From the blog...

OTTAWA MARKET UPDATE: March 2023

Posted on: April 14th, 2023 by Chris Scott

Interesting times right now in the Ottawa Real Estate market. The spring surge seems to be in full swing and will be helped by record temperatures this weekend. Snow is gone and many buyers are re-engaging in their searches. Here is a snapshot of what is happening right now:

In March, members of the Ottawa Real Estate Board (OREB) sold 1,194 residential properties through the Board’s Multiple Listing Service® (MLS®) System. This represents a decrease of 40% compared to March 2022, with 893 sales in the freehold-property class (down 40%) and 301 sales in the condominium-property category (down 42%). However, March sales transactions increased by 40% compared to February. The five-year average for total unit sales in March is 1,698.

OREB President Ken Dekker noted that the recent rise in transactions is a sign of typical spring activity, even though it is behind the pandemic peaks of 2022. As spring unfolds, a clearer picture of Ottawa’s balanced market state will emerge. The way I see it is, it may be another seller’s market this year with less than 3 months’ worth of inventory.

The average sale price for a freehold-class property in March was $710,070, down 17% from 2022 but up 0.2% from February 2023. Average freehold prices have risen by approximately 8% during Q1 2023 compared to December 2022’s market low. The average sale price for a condominium-class property was $418,670, down 13% from a year ago but up 2% from February 2023. Year-to-date average sale prices for freehold-class properties and condominium-class properties were $701,837 and $414,698, respectively, representing a 16% and 11% decrease from 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.

Every neighbourhood is different. If you want to know what’s happening in your area please feel free to get in touch.

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   Anny Metivier 
 2024-08-13
 
 
  Over the years, with multiple military moves, we’ve had the opportunity to work with many real estate agents, and we can confidently say that not all are created equal. Chris, by far, has been the most trustworthy and easiest real estate agent we’ve had the pleasure to work with.
  
 
       
   Jake Moffat 
 2024-06-07
 
 
  Colin has been the best realtor to work with and helped us buy a great house in the perfect neighborhood. Colin and the rest of the team at Chris Scott were incredibly helpful the whole way and always available to answer questions, show us houses at a time that was convenient for us and were just generally professional and friendly during the whole process. We will recommend Colin and the team to our friends and family.
  
 
       
   Faith Woodley 
 2024-03-13
 
 
  I was a co-Executrix of an estate, and we had a condo that we had to sell for the estate.  In order to get the property ready for sale, we had to have the over 5,000 square foot condo painted and the carpets replaced.  Since the property was empty, Chris recommended a home stager that he uses on properties that require these services, and she did a fantastic job of staging the condo. It took the condo to the next level. The condo sold for a phenomenal price, and we were very happy with Chris Scott and his abilities.  He always gives over 100 percent to get the job done!  I recommend him to anyone that requires the services of a great real estate agent.
  
 
       
   Emily Bozanich 
 2023-10-07
 
 
  We worked with Rachel and she was beyond diligent. She is so organised and meticulous with details, it really helps when buying a home. She even agreed to do a virtual walk through for the home we ended up buying because we weren’t going to get there ourselves prior to offers being reviewed. She was also great with recommending areas to consider and avoid. Highly recommend.
  
 
       
   Cy Dixon 
 2023-10-06
 
 
  Rachel was amazing. She helped me find the perfect home for me and my son during a challenging time in my life. She was extremely patient and empathetic, professional and knowledgeable. I highly recommend her. No one will work harder for you than Rachel.
  
 
       
   Jeff C 
 2023-10-06
 
 
  Awesome realtor team very helpful and knowledgeable
  
 
       
   Nathalie Groupe Godin 
 2023-10-06
 
 
  Great service. Very knowledgeable. Super helpful. I’d use this team again.
  
 
       
   D Hynders 
 2023-10-05
 
 
  I recently used Chris' team to purchase a new house and I have to say that it was a pleasure to work with them.
  
 
       
   Megan Bixby 
 2023-10-05
 
 
  My husband and I purchased a house in the surrounding Ottawa area with the assistance of Colin from this group of individuals. We unfortunately were left with no choice but to purchase a home sight unseen due to our work circumstances. We originally considered not purchasing because of this.
We deliberated and chose to purchase a home after participating in FaceTime showings and we could not have been more satisfied. Colin was objective, professional, calm, informative, and realistic. He listened to our needs and helped us choose our home. The fact that we were pleasantly surprised, and a year later remain pleased as punch, says everything about how talented this company is. Will, without a doubt, use this company when we leave Ottawa.
  
 
       
   André Desjardins 
 2023-10-04
 
 
  We worked with Chris to find a home back in 2011 that would suit our desire to be close to work. He was nothing but professional and courteous! Listening to our needs and showing us what we were looking for. Years later, when we thought about down sizing and finding a renovated home, he took us around to see some in the neighborhood. He always open to helping us out in our searches

From the blog...

OTTAWA MARKET UPDATE: March 2023

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