The Molly & Claude Team

The Molly & Claude Team Realtors Ottawa, Royal LePageTeam Realty

Ottawa Real Estate News Release (OREB)
November Residential Resales: Expectedly Low

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Members of the Ottawa Real Estate Board (OREB) sold 846 residential properties in November through the Board’s Multiple Listing Service® (MLS®) System, compared with 1,456 in November 2021, a decrease of 42%. November’s sales included 658 in the residential-property class, down 39% from a year ago, and 188 in the condominium-property category, a decrease of 50% from November 2021. The five-year average for total unit sales in November is 1,270.

“November’s sales were expectedly low given the typical slowdown this time of year but they also reflect today’s economic conditions,” says Penny Torontow, OREB’s 2022 President. “This is not isolated to our local market. Globally, we’re still adjusting to the post-pandemic world and that affects demand, pricing, interest rates, cost of living, supply chain disruptions and more. As a result, those who can, are waiting and watching.”



By the Numbers – Average Prices*:
  • The average sale price for a condominium-class property in November was $415,533, a decrease of 4% from 2021.
  • The average sale price for a residential-class property was $680,031, decreasing 5% from a year ago.
  • With year-to-date average sale prices at $774,422 for residential units and $454,436 for condominiums, these values represent an 8% increase over 2021 for both property classes.
“What’s concerning about the current market is the impact on first-time homebuyers,” says Torontow. “The marked decrease in condo sales, for example, signals that even entry-level properties are being affected. Fluctuating markets, paired with the stress test, are keeping first-time buyers on the sidelines in a tight rental market—with MLS® rentals increasing 27% this year over last.”

By the Numbers – Inventory & New Listings:
  • Months of Inventory for the residential-class properties has increased to 3.5 months from 0.9 months in 2021.
  • Months of Inventory for condominium-class properties has increased to 3.4 months from 1.1 months in 2021.
  • November’s new listings (1,598) were 12% higher than 2021 (1,429) and down 22% from October 2022 (2,046). The 5-year average for new listings in November is 1,398.
“With nearly four months of inventory and an average 30 days on market, Ottawa now has a balanced resale market, slightly tipping toward the buyers,” says Torontow. “Sellers are well-advised to work with a REALTOR® who has hyper-local knowledge about specific neighbourhoods, appropriate price points and ideal timing. Prices are adjusting but real estate is a long-term investment. It’s the same reason I tell buyers to marry the house and date the rate.”

* 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.



Ottawa Condo for Sale
Beacon Hill South
1105-2020 Jasmine Crescent $274,000
Virtual Tour

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Virtual Tour



Welcome to suite 1105 at 2020 Jasmine Crescents. Great views from this spacious 2 bedroom condo. Bright kitchen with breakfast bar. Laminate floors in living room, dining room, and bedrooms. Tiled floors in hallway, kitchen, and bathroom. Generous closets with closet organizer in primary bedroom. Large storage room in unit, and additional storage locker in room 78. Condo fees include all utilities. Outside parking space 189E. This building features great amenities including pool, sauna, hot tub, gym, tennis court. Expansive garden. Close to the ever-evolving Ogilvie shopping area including Costco, Farm Boy, Walmart, Loblaws, cinema, and Blair LRT station. Quick access to 174 and 417. 24 hour irrevocable on all offers.






Architecture – The Queen in Scotland

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In honour of the Queen’s passing, I thought I’d do a post of the castle in which she passed, and the palace where her remains were brought before leaving Scotland for London.


Balmoral Castle




Balmoral has been a Royal Holiday home for approximately 170 years. Balmoral is a 50,000 acre estate located in Aberdeenshire. The architecture style is Scottish baronial and Gothic revival. The original castle bought by Prince Albert was eventually considered too small for their growing family and was torn down. The current building made of local granite, was built by William Smith, the son of John Smith who had been used for some of the expansions. The whole of the property consists of parkland, woodland, arboretum, woodland walks, shrubberies, and gardens. Prince Albert and Queen Victoria were very involved in the landscape design of James Beattie. It was the Queen’s happy place. She spent several weeks during the summer there. Her last official portrait after meeting Prime Minister Liz Truss.


Drawing Room




Dining Room




Study




Palace of Holyroodhouse




Holyroodhouse is the official residence of the British monarchy in Scotland. It was conceived as an Augustinian monastery in 1128. The original design was the creation of Sir William Bruce between 1671 and 1678. The palace has been home to Mary Queen of Scots – a home where she married her Scottish husbands and alas witness the murder of her secretary and confidant David Rizzio. King George V commissioned architect Sir William Bruce to make significant improvements in the 20th century. In 1920 the palace was designated as the monarch’s official residence in Scotland. Queen Elizabeth II would spend one week of the year at Hollyroodhouse – Holyrood Week. The gardens and the palace are within Holyrood Park.


