Feb 2024 is a great time to sell
We have just seen a +14% increase since 2023 lowest price. Single family Homes in Ottawa prices Feb 15 2024. Detached 3 bedrooms home just went up +14.6% from 2023 prices.
source: oreb stats
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Tag: <span>REAL ESTATE OTTAWA</span>
September 20th, 2023
The average sale price for a freehold-class property in August 2023 was $709,739
Ottawa Resale Market Stalls in August, Supply Challenges Persist!
Low inventory, not enough listings.
Source: OREB
The Ottawa Real Estate Board reported that its members sold 1,196 residential properties in August through the Board’s Multiple Listing Service® (MLS®) System data service, 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.
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“Ottawa Sales activity was up marginally on a year-over-year basis in August but remained well below the historical average for this time of year,” says Ken Dekker, OREB President. “There is no shortage of demand given increased immigration and the large Canadian population cohort entering the market. The lack of suitable, affordable housing is a hindrance. High borrowing costs and economic uncertainty are impacting both sellers and buyers, which we expect will continue to result in further market fluctuations.”
Ottawa Real Estate Average Prices*:
- The average sale price for a freehold-class property in August was $709,739, an increase of 0.5% from 2022, and a 5.6% decrease over July 2023 prices.
- The average sale price for a condominium-class property was $425,968 an increase of 1% from a year ago, although 1.4% lower than July 2023 prices.
- With year-to-date average sale prices at $732,220 for freeholds and $432,571 for condos, these values represent an 8% decrease over 2022 for freehold-class properties and a 5.5% decrease for condominium-class properties.
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Price changes: September 2023 report
Number of Sold properties by week. vs other years 2023 report
NUMBER OF HOME FOR SALE ARE LOWER THAN OTHER YEARS
AVERAGE SALE Price Changes: SEPT 2023 report
IT LOOKS LIKE 2022 AND 2023 HAVE THE SAME AVERAGE SALE PRICE
RESIDENTIAL Price Changes: September 2023 report
LOW NUMBER OF LISTINGS, LOW SALE VOLUME 2023
NEW LISTINGS are down this week – this means low inventory : SEPT 2023 report
IT LOOKS LIKE WE ARE STILL LOW ON LISTINGS
PRICES ARE MORE AFFORDABLE NOW AND MAY MOVING BACK UP IF INVENTORY STAYS LOW, ACCORDING TO THE OTTAWA REAL ESTATE BOARD, SEPT 2023 REPORT.
1155 WOODROFFE AVE OTTAWA FOR SALE
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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 
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
How to participate in the Home Buyers’ Plan (HBP)
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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.
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STILL WAITING TO BUY YOUR HOME?
Market stats show an +8% increase over 2021. Interest rates are still lower than this year-to-year Ottawa real estate market increase %. That means, there is still profit in the market of about 3-4% yearly for you to make. Ask me to teach you about leveraging and mortgage % when buying a home in Ottawa.
Real Estate news in Ottawa.
With year-to-date average sale prices at $774,422 for residential units and $454,436 for condominiums, these values represent an 8% increase over 2021 for both property classes
Real estate questions in Ottawa. Get the answers: Ottawa real Estate tips.
How does leveraging work in Real estate?
How to leverage to gain profits % when buying a home in Ottawa.
How to make sure your investment funds are insured when buying a home in Ottawa.
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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
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Ottawa Real Estate News 21st October 2022 – Market slows to 0.5% per month.
Ottawa Average Home prices was up from Nov 2021 to Oct 2022 by 9.4% more, this past month shows 0.5% increase. Average price $703,000 on a residential freehold property and Condos show $425,000.
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Free Home Evaluation, Ottawa Homes for Sale – Know your price before you sell.
This chart shows the Ottawa area states of sold prices.
Average Prices per week
Listed prices vs SOLD Prices
Free Home Evaluation – Ottawa Homes for Sale
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HOMES-FOR-SALE-OTTAWA – KANATA-HOMES-KANATA-OTTAWA HOMES FOR SALE – OTTAWA HOME PRICES SEPTEMBER 2022- OTTAWA CONDOS FOR SALE SEPTEMBER 2022 – LATEST OTTAWA REAL ESTATE NEWS.
Buyer Uncertainty Slows Down August Resale numbers.
But Prices are still up in Residential homes 10.2% and Condominium 8.8% from last year August .
September 6, 2022, Update from the Ottawa Real Estate Board.
September 6, 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.
“The lightning speed at which homes were selling at the start of 2022 is a thing of the past, evidenced by Days on Market (DOMs) inching closer to that 30-day mark. We have also observed a return to standard financing and inspection conditions and fewer multiple offer scenarios,” she adds.
Additional figures:
- The average sale price for a condominium-class property in August was $421,966, an increase of 4 per cent from 2021.
- The average sale price for a residential-class property was $707,712, increasing 5 per cent from a year ago.
- With year-to-date average sale prices at $795,978 for residential and $457,771 for condominiums, these values represent a 10 per cent and 9 percent increase over 2021, respectively.*
- 2,093 properties were listed in August, boosting inventory to nearly 3 months for residential class properties and 2.2 months for condominiums.
“Prices are still rising slightly in some areas, albeit lower single-digit percentage increases, bringing back the moderate price-growth stability that is characteristic of the Ottawa resale market. What happened to prices in 2020 and 2021 was unusual. We are moving towards a balanced market state, where Buyers have choices and Sellers need to ensure they are pricing their properties accurately,” Torontow advises.
“The informed market knowledge and insight of a licensed REALTOR® is critical to both Buyers and Sellers navigating market shifts. Sellers will want to closely explore with their REALTOR® the best time and price to list their home to optimize a property’s days on market. Buyers can use the extra time to work with their REALTOR® on due diligence and finding a dream home that meets their needs within their financial parameters.”
REALTORS® also help with finding rentals and vetting potential tenants. Since the beginning of the year, OREB Members have assisted clients with renting 4,172 properties compared to 3,182 last year at this time.
* 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.
source OREB.
HOMES-FOR-SALE-OTTAWA – KANATA-HOMES-KANATA-OTTAWA HOMES FOR SALE – OTTAWA HOME PRICES FEBRUARY 2022- OTTAWA CONDOS FOR SALE 2022 – LATEST OTTAWA REAL ESTATE NEWS.
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AVERAGE MOVING PRICE SEPTEMBER 2022
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OTTAWA AVERAGE PRICES FROM SEPTEMBER 2022
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