downsizing or perhaps moving into rentals.” “Whatever their motivations, if the rate at which properties are coming onto the market can be sustained, it will surely bring some much-needed balance. For some time, as inventory comes on the market, it is quickly being absorbed. If this increased listing trend continues, at some point, the housing stock may finally build to a point that demand is going to be somewhat satiated,” Burgoyne proposes.

“A culmination of factors has been playing into the price increases in Ottawa’s resale market. Certainly, multiple offers are a dominant element. The reason that we have so many offers highlights the number of active buyers in the market - due to a variety of dynamics, such as record low mortgage rates, recently announced decreased debt/equity thresholds, migrating buyers coming from larger markets who may have received high returns on their home sales, etc. When you add these to the already pent-up demand from our local residents, it has created a perfect storm, so to speak.”

“This is an extremely challenging market for many, especially those on the buying side. Many are experiencing what we call ‘buyer burnout’, having placed many offers without success. We perceive a change in buyers behaviour regarding expectations, that were perhaps, until recently ‘hyped’, or a product of watching a myriad of home improvement shows and/or visiting new builder model homes. Our current reality is perhaps making some buyers more pragmatic and compromising on what they accept, whether it’s a home’s condition, age, or location,” Burgoyne suggests.

“What we need to be cognizant of is that Ottawa is a capital city and a growing city, that until now has been well-insulated when it comes to resale prices. If you look at other larger cities, they have gone through this already. We are just in the early stages, with no end in sight at this point. I suspect that prices are not going to come down, nor is activity going to slow down in the near future. Whether you are on the buying or selling side of a transaction, this is not the kind of market to navigate without guidance. An experienced REALTOR® will ensure Buyers are making strategic offers, and Sellers are not leaving money on the table.

JULY SALES MIRROR OTTAWA’S WEATHER…HOT!

Sat, 08 Aug 2020 14:00:10 GMT

August 2020 ■ Members of the Ottawa Real Estate Board sold 2,189 residential properties in July through the Board’s Multiple Listing Service® System, compared with 1,838 in July 2019, a year over year increase of 19 per cent. July’s sales included 1,646 in the residential-property class, up 19 per cent from a year ago, and 543 in the condominium-property category, an increase of 18 per cent from July 2019. The five-year average for July unit sales is 1,729.

“The resale market is not only holding its own but has surpassed 2019 figures by a significant margin,” states Ottawa Real Estate President Deborah Burgoyne. “Summer usually slows down; however, after the pandemic curtailed the spring market this year, we have rebounded well beyond expectations. It is somewhat surprising given continuing inventory shortages and the extra diligence and precautions being taken by our Members and their clients to ensure everyone’s safety in the process.”

July’s average sale price for a condominium-class property was $357,764, an increase of 19 per cent from this time last year while the average sale price of a residential-class property was $585,084, an increase of 20 per cent from a year ago. With year to date average sale prices at $560,836 for residential and $352,847 for condominiums, these values represent a 16 per cent and 18 percent increase over 2019, respectively. *

“Ottawa’s resale market offers solid returns for many Sellers, while Buyers continue to feel the squeeze. Those most impacted are especially those attempting to enter the housing market. Multiple offers are a common occurrence with over 57% of properties selling over the listing price compared to 33% of transactions last July.”

“With a market that is now characterized as hot, the question posed by clients, media and the public alike is, “when or where this will all end?” Since this is a newer phenomenon for the Ottawa market, which is typically very steady and predictable, we can look to other larger cities that have seen this type of sustained trajectory. As long as we have demand outpacing supply, this will continue,” Burgoyne emphasizes.

“Now that the market is on an upward trend, timing is critical. For those contemplating a move without the pressure of a purchase tied to it, it is an opportune time to realize a solid return on your investment. This market is challenging for all involved, and more balance would be a welcomed relief for everyone.”

JUNE’S RESALE MARKET REBOUNDS

Mon, 06 Jul 2020 21:45:03 GMT

July 2020 ▪ Members of the Ottawa Real Estate Board sold 2,052 residential properties in June through the Board’s Multiple Listing Service® System, compared with 2,096 in June 2019, a year over year decrease of 2 per cent. June’s sales included 1,622 in the residential-property class, up 1 per cent from a year ago, and 430 in the condominium-property category, a decrease of 12 per cent from June 2019. The five-year average for June unit sales is 2,072.

