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Ottawa MLS – Home Sales Stable in November 2023 Amid Growing Supply – Jan 2024 Ottawa Real Estate News

The average price of homes sold in
November 2023 was $633,138, decreasing
0.8% from November 2022.

OTTAWA, December 5, 2023 – The number of
homes sold through the MLS® System of the
Ottawa Real Estate Board totaled 724 units in
November 2023. This was a small reduction of
1.6% from November 2022.
Home sales were 31.8% below the five-year
average and 27.4% below the 10-year average
for the month of November.
On a year-to-date basis, home sales totaled
11,421 units after 11 months of the year. This
was a large decline of 11.7% from the same
period in 2022.
“Sales are performing as expected with the
arrival of colder months, and an uptick in new
and active listings is bringing more choice back
into the market,” says OREB President Ken
Dekker. “While more choice may mean the pace
of buying and selling has slowed, that doesn’t
mean people looking to enter or upgrade in the
market should sit back. Prospective buyers or
those looking to upgrade have an opportunity
to collaborate with their REALTOR® to carefully
explore the market, identify the ideal property,
and negotiate an attractive deal at their
own pace. Sellers will have to manage their
expectations regarding the quantity of offers and
speed of transactions, and their REALTOR® is
the best resource to help them confidently price
and prepare their home for a quality sale.”
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 $628,900 in
November 2023, a modest gain of 1.4%
from November 2022.
o The benchmark price for single-family
homes was $708,900, up 1.6% on a
year-over-year basis in November.
o By comparison, the benchmark price for
a townhouse/row unit was $492,300,
nearly unchanged, up 0.8% compared
to a year earlier.
o The benchmark apartment price was
$424,300, up 1.2% from year-ago
levels.

The average price of homes sold in
November 2023 was $633,138, decreasing
0.8% from November 2022. The more
comprehensive year-to-date average price
was $669,536, a decline of 5.7% from 11
months of 2022.

The dollar value of all home sales in
November 2023 was $458.4 million, down
2.4% from the same month in 2022.
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.
By the Numbers – Inventory & New Listings

The number of new listings saw a minor
increase of 2.7% from November 2022.
There were 1,428 new residential listings
in November 2023. New listings were 8.4%
above the five-year average and 10.4%
above the 10-year average for the month
of November.

Active residential listings numbered
2,752 units on the market at the end of
November, a sizable gain of 15.8% from
the end of November 2022. Active listings
haven’t been this high in the month of
November in more than five years.

Active listings were 53.9% above the five-
year average and 6.7% below the 10-year
average for the month of November.

Months of inventory numbered 3.8 at the
end of November 2023, up from the 3.2
months recorded at the end of November
2022 and above the long-run average
of 3.3 months for this time of year. 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.

 

Sources : OREB -CREA

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Ottawa Real Estate Market news Feb 2023 – Kanata Real Estate Market news Feb 2023 – Join our newsletter

February 2023 – Resale Market Starts Slow as Buyers Remain Cautious

February 2, 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 leveling 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.”

* 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.

 

 

Market Prices Sold and Changes

2022 AWARD WINNER FOR SALES AND CUSTOMER SATISFACTION

Thank you for your trust and referrals!

 


 

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THANK YOU ! Award winner 2022 – Customer Satisfaction and Sales – Thank you to all my clients.

Thank you !!Thank you!!!
To all my clients for your trust, your business, your referrals!!!
2022 Real Estate sales award at my Brokerage office!!!
Top Sales and Customer Satisfaction Award!!!
I’m included in the #1s in something that I love doing!! Helping others focus on Real Estate buying a home or wealth building.
Award for top sales in 2022!!!
Yeah!!!!….I am among the #1 group of highest earning individual agent in my Real Estate brokerage Ontario wide!
Working on getting back to a healthier me after my car accident in 2018, this award feels amazing to hold!!
In 2022, I was able to help more first time buyers, upsizers, down sizers, and investors this past year than the last 5 years due to my accident. I also continue to help needy families in the Amazon Rainforest areas of Suriname and Guyana, by donating a percentage to their needs monthly with my clients help. It’s a real passion of mine the Amazon Rainforest survival, and I help them not to cut down the Amazon Rainforest trees, an eco system that is very special to me.
This year has lots to be thankful for friends. My career enables me to give and to help others and that’s a true gift to appreciate.
I really appreciate everyone that has referred me as a Realtor, my friends and family this past year and in the hope you will continue to do so for years to come.
As a Realtor, the studies and legal updates are endless, but it’s all worth it when you get these Awards of Top Customers Satisfaction. I know that for most people, their house is their largest asset and their trust in me means a lot. So I stay sharp in Real estate law studies they are a constant change and being responsible to my clients is paramount to me.
I’ve been truly blessed with great friends, family, and nice clients. My career is enjoyable!!!
I also have an amazing Real Estate office at Solid Rock Realty. I’ve been very lucky to get a supportive broker and her team.
My colleagues are very supportive of me, as we all share tips throughout the office, and the constant learning helps us to become better at what we do, and how to offer our best to our clients.
BIG THANKS again to all of you who supported me and referred me to your family and friends.
What an Amazing Award for 2022!!!🔑 I’m very proud of myself getting this 🙏🏼🙏🏼
🎉
Again…Thank you all in advance for the future referrals….
2023 will be another successful year and great opportunities!
God Bless🙏🏼

