The real estate market is currently undergoing some fascinating changes. With two recent quarter-point interest rate hikes by the Bank of Canada, buyers are understandably feeling the pinch as prices rise. Interestingly the statistics reveal a more complex picture; sales are still strong, even outpacing the previous year and we are returning to a more balanced market.
Year-to-date, average prices for freehold properties are down by nine percent compared to last year. Yet, when we examine month-to-month data, we find that average purchase prices are increasing along with sales numbers. This year’s trajectory is mirroring the past, with a slow winter, active spring and summer, and now a more balanced market, depending on your location.
For prospective buyers, it’s important to resist short-term speculation. This market favors those who believe in the long-term potential of real estate, considering its historical performance and outlook. Additionally, there’s an interesting opportunity in multi-residential properties, which have seen prices drop due to rising interest rates. Investors have cooled on these properties, making it a potentially favorable time to invest.
As always if you’re curious about your specific neighborhood, don’t hesitate to contact us. We are always happy to help! Wishing everyone well, and take care!
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.
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.
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.