“With safety protocols firmly in place, and Buyers and Sellers more accustomed to our new normal, the resale market has rebounded to meet pent up demand,” states Ottawa Real Estate Board President Deborah Burgoyne. “While unit sales were down 55% in April and 44% in May, June’s sales results are within 2% of figures from this time last year.”

“June’s new listings doubled compared to April and increased 45% from the number of listings that came onto the market in May. A consequence of these rapid sale turnarounds is that housing inventory does not have an opportunity to build. Residential inventory is now 52% lower than last year at this time, and condominium supply is down 42%. We continue to be in a strong Seller’s Market, with less than one month’s supply currently available.”

June’s average sale price for a condominium-class property was $360,922, an increase of 17 per cent from this time last year while the average sale price of a residential-class property was $575,623, an increase of 15 per cent from a year ago. With year to date average sale prices at $554,256 for residential and $351,353 for condominiums, these values represent a 14 per cent and 18 percent increase over 2019, respectively. *

“The manifestation of the Seller’s Market is certainly evident when you look at average property prices, which continued to increase, albeit less significantly, in the past couple months. We are once again witnessing double-digit percentage growth over last year, and the average residential price is now in the high five hundreds,” Burgoyne acknowledges. “Additionally, multiple offer situations are influencing market values as statistics show approximately 56% of properties sold over asking in June.”

When asked what to expect from the resale market moving forward, Burgoyne speculates, “We are seeing what I call a reverse slope. The market understandably experienced a bit of a valley, and now it is moving up the other side. Usually, it’s the other way around, and by July we would start to see a slow down as Buyers and Sellers turn their attention to summer activities. I anticipate that along with our region’s exceptionally hot summer forecasted by the Farmers’ Almanac, the Ottawa real estate market is likely to parallel that prediction.

OTTAWA REAL ESTATE SPRINGS INTO FALL

Fri, 05 Jun 2020 10:51:58 GMT

June 2020 ▪ Members of the Ottawa Real Estate Board sold 1,345 residential properties in May through the Board’s Multiple Listing Service® System, compared with 2,410 in May 2019, a decrease of 44 per cent. May’s sales included 1,066 in the residential-property class, down 43 per cent from a year ago, and 279 in the condominium-property category, a decrease of 49 per cent from May 2019. The five-year average for May unit sales is 2,048.

“Just as May’s temperatures had us questioning what season we were in, our real estate market also underwent a seasonal switch, so to speak,” notes Ottawa Real Estate Board President Deborah Burgoyne. “This spring market is performing more like a fall market with the number of new listings and resales on par with what typically occurs in late October and November.”

“Around mid-May, we started to see a restrained uptick in our numbers with monthly unit sales only 44% lower than May 2019, compared to the 55% year over year decrease in April’s figures. We expect that as the economy continues to rollout and consumer confidence increases, our real estate market will follow suit, the pent-up demand pre-Covid still exists. Our spring numbers are typical of our fall figures, with cautious optimism, we can hope that there is a ‘flip flop’ and our fall numbers are closer to spring figures.”

May’s average sale price for a condominium-class property was $343,589, an increase of 15.5 per cent from this time last year while the average sale price of a residential-class property was $548,140, an increase of 11.2 per cent from a year ago. With year to date average sale prices at $546,177 for residential and $348,458 for condominiums, these values represent a 13.8 per cent and 17.8 percent increase over 2019, respectively.*

“Although the Canadian Mortgage and Housing Corporation’s (CMHC) forecast for Canada’s housing prices may seem pretty bleak, their broad-based analysis for the country as a whole does not accurately reflect what is transpiring in our local market as evidenced by the steady increases in average home prices in Ottawa – even during the crux of a pandemic and global economic recession.”

“Unquestionably, the fact that we are still in the midst of a seller’s market is a contributing factor. Nevertheless, with our region’s stable employment and a continuous influx of newcomers, homeowners can take comfort in the knowledge that owning a property in Ottawa and its surrounding areas is a solid investment for yourselves and future generations,” Burgoyne assures.

