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.
6 Things First-Time Buyers Learned on Their Home Buying Journey
Realtor.ca has put together a list of 6 questions first-time buyers should pay attention to. I’ve added some comments. Feel free to reach out to us to obtain additional information.
- Find a REALTOR who’s a good fit
- Do your assigned reading
- Identify your must-haves by window shopping
- Be comfortable with your conditions
- Get the complete financial picture
- Don’t forget the spending that comes after the deal closes
Our team’s catchphrase is “Customizable Service” and what that means is we adapt our service according to the need of the client. Some more experienced will have fewer questions. Some first-time buyers will have many questions – and for that, we are there. We understand that real estate is not a 9 to 5 job; when a buyer is looking for a property and has questions it is essential to be able to help.
It is important to understand what you are purchasing. With condos, condo documents are produced including the status certificate. It is important to read these documents and understand the financial state of the corporation and the rules of the corporation. It important to be comfortable with all of that.
Unless you have an unlimited budget. A shopping list must be established with the must-haves and the would be nice to have. According to the property, some things can be changed some things will be the way they are. You need to make an enlightened decision of what your house or condo should be.
Depending on the market you find yourself in you may need to forego some conditions. But you need to be able to be comfortable with that decision. What can be the consequence of buying a house in an older neighbourhood without doing an inspection? Can you afford that consequence?
Establish your complete budget. What are the ongoing costs? What are the onetime costs? Budget carefully.
Canadian Real Estate Markets Show Signs of Recovery
Based on the Canadian Real Estate Association’s February 2023 statistics CREA CAFE’s Shaun Cathcart, Director and Senior Economist, Housing Data and Market Analysis can see subtle signs of an earlier than anticipated recovery of the real estate market. This conclusion comes after analysis of the following factors:
- Sales-to-new listings ratio
- Months of inventory
- Prices
- MLS® Home Price Index
REALTORS® Answer the Most Googled Real Estate Questions
Realtors.ca answers the most googled real estate questions. It seems to me some of the questions under selling belong under buying but they apply to both sides.
Common questions asked when selling a home:
- Why do I need a home inspection?
- Why can a seller reject my offer?
- How do REALTORS® assess a home’s value?
- What is a conditional sale?
- How long will it take to sell my home?
- When is the best time to sell my home?
- What do I need to qualify for a mortgage?
- How much of a down payment do I need to buy a home?
- How long does it take to buy a home?
- Do I need a REALTORS® to buy a new-build?
- Why should I work with a REALTORS®?
Buyers spring back: Sidelined Canadians plan return to market
According to a Royal LePage survey conducted by Maru/Blue, 62 per cent of homebuyers you put their plans on hold in light of the rising interest rates are now ready to resume their search. Details here.
Ottawa-Gatineau’s annual rate of housing starts up 725% in February: CMHC
The CMHC reports that housing starts increased 725% in February. Details in this Ottawa Business Journal blog post.
Canadian home sales drop 40 per cent in February compared with year ago
CREA – The Canadian Real Estate Association reports a 40 per cent drop in home sales across the country in February. Average home prices in Canada were reported as $662,437. A snapshot of the statistics can be found in a blog on Canadian Business Journal. The complete statistics can be found on CREAs website.
Ottawa Real Estate Statistics – February 2023 – Community Stats
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