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October Stats for Ottawa Real Estate

Resale Market’s Adjustment and Correction Continues

Members of the Ottawa Real Estate Board sold 987 residential properties in October through the Board’s Multiple Listing Service® (MLS®) System, compared with 1,670 in October 2021, a decrease of 41%. October’s sales included 758 in the residential-property class, down 40% from a year ago, and 229 in the condominium-property category, a decrease of 44% from October 2021. The five-year average for total unit sales in October is 1,554.

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Ottawa Real Estate Statistics September 2022

Resale Market Continues to Slow as Buyers Remain Watchful

Members of the Ottawa Real Estate Board sold 1,080 residential properties in September through the Board’s Multiple Listing Service® System, compared with 1,601 in September 2021, a decrease of 33%. September’s sales included 816 in the residential-property class, down 34% from a year ago, and 264 in the condominium-property category, a decrease of 27% from September 2021. The five-year average for total unit sales in September is 1,586.

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Buyer Uncertainty Slows Down August Resales (Stats August 2022)

Members of the Ottawa Real Estate Board sold 1,137 residential properties in August through the Board’s Multiple Listing Service® System, compared with 1,565 in August 2021, a decrease of 27 per cent. August’s sales included 850 in the residential-property class, down 27 per cent from a year ago, and 287 in the condominium-property category, a decrease of 28 per cent from August 2021. The five-year average for total unit sales in August is 1,603.

“August is a traditionally slower month in Ottawa’s resale market ebb and flow cycle due to summer vacations. Compounding the slowdown in market activity, Buyers are uncertain about their purchasing power given impending additional interest rate hikes,” states Ottawa Real Estate Board President Penny Torontow.

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Residential Resale Market’s Shifting Benchmark Reality

Members of the Ottawa Real Estate Board sold 1,508 residential properties in June through the Board’s Multiple Listing Service® System, compared with 2,122 in June 2021, a decrease of 29 per cent. June’s sales included 1,138 in the residential-property class, down 31 per cent from a year ago, and 370 in the condominium-property category, a decrease of 23 per cent from June 2021. The five-year average for total unit sales in June is 1,966.

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Ottawa’s May Residential Resales Underperform Expectations

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.

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April Residential Resales in a Flux

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.

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March Resales Indicate Strong Spring Market

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.”

In addition to residential sales, OREB Members assisted clients with renting 1,291 properties since the beginning of the year compared to 1,079 by March 2021.

* 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.
 

Dan & Ottawa Urban Realty in the News

Two recent Ottawa Citizen stories included comments from Dan Moloughney, Broker of Record and owner of Ottawa Urban Realty:

How to decide if the city, the suburbs or the rural life is right for you
Downtown? Kanata? Osgoode? This guide will help steer your search if you’re settling down in Ottawa

5 tips to help you buy your first home in the nation’s capital
Whether you’re a born-and-raised Ottawan, or are moving to Ottawa from another province, these tips from Ottawa realtors can help start the process

Frigid January Temperatures didn’t Cool Resale Market

Members of the Ottawa Real Estate Board sold 936 residential properties in January through the Board’s Multiple Listing Service® System, compared with 963 in January 2021, a decrease of 3 per cent. January’s sales included 661 in the residential-property class, down 2 per cent from a year ago, and 275 in the condominium-property category, a decrease of 5 per cent from January 2021. The five-year average for total unit sales in January is 840.

“January’s sales, almost identical to 2021’s, were very strong for a traditionally slower month, especially given the frigid temperatures and increased government Covid-19 restrictions we experienced,” states Ottawa Real Estate Board President Penny Torontow. “This increased activity compared to previous years is not solely a pandemic phenomenon. Yes, the pandemic has accelerated market activity in some ways, but pent-up Buyer demand due to the housing supply shortage has been an ongoing fundamental issue for the Ottawa resale market for well over 5 years now – and the price increases will continue to reflect that until the housing stock grows.”

 
The average sale price for a condominium-class property in January was $447,943, an increase of 18 per cent from 2021, while the average sale price for a residential-class property was $771,739, increasing 14 per cent from a year ago.*

“Average prices continue to rise steadily with the lack of inventory pushing prices to levels previously unseen. We only need to observe the number of homes now selling over $1M for a clear demonstration. In 2020, they represented 3% of residential sales, in 2021, they held 9% of the market’s resales, and now in 2022, that number reflects close to 14% of detached home sales.”

“Meanwhile, the residential-class properties selling within the $650-$900K range represent 47% of all of January’s residential unit sales. In 2021, it was 33%. But we must keep in mind, average prices statistics amalgamate data from the entire city, so while in some areas the increases would be less, other pockets of Ottawa may see more,” advises Torontow.

“The condo market is also flourishing both in number of sales and prices. Possibly due to the fact that residential units may be out of reach for some Buyers, they are finding themselves more open to this option and are actually able to find a condominium-class property within their budget.”

“Bad weather, pandemic lockdowns, it doesn’t matter – Ottawa remains a fast-moving, active, and robust market. So, if you are thinking of selling your property, there has never been a better time. Contact a REALTOR® who can explain the various factors that will help you get the best price for your home today.”

In addition to residential sales, OREB Members assisted clients with renting 410 properties in January 2022 compared to 333 in 2021.