“Utilizing a REALTORS®’s experience, insight, and extensive professional network is particularly advantageous during this time. They will ensure you are only viewing properties that meet your hard criteria and can also identify possible alternative options to meet your goals, such as in-law suites or carriage homes for example.”

In addition to residential and condominium sales, OREB Members assisted clients with renting 1,207 properties since the beginning of the year compared to 1,043 at this time last year.

HOUSE SHOWING TIPS AMID PANDEMIC

Sat, 30 May 2020 20:10:50 GMT

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Ottawa Market Update ▪ May 1-15, 2020

Tue, 19 May 2020 14:49:44 GMT

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Real Estate Pivots in the Age of Covid-19

Fri, 08 May 2020 19:04:42 GMT

May 2020 ▪ Members of the Ottawa Real Estate Board sold 913 residential properties in April through the Board’s Multiple Listing Service® System, compared with 2,025 in April 2019, a decrease of 55 per cent. April’s sales included 700 in the residential-property class, down 56 per cent from a year ago, and 213 in the condominium-property category, a decrease of 51 per cent from April 2019. The five-year average for April unit sales is 1,692.

“While the Ottawa real estate market statistics for April come as no surprise, they are a stark contrast to the previous month and the year-over-year figures for April 2019,” states Ottawa Real Estate Board President Deb Burgoyne. “I am proud to say, our Members have rapidly adapted to following the “State of Emergency” guidelines and are limiting work activity to assisting those who must sell and/or buy during this pivotal time – while keeping the health risk to all parties to a minimum.”

April’s average sale price for a condominium-class property was $327,813, an increase of 6.3 per cent from this time last year while the average sale price of a residential-class property was $521,694, an increase of 6.8 per cent from a year ago. Year to date figures show a 15.1 per cent and an 18.5 per cent increase in average sale prices for residential and condominiums, respectively.*

“While the number of unit sales has decreased substantially, residential prices are still holding their own and are up over last year’s figures, with properties often selling above the asking price,” Burgoyne reports. “There is still a holdover of pent-up demand in our marketplace. We believe that when the market opens up again, although it won’t be business as usual, sales will rebound and make up for the decline the spring market has experienced,” she adds.

“Our Members have been adjusting and retooling the way real estate is conducted. They are finding new ways to market properties and provide options for viewings using technology such as live streaming open houses, posting virtual tours, and holding virtual showings, etc. These adaptations are key in mitigating risk for all parties and will certainly continue to be necessary as things normalize in the city and our working environment.”

“If you are a potential home buyer or seller, and in a situation where it is essential that you buy or sell a property right now, there are means to do this in a safe and prudent manner. Do not hesitate to contact a REALTOR® to discuss, plan and protect you through this unique period,” recommends Burgoyne.

In addition to residential and condominium sales, OREB Members assisted clients with renting 947 properties since the beginning of the year compared to 778 at this time last year.

March Residential Resales Withstand Pressure of World Crisis

Sat, 04 Apr 2020 10:57:50 GMT

March Residential Resales Withstand Pressure of World Crisis

April 3, 2020 ▪ Members of the Ottawa Real Estate Board sold 1,525 residential properties in March through the Board’s Multiple Listing Service® System, compared with 1,507 in March 2019, an increase of only 1.2 per cent. March’s sales included 1,170 in the residential-property class, up 3.3 per cent from a year ago, and 355 in the condominium-property category, a decrease of 5.1 per cent from March 2019. The five-year average for March unit sales is 1,465.

“Our results show that the Ottawa real estate market seems to have withstood the pressure of a worldwide economic event in March, however in context with our market’s performance up to this point, we can see the underlying effect. Before the pandemic, monthly unit sales were increasing between 10-16% from 2019, while March’s sales were just on par with a year ago. This is an indicator that there has been a slowdown in the real estate market due to Covid-19.” reports Deborah Burgoyne, Ottawa Real Estate Board President.

“Much of March’s activity likely began in the first two weeks of the month before the State of Emergency order was put into place. In fact, we had a head start on the spring market that was heating up earlier than expected, but activity seemed to fall off as physical distancing measures took effect,” she adds.

