Here’s the newest Suburban Statistics Series update. We’re highlighting stats for the five biggest urban neighbourhoods in Ottawa. Since Ottawa is pretty spread out, it’s interesting to see how things vary in each area. These stats are all based on MLS OREB sales from January 1, 2023, to March 31, 2023, compared to the same period from January 1, 2024, to March 31, 2024.
As the temperatures rise, so does the activity in the Ottawa real estate market. Buyers are emerging again, actively making offers on properties that are well priced and present well. While some sellers are hanging on to 2022 inflated prices they tend to remain sitting on the market.
The Bank of Canada’s target inflation rate stands between 1-3%, with our current standing at 2.9%. Although we’re within the target range, we’re not at the lower end, which is why we did not see an interest rate adjustment this past week. If we get that closer to 2% we might see some rate relief by June. Despite this, buyers are already factoring in possible changes and maintaining consumer confidence amidst a market of low inventory. This begs the question: will we maintain a balanced market, lean toward a seller’s market again, or shift to a buyer’s market.
Dive deeper with Chris’s predictions below. And, as always, if you’re curious about the latest trends in your neighbourhood, our team would love to provide a personalized assessment of what your home could fetch in today’s market
Here’s the newest Suburban Statistics Series update. We’re highlighting stats for the five biggest urban neighbourhoods in Ottawa. Since Ottawa is pretty spread out, it’s interesting to see how things vary in each area. These stats are all based on MLS OREB sales from January 1, 2023, to February 28, 2023, compared to the same period from January 1, 2024, to February 29, 2024.
Spring is approaching, and the real estate market, after a unique start in 2024 with hesitant buyers and sellers, is showing signs of optimism. Check out why we expect a pickup in activity as confidence grows, anticipating a dynamic and bustling season ahead. If you have questions about what’s happening in your neighbourhood, please don’t hesitate to get in touch. My team and I would love to have a chat with you.
Here’s the newest Suburban Statistics Series update. We’re highlighting stats for the five biggest urban neighbourhoods in Ottawa. Since Ottawa is pretty spread out, it’s interesting to see how things vary in each area. These stats are all based on MLS OREB sales from January 1, 2023, to January 31, 2023, compared to the same period from January 1, 2024, to January 31, 2024.
The Ottawa real estate market underwent notable changes in the past year, transitioning from a seller’s market to a more balanced one. This shift was influenced by multiple interest rate hikes by the Bank of Canada, which promptly led to a slight decrease in home prices and demand as they adjusted to the rising rates. The heightened cost of living and escalating mortgage costs caused many individuals to delay their plans for buying or selling homes. Thus, you can see a large decrease in houses sold in 2023, down 11% from 2022. Let’s look at the key indicators of our market.
Interest Rates and Inflation
As inflation has risen the Bank of Canada has hiked interest rates to cool the market. So far they have managed to get inflation down from a high of 8% to 3.1%. Still off from their 2% target. CMHC reports that only 300,000 homeowners have renewed mortgages at new higher rates. In the next two years, 2.2 million households will face increased rates. That is a big number and if the rates don’t fall soon it will cause lots of financial pain for many Ottawa homeowners. Analysts suggest this may prompt the BOC to cut interest rates in the first half of the year. I believe our housing market hangs in the balance with BOC decisions. If rates fall our market will be robust. If they stay the same I think it will be a very balanced market. If they rise again this year, God help us! My prediction is that rates will come down in time for the Spring market and will stay in the 4-4.5% range indefinitely
Immigration & Population Growth
Canada continues to lead G7 countries in population growth with record immigration this past year. If this continues we will see our 40 million population double in 25 years. Big cities like Ottawa will grow to accommodate but will our major cities grow fast enough? With newcomers, we will see supply challenges continue in the future with added pressure on rent and housing prices. My belief is the housing shortage will be the number one issue in the years ahead unless the city, province, and federal governments get serious about changing course now. In Ottawa, builders are facing high costs and ridiculous wait times to get permits and develop. The added costs go back directly to the consumer.
Supply and Demand
The fundamental economic principle of supply and demand lies at the heart of economic dynamics. Over the past 5 to 6 years, Ottawa has grappled with a shortage of supply, reaching its lowest point in February 2021. Coincidentally, prices have experienced a rapid ascent, reaching a peak frenzy when inventory levels were at their lowest. Interestingly, steady demand characterized the early months of last year, gradually waning as time progressed and interest rates hiked. During this time many individuals opted against selling their homes, thus eliminating much of the supply as well. In short, we ended the year with a balanced market with lower than average sales and less supply available. However, if historical trends are any indication, this equilibrium may be short-lived, as the continuously growing city of Ottawa is likely to revert to a seller’s market sooner rather than later. Especially if we see some rate decreases from the BOC.
Celebrating another year in real estate! I embarked on this incredible journey 19 years ago when I sold my first home. Gratitude overflows for the wonderful clients who’ve been a part of this journey. Despite the challenges presented by our local real estate market in the past year, our team achieved growth and we were able to host three amazing client events. Our passion lies in giving back to our clients and community. We have some exciting plans for this year, including our most significant giveaway to date. All the best in the New Year!
Here’s the newest Suburban Statistics Series update. We’re highlighting stats for the five biggest urban neighbourhoods in Ottawa. Since Ottawa is pretty spread out, it’s interesting to see how things vary in each area. These stats are all based on MLS OREB sales from January 1, 2022, to December 31, 2022, compared to the same period from January 1, 2023, to December 31, 2023.
It has been an interesting 2023, to say the least! As interest rates go up, prices have been coming down. Sellers need to adjust their expectations while buyers finally have a chance to negotiate deals. New legislation that allows open bidding will definitely add an interesting twist to the market as we head into 2024. If you have questions about what’s happening in your neighbourhood, please don’t hesitate to get in touch. My team and I would love to have a chat with you.
Here’s the newest Suburban Statistics Series update. We’re highlighting stats for the five biggest urban neighbourhoods in Ottawa. Since Ottawa is pretty spread out, it’s interesting to see how things vary in each area. These stats are all based on MLS OREB sales from January 1, 2022, to November 30, 2022, compared to the same period from January 1, 2023, to November 30, 2023.
In the dynamic world of real estate, the sale of 38 Metropole Private #3201 stands out as a testament to the impact of strategic staging. Every single room underwent a full transformation, turning vacant spaces into luxurious, lived-in environments.
Each room was carefully staged with thoughtfully chosen furniture, art, place settings and more, creating an atmosphere that was not just aesthetically pleasing but also easy to picture living in. The once-empty spaces were brought to life, allowing potential buyers to envision their own lives within the confines of this sophisticated unit.
The success of 38 Metropole Private #3201 is a direct result of this intentional approach. By moving beyond the conventional and ensuring that every room was fully staged, the property transcended the ordinary. It ceased to be a collection of empty spaces and instead became a showcase of possibilities.
The impact was palpable as potential buyers, scrolling through listings, encountered a property that wasn’t just visually appealing but also evoked a sense of comfort and style. This focus on transformation, from vacant to inviting luxury was crucial to the successful sale of the home.
The strategic staging didn’t just contribute to a successful sale—it elevated the property’s desirability. Each room showcased a lifestyle waiting to be embraced. 38 Metropole Private #3201 is a prime example of how attention to detail in staging can turn a vacant space into a vision of luxury.
