Ottawa Resale Market Stalls in August, Supply Challenges Persist
Members of the Ottawa Real Estate Board (OREB) sold 1,196 residential properties in August through the Board’s Multiple Listing Service® (MLS®) System, compared with 1,130 in August 2022, an increase of 6%. August’s sales included 903 in the freehold-property class, up 7% from a year ago, and 293 in the condominium-property category, a 2% increase from August 2022. The five-year average for total unit sales in August is 1,525.
“Dan…Once again, thank you for taking care of my family. There is a genuineness and intelligence to you that I very much appreciate.”
Brad S.
Stabilized July Resale Market Showing Positive Price Gains
Members of the Ottawa Real Estate Board (OREB) sold 1,263 residential properties in July through the Board’s Multiple Listing Service® (MLS®) System, compared with 1,102 in July 2022, an increase of 15%. July’s sales included 979 in the freehold-property class, up 18% from a year ago, and 284 in the condominium-property category, a 6% increase from July 2022. The five-year average for total unit sales in July is 1,621.
“Selling a home can be an emotional and stressful time but Dan makes the process go as smooth and hassle-free as possible. I particularly appreciated how he made my father feel comfortable and at ease with selling his home of 40 years (not an easy feat!). Dan is knowledgeable and professional yet warm and compassionate. He always takes the time to listen to his clients to better understand their needs and will always give his honest opinion without judgement or pressure. I have worked with many real estate agents in Ottawa and Toronto and Dan is by far the best. Thank you, Dan!”
G.C.
Dan’s greatest strength is honesty and working with him has been easy and straightforward. He is trustworthy and gets to the heart of things quick, listening to what I needed and wanted from him during the sale of my property. I appreciated all he did to help me during the process, from understanding the journey to keeping me updated.
Sophie C.
Ottawa resale market heats up in May
Sales increase for the first time since February 2022
Members of the Ottawa Real Estate Board (OREB) sold 1,939 residential properties in May through the Board’s Multiple Listing Service® (MLS®) System, compared with 1,830 in May 2022, an increase of 6%. May’s sales included 1,477 in the freehold-property class, up 8% from a year ago, and 462 in the condominium-property category, a 1% increase from May 2022. The five-year average for total unit sales in May is 1,961.
First-time home buyers:
- First-Time Home Buyer Incentive (FTHBI): Provides a shared equity mortgage with the Government of Canada to help first-time home buyers lower their monthly mortgage payments without increasing their down payment.
- First-Time Home Buyers’ Tax Credit (HBTC): Budget 2022 proposed increasing the amount used to calculate the First-Time Home Buyers’ Tax Credit to $10,000 (from $5,000), which would provide a tax credit of up to $1,500 to eligible home buyers. This amendment applies to the 2022 and subsequent taxation years.
- Home Buyers’ Plan (HBP): Allows eligible home buyers to withdraw up to $35,000 from their Registered Retirement Savings Plan (RRSP) to put towards the down payment of their first home.
- Tax-Free First Home Savings Account (FHSA): Designed to give first-time home buyers the ability to save $40,000 on a tax-free basis with an annual contribution limit of $8,000. The government is working with financial institutions to have the infrastructure in place for individuals to be able to open an FHSA and start contributing at some point in 2023.
Resale Market Springs Back in Favour of Sellers
Members of the Ottawa Real Estate Board (OREB) sold 1,488 residential properties in April through the Board’s Multiple Listing Service® (MLS®) System, compared with 1,876 in April 2022, a decrease of 21%. April’s sales included 1,156 in the freehold-property class, down 18% from a year ago, and 332 in the condominium-property category, a decrease of 29% from April 2022. The five-year average for total unit sales in April is 1,739.