“Once the Ontario State of Emergency began, our Members and Brokerages rightly began to make all adjustments necessary for the health and wellbeing of our clients and customers. We welcomed the government’s declaration of real estate as an essential service so that transactions in progress could be completed. However, it was not and is not business as usual for our Members. They are heeding government and public health authority warnings and advice and are being diligent in taking extra safety precautions. All this, while still doing their best to help their clients successfully conclude or close real estate transactions that were already in progress,” Burgoyne acknowledges.

March’s average sale price for a condominium-class property was $369,311, an increase of 27.3 per cent from this time last year while the average sale price of a residential-class property was $559,739, an increase of 16.5 per cent from a year ago. Year to date figures show an 18.8 per cent and a 23.2 per cent increase in average sale prices for residential and condominiums, respectively.*

“Our Members are evolving and adapting their business practices by leveraging the use of technology with virtual tours, live streaming, social media, and becoming more creative in their methods to facilitate the needs of their clients who may need to buy or sell right now because of their circumstances.”

“However, for those buyers and sellers who are not in that urgent position, our Members recognize the health and safety of our community is paramount. They are consulting with these clients on a case by case basis and may advise that they should delay the listing of their home or a purchase. They are doing what’s best for their clients in the context of government advisories,” affirms Burgoyne.

When asked about the impact of Covid-19 on the number of new listings on the market, Burgoyne speculates, “The shortage of inventory has driven down the number of new listings for the past several years, so we cannot accurately state that the decrease in March was due to Covid-19 where we saw 1,579 new residential listings and 469 for condos. The 5-year average is 2,217 and 665, respectively. I believe that April’s number will provide a truer and more legitimate reflection of the impact of Covid-19 on our local real estate market.”

“In closing, I would like to say that we are grateful to have been granted the essential service designation and are working closely with all levels of government and our provincial and national associations to ensure that we implement the necessary steps and protocols to flatten the curve and remain the trusted advisors that the public have come to expect from the REALTOR® profession.”

In addition to residential and condominium sales, OREB Members assisted clients with renting 746 properties since the beginning of the year compared to 550 at this time last year.

The Coronavirus explained - for kids/teens

Sat, 21 Mar 2020 11:10:18 GMT

February’s Resale Market Back in Overdrive

Fri, 06 Mar 2020 14:31:53 GMT

March 4, 2020 ▪ Members of the Ottawa Real Estate Board sold 1,141 residential properties in February through the Board’s Multiple Listing Service® System, compared with 1,002 in February 2019, an increase of 13.9 per cent. February’s sales included 835 in the residential-property class, up 10.9 per cent from a year ago, and 306 in the condominium-property category, an increase of 22.9 per cent from February 2019. The five-year average for February unit sales is 1,006.

“After a record-breaking 2019, January saw a minor dip in sales; however, February’s numbers suggest Ottawa’s resale market is heading back into overdrive,” observes Ottawa Real Estate Board President Deborah Burgoyne. “Activity overall has gone up with more listings coming on the market (though still well below the five-year average) and the highest number of February transactions in over 15 years.”

“The average Days on Market (DOM) decreased to 30 days for residential properties, down 12% from last year and condos fell 58% to 19 DOM. Figures for median Days on Market bring those numbers down to 9 DOM (combined). As a matter of fact, in specific highly sought after neighbourhoods, sold signs are going up after only 1-2 days.”

February’s average sale price for a condominium-class property was $349,813, an increase of 21.3 per cent from this time last year while the average sale price of a residential-class property was $563,694, an increase of 21.1 per cent from a year ago. Year to date figures show a 20.8 per cent and a 20.5 per cent increase in average sale prices for residential and condominiums, respectively.*

“These increases are a direct result of the sustained lack of inventory putting upward pressure on prices, and this trend is likely to persist until supply recovers and is bolstered with newly constructed units. Multiple offers have become commonplace in certain pockets of the city, and one of the Board’s statistical indicators shows that approximately 58% of properties are selling for over the asking price, compared to 32% of properties a year ago,” reveals Burgoyne.