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BUY YOUR 1ST HOME WITH YOUR RRSPs – Ottawa homes for sale 2023 – Ottawa real estate news

How to participate in the Home Buyers’ Plan (HBP)

No obligation. No cost to have the answers explained to you. 

 

Easy ways to buy a Home in Ottawa.Homes for sale.

 

The Home Buyers’ Plan (HBP) is a program that allows you to withdraw funds from your Registered Retirement Savings Plans (RRSPs) to buy in Ottawa or build a qualifying home for yourself or for a related person with a disability. The HBP allows you to pay back the withdrawn funds within a 15-year period.

Buyer Questions:

Can I buy my home with my RRSPs? Yes

Can I borrow my downpayment (deposit) to buy a home in Ottawa?  Get all the answers.

Will John help me and take the time to show me step by step? Yes

Call for our 30 minutes FREE consultation with no obligation.

PROFESSIONAL HELP IS ON IT’S WAY….

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Home Buyers’ Plan (HBP)  link

 

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Resale Market’s Adjustment and Correction Continues Residential 2 Storey homes down -4.3%

Taking a closer look at Ottawa home prices for November 2022. Down -4.3%

As we take a closer look at these November 2022 Real Estate prices below and above. We are seeing a 2 storey home selling for less this month. Listing a higher price, but Selling Less. The average price has dropped to (-4.3%) and homes are staying longer on the market.

So let’s look even closer:
Year to date chart: November 2022 to November 2023 prices are UP +8.7% for that same average price on the same home. The way we are seeing things..is that more or less we are entering into a Normal Market +4%to 5% per year increases as per normal before 2015. Everyone at my brokerage thinks, home prices in Ottawa went up too aggressively and now the party is over in Toronto and now in Ottawa!

We don’t think Double digits profit and these aggressive increases per year in the Ottawa Real Estate market is a healthy market.

Lets talk a bit about supply:
New Homes Supply is still very low and will continue to create demand and that means you pay more. See Condos went up 9.3% this month because of affordability and a lack of homes. Over Supply of homes are also not good, and that was the case in the US HOUSING CRASH around 2008 it stalled or crashed most economies including Canada.

Construction and Renovation a difficult permit process.
I would say, we do need to get more homes constructed right now, and building a home should be made much much easier.  But it seems today you need a University Degree to deal with the building departments for the Construction of a family home. Apparently my grandfather grade 8 education is no good in our times. With his hand drawings or ruler and pencil wouldn’t work today to get a permit and he constructed 100s of homes as a carpenter, and he had 9 children all educated and fed well. Some people can only afford 1 child. What is wrong with our system in 2022? It simply broken with greed and we are seeing life keeps getting more expensive, harder and more controls placed upon us. It’s impossible building a home or renovation for an apartment in your basement, or building a sons home at the back on your 5 acre land . Our permit system is designed to stop us from building homes. All construction approval is controlled by a few, just like oil.

Conclusion: How about if the city would design 5-10 home models (standard family homes) for you to chose from, free of charge and ready to go, engineered stamped and approved drawings, with all technical drawing stamped for insurance.  All designed and Ready for a person to build his/her home on a piece of land. Wouldn’t that be cheaper for the citizen and our kids to build a home? Wouldn’t that ready to go models stop all this red tape, delays, paperwork dance, back and forth approval drawings, months of planning? Just my thoughts on helping people get a home faster! I also think the government should be more involved in the home building for its citizens in 2022 as many developing countries do and since we all now know we have a supply problem.