Great Gallery




Kings Bedchamber




Mary Queen of Scotts, Bedroom




Throne Room



Micro-condo mortgages

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CityNewsEverywhere reports on the nuances of financing a micro-condo. Financial institutions typically have a minimum size requirement, but as condo sizes keep dropping, those institutions will need to make adjustments. In the interim be aware that there may be extra hurdles when seeking financing. Details here.

Ottawa Real Estate News Release (OREB)
Residential Resale Slowdown Begins A Shift Towards Balance

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ottawa-real-estate-board-newsletter-presented-by-the-molly-&-claude-team-realtors

OTTAWA, August 4, 2022 – 

Members of the Ottawa Real Estate Board sold 1,110 residential properties in July through the Board’s Multiple Listing Service® System, compared with 1,718 in July 2021, a decrease of 35 per cent. July’s sales included 840 in the residential-property class, down 36 per cent from a year ago, and 270 in the condominium-property category, a decrease of 34 per cent from July 2021. The five-year average for total unit sales in July is 1,691.

“We are witnessing a profound slowdown in Ottawa’s resale market. July’s numbers reveal that Buyers are indeed putting on the brakes more heavily than what is typically expected during the mid-summer sales dip. Aggressive interest rate increases are surely impacting the decision to buy at the moment as well as other factors that I mentioned last month,” states OREB President Penny Torontow. “But there is a silver lining: with more properties continually being added to inventory, we are on the cusp of returning to a balanced market, and that is good news,” she adds.

“July saw 2,338 new listings added to the housing stock, which is on par with the 5-yr average and 5% lower than last year at this time. Our inventory for residential-class properties is currently around 2.9 months and 2.5 months for condominiums. A market is considered balanced with at least four months of supply, so we are well on our way to that paradigm.”

The average sale price for a condominium-class property in July was $425,694, an increase of 1 per cent from 2021, while the average sale price for a residential-class property was $716,354, increasing 5 per cent from a year ago. With year-to-date average sale prices at $805,238 for residential and $461,557 for condominiums, these values represent an 11 per cent and 9 percent increase over 2021, respectively.*

“The double-digit average price increases that we saw in the past couple of years right up until the early spring have now morphed into single-digit increases, which aligns more with our traditional stable year-over-year price growth. However, it is important to point out that average prices tally the entire spectrum of home sales across the city and region. If you look from neighbourhood to neighbourhood, there are so many differing characteristics and attributes, price increases will certainly fluctuate depending on where you live,” suggests Torontow.

“If you are selling your home, now is the time to be patient as days on market return to more normal timeframes. There are still many Buyers out there, but with more choice, they have less pressure and may take their time. Even though interest rates are still quite reasonable from a historical perspective, consumers are adjusting to this new reality. The rising cost of all goods means people need time to evaluate and adapt their mindsets.”

“I also believe it is time for the federal government to adapt and reassess the stress test. It was originally designed when rates were very low to ensure Buyers could manage rate hikes. With interest rates where they are now, they have to qualify at a 7-8% rate which no longer makes sense and takes many Buyers out of the market.”

“Whether you are a Buyer or a Seller, a professional licensed REALTOR® will help you navigate this shifting resale market. They have access to minute-by-minute sales data and local neighbourhood expertise that will assist you in making the best decisions for your circumstances.”

REALTORS® also help with finding rentals and vetting potential tenants. Since the beginning of the year, OREB Members have assisted clients with renting 3,528 properties compared to 2,706 last year at this time.

* 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.

Architecture – Deconstructivism

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Last week while exploring Günter Behnisch it was stated that his predominant style was deconstructivism. The word of course means taking apart, but in reality the style is about breaking down the symmetry of the logical, perhaps expected construction and creating something unexpected. It is the juxtaposition of shapes and volumes.

So far we have explored the following architects who incorporate that style in their practice.


Frank Gehry




Peter Eisenman




Zaha Hadid




Bernard Tschumi




Rem Koolhaas




Daniel Libeskind




Wolf D. Prix – Coop Himmelb(l)au



Names also association with the style, to be explored another day are Mark Wigley and Vladimir Tatlin.

About Us

Molly Hoyle Sales Representative
Claude Jobin Représentant des ventes

E-Mail

claude@claudejobin.com




Phone / Address

Phone: 613.804.7979
1723 Carling Avenue
Ottawa, Ontario