The most active price range in the residential market was $400,000 to $549,999, accounting for 39 per cent of the units sold while $250,000 to $399,999 represented the most prevalent price point in the condominium market, accounting for 55 per cent of February’s transactions.

“With the first day of spring only weeks away, I suspect the frenzy of the spring market will be well upon us before the weather catches up,” speculates Burgoyne. “When there is limited inventory, it’s always a good time to sell, and the earlier you get on the market, the more you can differentiate your home. Be sure to entrust your home sale or purchase to an experienced professional.”

In addition to residential and condominium sales, OREB Members assisted clients with renting 498 properties since the beginning of the year.

JANUARY RESALES LOSE MOMENTUM

Fri, 07 Feb 2020 17:12:03 GMT

February 2020 - Members of the Ottawa Real Estate Board sold 780 residential properties in January through the Board’s Multiple Listing Service® System, compared with 817 in January 2019, a decrease of 4.5 per cent. January’s sales included 558 in the residential-property class, down 8.4 per cent from a year ago, and 222 in the condominium-property category, an increase of 6.7 per cent from January 2019. The five-year average for January unit sales is 713.

“2020 is off to a slower start as the shortage of inventory is now impacting market momentum,” states Ottawa Real Estate Board’s President Deborah Burgoyne. “Although we have higher sales than the five-year average, due to increased condo sales, the persistent supply challenges seem to have finally caught up with us. Furthermore, the number of new listings that came on the market in January (1,082) is well below the average (1,651).”

“We don’t expect this trajectory to change anytime in the foreseeable future,” Burgoyne acknowledges. “The supply chain needs to be buffered at all points along the continuum from first-time and move-up buyers, to downsizing boomers as well as renters. They are all interconnected links in the housing chain.”

January’s average sale price for a condominium-class property was $338,077, an increase of 19.1 per cent from last year while the average sale price of a residential-class property was $516,229, an increase of 19.3 per cent from a year ago. Compared to last month, however, the average price for residential-class properties increased by a modest 3.2 per cent and the average price for condominium-class units was 8.8 per cent higher.*

The Board’s Housing Price Index (HPI), which is another data point of price trends based on the specific housing stock in neighbourhoods, indicates that the overall benchmark price for Ottawa has increased by approximately 13.75% from last year.

The most active price range in the condominium market was $200,000 to $349,999, accounting for 55 per cent of the units sold while $400,000 to $549,999 represented the most prevalent price point in the residential market, accounting for 40 per cent of January’s transactions.

“The fact is Ottawa’s market has always been steadily increasing at a reasonable pace and is sustainable. If buyers are waiting for prices to decline, based on historical trends, it’s not likely,” Burgoyne cautions. “Although supply may pick up eventually—if you need to get into the market, don’t wait. It’s a challenging market for everyone. Hire a trusted professional to ensure you are protected and well informed in your home buying or selling transaction.”

In addition to residential sales, OREB Members assisted clients with renting 243 properties in January 2020 compared with 169 in January 2019.

Record-Breaking 2019 Closes Out Decade

Wed, 08 Jan 2020 18:41:53 GMT

January 2020 - Members of the Ottawa Real Estate Board (OREB) sold 761 residential properties in December through the Board’s Multiple Listing Service® System, compared with 660 in December 2018, an increase of 15.3 per cent. December’s sales included 534 in the residential property class, up 13.9 per cent from a year ago, and 227 in the condominium property class, an increase of 18.8 per cent from December 2018. The five-year average for December unit sales is 720.

“December’s statistics reflect the same story we’ve seen all year – historically low supply yet higher unit sales than in previous years. Days on market continued to decline, especially in certain pockets of the city, as properties that came on the market were snapped up by prepared buyers,” states Dwight Delahunt, Ottawa Real Estate Board’s 2019 President. “Unit sales in the condominium class consistently led the way, offering lower price point options for homebuyers that simply weren’t available in the residential category,” he adds.

The total number of residential and condo units sold throughout 2019 was 18,622, compared with 17,467 in 2018, an increase of 6.6 per cent. Residential property class sales went up by 4.7 per cent with 14,038 properties exchanging hands last year compared to 13,411 in 2018. Condominium property class sales increased 13 per cent with 4,584 units sold in 2019 versus 4,056 in the previous year.

