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 July 31, 2022, over January 1, 2023, to July 31, 2023.
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.
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.
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.
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.
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.
