Ottawa Real Estate News Release (OREB) – Ottawa resale market heats up in May
OTTAWA, June 5, 2023 – Members of the Ottawa Real Estate Board (OREB) sold 1,939 residential properties in May through the Board’s Multiple Listing Service® (MLS®) System, compared with 1,830 in May 2022, an increase of 6%. May’s sales included 1,477 in the freehold-property class, up 8% from a year ago, and 462 in the condominium-property category, a 1% increase from May 2022. The five-year average for total unit sales in May is 1,961.
“Typically the highest-selling month, May’s transactions did not disappoint,” says Ken Dekker, Ottawa Real Estate Board President. “This month we saw the first year-over-year unit sales volume increase since February 2022. It is a promising year for sellers barring any interest rate adjustments, as we saw a correlated drop in sales every time there was an interest rate hike in 2022.”
“However, with only five to six weeks of inventory, we are in a strong seller’s market. With the pent-up high demand and sales volume increasing, we are likely to see upward pressure on prices as demand continues to outstrip supply.”
By the Numbers – Average Prices*:
- The average sale price for a freehold-class property in May was $745,902, a decrease of 7% from 2022, but still on par with April 2023 prices.
- The average sale price for a condominium-class property was $442,859, decreasing 6% from a year ago. However, it marks a 2% increase over April 2023 prices.
- With year-to-date average sale prices at $727,728 for freeholds and $428,394 for condos, these values represent a 12% decrease over 2022 for freehold-class properties and a 9% decrease for condominium-class properties.
By the Numbers – Inventory & New Listings:
- May’s new listings (2,822) were 9% lower than May 2022 (3,117) and up 32% from April 2023 (2,140). The 5-year average for new listings in May is 2,922.
- Months of Inventory for the freehold-class properties has increased to 1.5 months from 1.2 months in May 2022 but down from 1.9 months in April 2023.
- Months of Inventory for condominium-class properties has increased to 1.3 months from 1 month in May 2022, although down from 1.9 months in April 2023.
- Days on market (DOM) for freeholds decreased from 27 to 23 days and 33 to 26 days for condos compared to last month
REALTORS® also help with finding rentals and vetting potential tenants. Since the beginning of the year, OREB Members have assisted clients with renting 2,731 properties compared to 2,230 last year at this time, an increase of 22%.
* 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 Real Estate News Release (OREB)
March Resales: Signs of Spring Sprouting
OTTAWA, April 4, 2023 – Members of the Ottawa Real Estate Board (OREB) sold 1,194 residential properties in March through the Board’s Multiple Listing Service® (MLS®) System, compared with 2,003 in March 2022, a decrease of 40%. March’s sales included 893 in the freehold-property class, down 40% from a year ago, and 301 in the condominium-property category, a decrease of 42% from March 2022. March sales transactions increased 40% over February. The five-year average for total unit sales in March is 1,698.
“The recent rise in transactions is a sign of typical spring activity, even if we’re behind the pandemic peaks of 2022. As spring unfolds, so too will a clearer picture of Ottawa’s balanced market state,” says Ottawa Real Estate Board President Ken Dekker.
By the Numbers – Average Prices*:
- The average sale price for a freehold-class property in March was $710,070, a decrease of 17% from 2022. However, it marks a 0.2% increase over February 2023. Average freehold prices have climbed approximately 8% during Q1 2023 over December 2022’s market low.
- The average sale price for a condominium-class property was $418,670, decreasing 13% from a year ago, but still a 2% gain over February 2023.
- With year-to-date average sale prices at $701,837 for freeholds and $414,698 for condos, these values represent a 16% decrease over 2022 for freehold-class properties and an 11% decrease for condominium-class properties.
By the Numbers – Inventory & New Listings:
- Months of Inventory for the freehold-class properties has increased to 2.3 months from 0.6 months in March 2022.
- Months of Inventory for condominium-class properties has increased to 2.8 months from 0.6 months in March 2022.
- March’s new listings (2,089) were 21% lower than March 2022 (2,632) and up 53% from February 2023 (1,366). The 5-year average for new listings in March is 2,474.
- Days on market (DOM) for freeholds decreased from 37 to 34 days and 43 to 39 days for condos compared to last month.
REALTORS® also help with finding rentals and vetting potential tenants. Since the beginning of the year, OREB Members have assisted clients with renting 1,599 properties compared to 1,291 last year at this time, an increase of 24%.
* 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.
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2023, Moscow
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2004, Moscow
Capital Tower
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Art House
2012, Moscow
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Novoalexeevskaya Street
2017, Moscow
Ottawa Real Estate News Release (OREB)
November Residential Resales: Expectedly Low
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.
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.
* 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.
Safest Places to Travel 2023
Berkshire Hathaway Travel Protection has just released its annual report of the safest places in the world to travel. Canada ranked 6. Of course, the Netherlands, Denmark, Iceland, Australia, and Norway are in the top 5 positions, but isn’t that the case for all lists with those countries? City wise Montreal ranked 3rd safest. Click here for details.
Ottawa Real Estate Statistics – October 2022 – Community Stats
Community statistics have yet to be received. When they are they will be inserted here.
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