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Temperatures Cool, but Not Ottawa’s Resale Market September 3, 2020- JOHN KENNEDY

Ottawa Real Estate News Releases

Temperatures Cool, but Not Ottawa’s Resale Market
September 3, 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.

“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.

August’s average sale price for a condominium-class property was $383,640, an increase of 24 per cent from this time last year, while the average sale price of a residential-class property was $592,548, an increase of 22 per cent from a year ago. With year to date average sale prices at $566,291 for residential and $357,779 for condominiums, these values represent a 17 per cent and 19 percent increase over 2019, respectively. *

“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.”

In addition to residential and condominium sales, OREB Members assisted clients with renting 2,232 properties since the beginning of the year compared to 1,906 at this time last year.

* 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.

 

 


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Ottawa Home pricing Expert – Homes and Condo prices JAN 29TH 2020 OTTAWA REAL ESTATE NEWS

Record-Breaking 2019 Closes Out Decade –

(see current stats here click)

From our OREB – REAL ESTATE BOARD OF OTTAWA

OTTAWA REAL ESTATE NEWS JAN 2020

OTTAWA, January 6, 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 residentialclass 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. * 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 REAL ESTATE NEWS JAN 2020

OTTAWA MLS LISTINGS JAN 29TH 2020

OTTAWA MLS CONDO LISTINGS JAN 29TH 2020

OTTAWA HOMES FOR SALE JAN 29TH 2020

OTTAWA CONDO  FOR SALE JAN 29TH 2020

OTTAWA REAL ESTATE AGENT JAN 29TH 2020

OTTAWA REAL ESTATE PRICING JAN 29TH 2020

OTTAWA REAL ESTATE PRICES JAN 29TH 2020

OTTAWA REAL ESTATE HELP JAN 29TH 2020

OTTAWA NEWEST CONDO LISTINGS JAN 29TH 2020

 

KANATA REAL ESTATE NEWS JAN 2020

KANATA MLS LISTINGS JAN 29TH 2020

KANATA MLS CONDO LISTINGS JAN 29TH 2020

KANATA HOMES FOR SALE JAN 29TH 2020

KANATA CONDO  FOR SALE JAN 29TH 2020

KANATA REAL ESTATE AGENT JAN 29TH 2020

KANATA REAL ESTATE PRICING JAN 29TH 2020

KANATA REAL ESTATE PRICES JAN 29TH 2020

KANATA REAL ESTATE HELP JAN 29TH 2020

KANATA NEWEST CONDO LISTINGS JAN 29TH 2020

 

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KANATA – TOWNHOMES SOLD PRICES – AVERAGE PRICES SOLD DEC 2019 – FREE HOME EVALUATION

Market Analysis

TOWNHOMES AVERAGE PRICES SOLD – DEC 2019

Status: Sold (19) DEC 2019

Beds Baths List Price Sold Price DOM CDOM
Min 2 2 $368,000 $340,000 2 2
Max 5 4 $624,900 $600,000 72 72
Avg 3 3 $450,658 $459,853 16 19
Median 3 3 $425,000 $455,000 7 7
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KANATA – SEMI DETACHED HOMES AVERAGE PRICES – DEC 2019

Market Analysis

Status: Sold (8) DEC 2019

Beds Baths List Price Sold Price DOM CDOM
Min 3 2 $300,000 $350,000
Max 4 4 $539,900 $525,000 34 34
Avg 3 3 $430,950 $448,375 12 12
Median 3 3 $474,000 $491,000 8 8
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Kanata Area DETACH HOMES SOLD PRICES AVERAGES – DEC 2019

Market Analysis

KANATA ONLY –

DETACHED HOMES DEC 2019 PRICES SOLD – WE ARE NOW SEEING PROPERTIES SELL OVER ASKING

DETACHED HOMES ARE NOW IN THE MID TO UPPER $550,000 PLUS
Status: Sold (17) IN DEC 2019
Beds Baths List Price Sold Price DOM CDOM
Min 2 2 $414,900 $412,000
Max 5 4 $699,000 $690,000 26 53
Avg 4 3 $544,658 $566,523 8 9
Median 4 3 $539,000 $570,000 5 5
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Condo Prices in Ottawa News Dec 4th 2019 – Weather Isn’t Cooling the Resale Market…

From our Ottawa Real estate board:

CONDO NEWS DEC 2019 – OTTAWA, December 4, 2019 – Members of the Ottawa Real Estate Board sold 1,288 residential properties in November through the Board’s Multiple Listing Service® System, compared with 1,161 in November 2018, an increase of 10.9 per cent. November’s sales included 958 in the residential-property class, up 10.5 per cent from a year ago, and 330 in the condominium-property category, an increase of 12.2 per cent from November 2018. The five-year average for November unit sales is 1,133.

“Even with the typical winter slowdown, Ottawa’s home resale market still experienced a relatively brisk pace in November. Our inventory is not having a chance to build as it is being absorbed as quickly as it comes on the market. That’s why there are so many sales every month even though the supply stock is low,” explains Dwight Delahunt, President of the Ottawa Real Estate Board.

November’s average sale price for a condominium-class property was $313,734, an increase of 9.8 per cent from last year while the average sale price of a residential-class property was $501,201, an increase of 16.9 per cent from a year ago. Year to date figures show an 8.9 per cent and 9.1 per cent increase in average sale prices for residential and condominiums, respectively.*

“Prices have increased, and therefore there is shortage of units available in the lower end price range of both condos and residential properties,” reports Delahunt. “That being said, the Ottawa market still remains strong and
$749,999 range increased to 32 per cent of all residential resales.

“As for the higher end of the market, we are seeing substantial increases in the number of properties sold in those price ranges as well. In the $750K-$1M range, 65 units changed hands last month compared to 24 sales last year at this
time,” reveals Delahunt. “Further, the homes in the $1M+ plus range have increased to 29 sales last month from 15 sold in November 2018.”

“Year to date totals show the larger picture with a 41% increase in the $750K-$1M range from 610 to 861 unit sales, and a 30% increase in the $1M+ range from 266 to 345 transactions compared to this time last year,” he adds.
In addition to residential sales, OREB Members assisted clients with renting 2,559 properties since the beginning of the year.

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. sustainable with reasonable increases in year to date average prices of 9% in both the residential and condominium property classes.”

The most active price range in the condominium market was $225,000- $349,999, accounting for 57.5 per cent of the units sold while $350,000 to $499,999 represented the most prevalent price point in the residential market, accounting for 38.8 per cent of November’s transactions.

The Ottawa Real Estate Board is Ottawa’s largest trade association with over 3,150 sales representatives and brokers

 

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