Big news from the Bank of Canada today: interest rates have increased by a quarter percent. This puts the BOC rate to its highest spot since 2001. This will have an impact on buyers affordability in the market place. They are trying to cool this market and I believe this will do just that.
Buyers will now pay more for variable mortgages, making homes more expensive for the average buyer. Real estate prices seem to be holding stable but more inventory will be available and buyers will be more selective. This will be shifting us to a more balanced market sooner than anticipated. Prices are down about four percent compared to last year, with this new rate yet to be absorbed into the market. It will be interesting how things go from here. I really hope this is the last of the rate increases. I am not sure a forced recession is the best economic policy.
Stay informed about your neighborhood by reaching out for expert advice. Sellers face increased competition and need to stage and market their homes strategically, while buyers benefit from someone who knows the market and can negotiate effectively. We are always just a call or email away. Enjoy your summer everyone!
When it comes to the world of Ottawa real estate, stumbling upon an extraordinary property that captures everyone’s attention is a rare find. But every once in a while, a house emerges that captivates the market. Enter 5406 Mansel Crescent – a true masterpiece that has swiftly become our favorite listing. Working with the sellers to present this luxury home to the market was a wonderful experience.
In the realm of real estate, it’s not often that a property within a specific price range attracts multiple offers. Yet, 5406 Mansel Crescent has defied all expectations. The overwhelming interest from buyers and the fierce competition surrounding the offers validate the undeniable appeal of this remarkable house. The cost per square foot really set this home apart from the competition. They were able to secure a benchmark price for the area in large part due to its exceptional features and incredible design. The true magic of this house lies in the love and care invested in every single detail by the sellers. It is evident that they poured their hearts into creating a space that emanates warmth, elegance, and a genuine sense of home. From the thoughtfully curated finishes to the carefully considered design choices, every aspect of this house was taken into consideration.
During the listing process every detail was meticulously addressed, leaving no stone unturned. From the initial staging and photography to the comprehensive marketing strategy, we ensured that this home would shine among other listings in the area. We produced a great video making sure that all the best features of this home were presented to prospective buyers. Further, we live in a social media world. We had a second video professionally made with a drone intro for our Instagram reels. Both these videos were marketed to tens of thousands of buyers in our local market. The strategy was to blanket Ottawa on Instagram, Facebook, and youtube. It was amazing how many people came up to me to say they saw the video on one of those platforms. It was fun creating some serious buzz about this home.
As part of our marketing plan, we organized a broker open house, where we made sure to make it a memorable event. Champagne flowed, and refreshments from the local café, 692 Coffeehouse in Manotick, were served. The success of this event served as a true testament to the desirability of the property. The attending agents were not only impressed by the luxury home itself but also by the attention to detail and care put into its presentation. A few were influencers with thousands of followers on social media. They were taking videos and posting to their own followers. It was a really cool thing to see how a listing can go viral. All to say we had lots of fun working on this luxury listing and look forward to working in this niche in the future.
Here is the most recent installment of our new monthly value-added feature, the Suburban Statistics Series. This series showcases statistics for the 5 largest urban neighbourhoods in Ottawa.
As Ottawa is such a spread-out city it’s great to see the variances from area to area. All of these statistics are based on MLS OREB sales from January 1, 2022, to June 30, 2022, over January 1, 2023, to June 30, 2023.
The spring market hits its peak stride in May. Historically it is the busiest month of the year and this May is no exception. The surge in activity can be attributed to a slow start in January and February. Sales in May rose by seven percent compared to the previous year, signaling a positive shift in the market. While residential property prices are still down by seven percent, it’s a significant improvement from the 20 percent decline in prices during the previous fall. Despite the anticipation of more interest rate hikes, the market’s response remains intriguing. The most recent .25% rate hike is expected to be absorbed by the market relatively easily due to high demand and limited supply. However, two or three consecutive rate hikes may have a more substantial impact. As we head into summer, the market is expected to be busier than last year, driven by buyers who are feeling more optimistic about the market. Luxury properties are starting to move again too, with houses priced between $1.5 and $1.8 million finding buyers. Properties in the $750,000 to $800,000 range continue to experience significant movement. If you want to know about your equity position or stay informed about the market, feel free to reach out to our team. We are always happy to help!
Here is the most recent installment of our new monthly value-added feature, the Suburban Statistics Series. This series showcases statistics for the 5 largest urban neighbourhoods in Ottawa.
