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.
Average sales prices are for 2023 based on MLS sales. Combined is for all property classes. Arrows are gains/losses from 2022.
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.
Based on OREB RES & CON MLS Sales
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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.
Exceptional people, properties, and stories from the past year in real estate. Myths and common misunderstandings with this type of transaction
In recent years, the luxury real estate market in Ottawa has experienced a significant surge. What I find intriguing is the common perception shaped by television shows, where luxury agents are often portrayed as donning extravagant designer attire, driving 100k cars, and exuding immense egos. While such characters may exist, our team offers a distinctly different experience for luxury clients. One that is rooted in our desire to create raving fan service experiences. We have worked with dozens of high-profile hockey players, CEO’s, tech entrepreneurs, and other high-net-worth individuals. Our objective is the same with these individuals as with everyone else. Create an experience for them that exceeds their expectations.
Contrary to the on-screen portrayal of luxury sellers as challenging, demanding individuals with sizable egos, my real-world experience tells a different story. Our interactions with luxury clients have consistently revealed them to be some of the most pleasant and down-to-earth individuals. While they do have high expectations, meeting those expectations transforms the transaction into a smooth process, much like any other, with the notable distinction being the price involved. Many of our clients started off as regular clients and returned years later as luxury buyers or sellers. It has been pretty cool to be an agent so long to see our clients climb the real estate ladder. One story in particular was a couple buying a townhouse with me 15 years ago. They sold it and bought a luxury home in the Civic Hospital area. After living there for 6 or so years they bought one of the nicest homes in the city. It was really cool to see such nice people succeed in real estate. Here are a few of our luxury stories from this year in Ottawa.
Urban Elegance at 38 Metropole Private #3201
38 Metropole Private #3201 with over 2500 sq feet is undoubtedly one of the most spectacular penthouses in the city. Before listing this luxurious condo we spared no effort to ensure it’s in its best possible form. The entire apartment received a professional makeover, including a fresh coat of paint, brand-new carpets, and, most notably, professional staging that brought out the full potential of this luxurious penthouse. The attention to detail in preparing this penthouse is a testament to the commitment we have to providing the highest quality in luxury real estate. It now stands as a showcase of modern design, offering an unparalleled living experience in the heart of the city. From the moment you step inside, you’ll be captivated by the flawless harmony of style, comfort, and sophistication. This penthouse is a true urban gem and we are sure the new owners will enjoy the breathtaking views of the Ottawa River for years to come.
The Epitome of Luxury at 5406 Mansel Crescent
5406 Mansel Crescent holds a special place in our hearts, as it’s truly one of our all-time favorite properties. This custom-built home was a masterpiece, boasting unparalleled beauty and craftsmanship. To make this property shine even brighter, we invested in professional staging, bringing out its full potential and leaving visitors in awe. But we didn’t stop there. We believed that a home of this caliber deserved exceptional marketing, and we went above and beyond to showcase its magnificence. Our marketing efforts included captivating videos, both for social media and YouTube. These videos garnered thousands of views, allowing a broader audience to appreciate the grandeur of 5406 Mansel Crescent. I could not believe how many people ended up seeing this home online. The excitement surrounding this property reached its peak during our thrilling agent open house. Agents from all corners of the city attended, where they sipped champagne and explored every corner of this stunning home. The result? Multiple offers flooded in, and within just 24 hours of listing, 5406 Mansel Crescent was sold at a benchmark price per square foot. This property exemplifies the heights of luxury real estate, and we are so thankful we got to represent the sellers
A Family Oasis at 104 Rothwell Drive
104 Rothwell Drive stands as a delightful family home nestled in the serene neighborhood of Rothwell Heights. This property was a pure joy to represent, and its story is one of love, dedication, and an unwavering commitment to creating a dream home. The owners spared no expense, investing in updates that transformed this house into the peak of modern living. One of the most captivating features of 104 Rothwell Drive was the amazing primary bedroom and ensuite, it was like its own apartment. These spaces were designed with meticulous attention to detail, offering a retreat that’s second to none. The love and care that the owners poured into their renovations were palpable in every corner of this home. The result was a property that radiated warmth and sophistication. As a testament to its desirability, we found ourselves in yet another multiple-offer situation, a clear indication of how highly sought after this family oasis was. The sellers were past clients of ours and it was such a pleasure to work with them again.
A Vision Realized at 93B Withrow Ave
93B Withrow Ave was a true testament to the art of real estate. We took on this remarkable property before it was even completed, and from the very beginning, it was evident that this home was going to be something special. As soon as the finishing touches were put in place, we took the initiative to update all the photography to showcase its true magnificence. Furthermore, we staged all the principal rooms in the home to highlight their full potential and beauty. Our journey with 93B Withrow Ave was marked by a series of absolutely spectacular open houses. Each event brought an electric atmosphere to the home as we welcomed visitors. The exterior of the property evolved over time as various parts were finished. To ensure that we could always present the latest and most updated look of the home, we arranged professional photoshoots. This commitment to showcasing the property in its best light paid off, as it continuously attracted the attention of prospective buyers. Working with the clients behind 93B Withrow Ave was an absolute pleasure.
Examining the Ottawa real estate market over the past month reveals a unique balance. With the lowest new listing supply of any year in the last five years, demand remains subdued due to factors like high interest rates and consumer uncertainty. Essentially we have low supply and low demand. This has turned 2023 into a balanced market, offering reasonable conditions for both buyers and sellers. Looking ahead to 2024, the dynamics may shift based on supply, demand, and changing interest rates. 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 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, t0 October 31, 2022, over January 1, 2023, to October 31, 2023
Over the past month, we’ve witnessed a shift in the real estate market. Remarkably, after years of being in a seller’s market, we’re now in a balanced one, marked by a three-month inventory supply. Sellers are experiencing longer selling times. I recently met with a group of prominent real estate agents, and there was unanimous agreement that the market has slowed in the past 2 weeks. As the market normalizes and we see an influx of listings, it’s essential for sellers to adjust expectations and price according to current market conditions. Nevertheless, I am optimistic for a busy spring market, provided interest rates remain stable. 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.