Did you know: In the last 10 years Builders were only releasing to build a few homes at a time, and selling them in an Auction Sales day Now!! 10 homes for a 100 buyer and you bid. First release Sales day! Prices will continue to climb aggressively if we don’t address these lack of new home supply issues soon. That’s just my thoughts.

Have a super month and remember investing in a property is always a good investment. Ask your parents what they paid for a home and see the future prices unfold.

Investment and opportunity

Let me help you to Build family Wealth in Real Estate. Join me one evening and let me show you where to invest in Real Estate for a wealthier family future.

Contact me anytime,

John

 

Just Sold

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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.

 

 


Ottawa homes for sale

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20 PERCENT UP – OTTAWA HOME PRICES NEWS 10 TH MARCH 2020 – OTTAWA AND KANATA HOMES FOR SALE

2020 February’s Resale Market Back in Overdrive 

20 % UP OVER LAST YEAR – FEBRUARY BOARD REAL ESTATE REPORT.

OTTAWA HOME PRICES NEWS 10 TH MARCH 2020

OTTAWA AND KANATA HOMES FOR SALE

 

FREE HOME EVALUATION 10 MARCH 2020

KANATA HOMES FOR SALE –

OTTAWA HOMES FOR SALE

KANATA REAL ESTATE

OTTAWA REAL ESTATE

10 MARCH 2020

KANATA HOME PRICING –

OTTAWA HOME PRICING

10 MARCH 2020

KANATA MARCH 2020 SALE PRICES

OTTAWA MARCH 2020 SALE PRICES

10 MARCH 2020

KANATA REAL ESTATE AGENT

OTTAWA REAL ESTATE AGENT

10 MARCH 2020

KANATA CENTURY 21,

OTTAWA  CENTURY 21,

10 MARCH 2020

KANATA BRIDLEWOOD HOME PRICES

10 MARCH 2020

KANATA BRIDLEWOOD HOMES FOR SALE

10 MARCH 2020

KANATA MLS – KANATA STREET SOLD PRICES

10 MARCH 2020

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KANATA HOMES FOR SALE – JUST LISTED 81 FURLONG CRES KANATA – KANATA REAL ESTATE NEWS MARCH 4TH 2020

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OTTAWA REAL ESTATE NEWS 6 MARCH 2020

 

 

FREE HOME EVALUATION 6 MARCH 2020

KANATA HOMES FOR SALE –

OTTAWA HOMES FOR SALE

KANATA REAL ESTATE

OTTAWA REAL ESTATE

6 MARCH 2020

KANATA HOME PRICING –

OTTAWA HOME PRICING

6 MARCH 2020

KANATA MARCH 2020 SALE PRICES

OTTAWA MARCH 2020 SALE PRICES

6 MARCH 2020

KANATA REAL ESTATE AGENT

OTTAWA REAL ESTATE AGENT

6 MARCH 2020

KANATA CENTURY 21,

OTTAWA  CENTURY 21,

6 MARCH 2020

KANATA BRIDLEWOOD HOME PRICES

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KANATA BRIDLEWOOD HOMES FOR SALE

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January Resales Lose Momentum – OTTAWA REAL ESTATE SALE REPORT – MARCH 3-3-2020 NEWS – KANATA HOMES FOR SALE

AVERAGE PRICE UP 19.3% – NOW IS GREAT TIME TO SELL.

RECEIVE A FREE HOME EVALUATION

OTTAWA, February 5, 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. * 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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FREE HOME EVALUATION 3 MARCH 2020

KANATA HOMES FOR SALE –

OTTAWA HOMES FOR SALE

KANATA REAL ESTATE

OTTAWA REAL ESTATE

3 MARCH 2020

KANATA HOME PRICING –

OTTAWA HOME PRICING

3 MARCH 2020

KANATA MARCH 2020 SALE PRICES

OTTAWA MARCH 2020 SALE PRICES

3 MARCH 2020

KANATA REAL ESTATE AGENT

OTTAWA REAL ESTATE AGENT

3 MARCH 2020

KANATA CENTURY 21,

OTTAWA  CENTURY 21,

3 MARCH 2020

KANATA BRIDLEWOOD HOME PRICES

3 MARCH 2020

KANATA BRIDLEWOOD HOMES FOR SALE

3 MARCH 2020

KANATA MLS – KANATA STREET SOLD PRICES

3 MARCH 2020

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