As Ottawa is such a spread-out city it’s great to see the variances from area to area. All of these statistics are based on MLS OREB sales from January 1, 2022, to May 31, 2022, over January 1, 2023, to May 31, 2023.
We wanted to share a story of a recent listing. It presented a challenge we hadn’t faced before. The condo was permeated with cigarette smoke. We always rise to a challenge and this was no exception. We got to work assisting our seller with recommendations for alleviating the issue. Our seller was very receptive to our suggestions and we got to work providing a list of contractors to assist. Our plan of attack included the following professional services:
Smoke remediation
Painting
Carpet removal and installation of new carpet
Cleaning Services
We contacted a cleaning company, Ottawa Extreme Clean that specializes in extreme cleaning and smoke remediation. They used state-of-the-art equipment and products combined with highly trained professional odour control technicians. They cleaned all surfaces, carpet, tile, walls, flooring, etc. These surfaces were cleaned using a number of different techniques, including ozone treatment, vaportek, fogging, carpet cleaning, and many other techniques. It took about 2 days to complete the cleaning.
When selling a home that has a cigarette smoke odour it is so important to make sure that the smell is eliminated. A buyer can tell immediately upon opening the front door if a smoker lived there or not. We always prepare our listings to show at their very best and in this case, smell their very best too!
Once smoke remediation was completed, our carpet installer ripped out the old carpets and installed the new, fresh carpets in the bedrooms.
After that was completed, our painter went in to give a fresh coat of paint to the entire unit. We had to paint every surface including the ceiling. Our painter used a special sealant primer before painting. The final touch was a cleaning service, Mighty Mops, which made sure the entire unit shone.
The combined results of all of these efforts were fantastic. The unit successfully sold!
We are your local Ottawa real estate experts and are your main contact for any listing preparation you may need. We are here to assist you!
With prices in the city continuing to increase, many of our buyers are starting to look at purchasing just outside the city. Our team has put together the latest statistics for Carleton Place, Russell, and Embrun.
All of these statistics are based on MLS OREB sales from January 1, 2022, to April 30, 2022, over January 1, 2023, to April 30, 2023.
What is About My Property and MPAC?
Did you know that you can look up property details of your home? You can go to https://www.aboutmyproperty.ca/ and register for an account. All you need is your tax roll number from your property taxes. You can look up your assessed property value, your square footage and even browse other homes within Ottawa.
Residential Property Assessment
MPAC assesses your property, by analyzing the sales of similar properties that have sold in your area. Based on the sales information, there are five major factors that generally account for your property’s assessed value.
Age of the buildings on the property.
Exterior square footage.
Location of your property.
Size of your lot.
Quality of construction.
You can view and download the Market Valuation Report and Methodology Guide in the View My Property Details section and by selecting Reports.
View My Property Details
You can download a property profile report. This will show you the details for your property. You can also view your Property Assessment Notices and download market valuation reports and assessment methodology guides to learn how your property was assessed.
Browse Other Properties
You can browse other properties within Ottawa and surrounding areas using their interactive map.There is a limit of 100 property snapshots of up to 100 properties, you can select favourites and create, view and download customized reports with information on up to 24 properties.Get your own portal with sold listings: Our team also provides details on sold listings in your area. Simply reach out to info@chrisscott.ca with your address and we will get you setup with your own MLS to stay on top of sold listings in your neighbourhood.
The real estate market has undergone significant changes in recent months. Initially quiet with limited activity, it has gradually picked up momentum. Prices are still down compared to the previous year, but the decline has reduced from nearly 20 percent to 10 percent. The main challenge in the Ottawa real estate market is the low inventory, which decreased by 25 percent in April. This scarcity is driving prices up and leading to multiple-offer situations becoming common. To address the situation, more listings are desperately needed. The inventory shortage has pushed the absorption rate to a high level, making it a seller’s market with less than two months’ worth of inventory available city-wide. As buyers encounter more competition, they are becoming more aggressive in their pursuit, which could further increase prices in the short term. The trajectory of the market remains intriguing, barring any significant changes in interest rates. If you want to know about your equity position or stay informed about the market, feel free to reach out to our team for assistance and information.
Here is the most recent installment of our new monthly value-added feature, the Suburban Statistics Series. This series showcases statistics for the 5 largest urban neighbourhoods in Ottawa.
As Ottawa is such a spread-out city it’s great to see the variances from area to area. All of these statistics are based on MLS OREB sales from January 1, 2022, to April 30, 2022, over January 1, 2023, to April 30, 2023.