“2019 was a record-breaker in both the number of sales as well as average prices, with the residential property class reaching $500K in several months during the year. This price growth is warranted due to the fundamental economic principle of supply and demand playing out, with limited supply putting upward pressure on prices. However, even with these increases, Ottawa’s real estate market continues to remain one of the most affordable and sustainable in the country,” Delahunt stresses.

December’s average sale price for a condominium-class property was $310,675, an increase of 11.5 per cent from a year ago while the average sale price of a residential-class property was $500,306, an increase of 10.3 per cent from December 2018. Year-end figures show an average sale price of $486,590 for residential-class properties in 2019, an 8.9 per cent increase from 2018 and $304,203 for condominium properties, up 9.3 per cent from last year.*

OREB’s 2020 President, Deborah Burgoyne, forecasts Ottawa will continue to experience limited supply and reasonably increasing average prices this year. “Supply issues will surely persist into 2020, and I don’t expect the inventory will be able to recover in the near future,” she suggests.

“Builders do seem keen on constructing luxury rental units, which is something we haven’t seen much of before. These could potentially add inventory to the residential class, as boomers will have decent options if they are considering entering a different lifestyle than homeownership. However, even if supply increases, high demand has shifted market values upwards in various neighbourhoods and prices are unlikely to go back down – this is our new reality,” concludes Burgoyne.

OCTOBER’S WHIRLWIND RESALE MARKET

Mon, 18 Nov 2019 18:22:59 GMT

November 2019 - Members of the Ottawa Real Estate Board sold 1,607 residential properties in October through the Board’s Multiple Listing Service® System, compared with 1,375 in October 2018, an increase of 16.9 per cent. October’s sales included 1,211 in the residential-property class, up 15 per cent from a year ago, and 396 in the condominium-property category, an increase of 23 per cent from October 2018. The five-year average for October unit sales is 1,319.

“New listings are down, inventory remains scarce, and yet more homes changed hands this October than in the past decade and a half,” reports Dwight Delahunt, President of the Ottawa Real Estate Board. “It’s perplexing at first; however, when you consider the current breakneck transaction pace in the Ottawa resale market, often requiring homebuyers and sellers to make swift decisions, it makes sense.”

“October’s average Days on Market (DOM) for residential properties decreased by 10 days to 33 days, and the DOM for condominiums decreased to 28 days from the average 47 days experienced this time last year. Year to date figures show 31 DOM (down 8 days) for residential properties and 35 DOM (16 fewer days) for condominiums. Products are flying off the shelves, so to speak.”

October’s average sale price for a condominium-class property was $319,208, an increase of 18.3 per cent from last year while the average sale price of a residential-class property was $483,405, an increase of 7.6 per cent from a year ago. Year to date figures show an 8.3 per cent and 9.1 per cent increase in average sale prices for residential and condominiums, respectively.*

“We are seeing slightly above-average climbs in home prices this year, and the equity in many properties is undoubtedly increasing, which is great news for homeowners. Still, the growths are reasonable considering the state of the market and Ottawa retains its reputation of being one of the country’s most affordable cities where residents can enjoy a high quality of life,” Delahunt acknowledges.

The most active price range in the condominium market was $225,000-$349,999, accounting for 53 per cent of the units sold while $350,000 to $499,999 represented the most prevalent price point in the residential market, accounting for 43 per cent of October’s transactions. Residential properties in the $500,000 to $749,999 range increased to 30 per cent of all residential resales.

“We are noticing a significant uptick in residential properties sold in the $500-750K price range. This price point now represents almost 1 in every 3 home sales.”

“Even though there are incidences of multiple offers and homes sold for over market value, the reality is that approximately 36% of homes are selling over asking, compared to 21% at this time last year. It is a phenomenon that is affecting specific pockets of the city, but certainly not every neighbourhood or property type.”

“Sellers should use the knowledge of a REALTOR® to understand the complexities of their home’s positioning. Buyers require timely guidance on how to put in an attractive offer in this fast-paced market — and both parties must understand the intricacies of the contracts they are signing,” Delahunt advises.

In addition to residential sales, OREB Members assisted clients with renting 2,334 properties since the beginning of the year.