Ottawa Real Estate Board (OREB)
Latest News Release
Ottawa Real Estate Springs into Fall
OTTAWA, June 3, 2020 – Members of the Ottawa Real Estate Board sold 1,345 residential properties in May through the Board’s Multiple Listing Service® System, compared with 2,410 in May 2019, a decrease of 44 per cent. May’s sales included 1,066 in the residential-property class, down 43 per cent from a year ago, and 279 in the condominium-property category, a decrease of 49 per cent from May 2019. The five-year average for May unit sales is 2,048.
“Just as May’s temperatures had us questioning what season we were in, our real estate market also underwent a seasonal switch, so to speak,” notes Ottawa Real Estate Board President Deborah Burgoyne. “This spring market is performing more like a fall market with the number of new listings and resales on par with what typically occurs in late October and November.”
“Around mid-May, we started to see a restrained uptick in our numbers with monthly unit sales only 44% lower than May 2019, compared to the 55% year over year decrease in April’s figures. We expect that as the economy continues to rollout and consumer confidence increases, our real estate market will follow suit, the pent-up demand pre-Covid still exists. Our spring numbers are typical of our fall figures, with cautious optimism, we can hope that there is a ‘flip flop’ and our fall numbers are closer to spring figures.”
May’s average sale price for a condominium-class property was $343,589, an increase of 15.5 per cent from this time last year while the average sale price of a residential-class property was $548,140, an increase of 11.2 per cent from a year ago. With year to date average sale prices at $546,177 for residential and $348,458 for condominiums, these values represent a 13.8 per cent and 17.8 percent increase over 2019, respectively.*
“Although the Canadian Mortgage and Housing Corporation’s (CMHC) forecast for Canada’s housing prices may seem pretty bleak, their broad-based analysis for the country as a whole does not accurately reflect what is transpiring in our local market as evidenced by the steady increases in average home prices in Ottawa – even during the crux of a pandemic and global economic recession.”
“Unquestionably, the fact that we are still in the midst of a seller’s market is a contributing factor. Nevertheless, with our region’s stable employment and a continuous influx of newcomers, homeowners can take comfort in the knowledge that owning a property in Ottawa and its surrounding areas is a solid investment for yourselves and future generations,” Burgoyne assures.
“Utilizing a REALTORS®’s experience, insight, and extensive professional network is particularly advantageous during this time. They will ensure you are only viewing properties that meet your hard criteria and can also identify possible alternative options to meet your goals, such as in-law suites or carriage homes for example.”
In addition to residential and condominium sales, OREB Members assisted clients with renting 1,207 properties since the beginning of the year compared to 1,043 at this time last year.
* The Board 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 and conditions will vary from neighbourhood to neighbourhood.
Coping with COVID-19: Behind the Headlines
OBJ – The Ottawa Business Journal has a great broadcast with Micheal Curran, Perter Kovessy and David Sali. The topic coping with COVID-19. It’s great to hear that the Ottawa real estate market is the only major market that will avoid a housing slump. The federal government does provide us with a more stable market.
Ottawa Poised to Dodge Housing Slump in 2020
Good news for the Ottawa real estate market according to a post in the Ottawa Business Journal. We’ve typically had a more stable market in comparison to other cities in the country. And now it seems that our market is even capable of withstanding COVID-19.
OREB – Ottawa Real Estate Statistics – April 2020
Ottawa Real Estate Newsletter – May 2020
Ottawa Real Estate Board (OREB)
Latest News Release
Real Estate Pivots in the Age of Covid-19
OTTAWA, May 5, 2020 – Members of the Ottawa Real Estate Board sold 913 residential properties in April through the Board’s Multiple Listing Service® System, compared with 2,025 in April 2019, a decrease of 55 per cent. April’s sales included 700 in the residential-property class, down 56 per cent from a year ago, and 213 in the condominium-property category, a decrease of 51 per cent from April 2019. The five-year average for April unit sales is 1,692.
“While the Ottawa real estate market statistics for April come as no surprise, they are a stark contrast to the previous month and the year-over-year figures for April 2019,” states Ottawa Real Estate Board President Deb Burgoyne. “I am proud to say, our Members have rapidly adapted to following the “State of Emergency” guidelines and are limiting work activity to assisting those who must sell and/or buy during this pivotal time – while keeping the health risk to all parties to a minimum.”
April’s average sale price for a condominium-class property was $327,813, an increase of 6.3 per cent from this time last year while the average sale price of a residential-class property was $521,694, an increase of 6.8 per cent from a year ago. Year to date figures show a 15.1 per cent and an 18.5 per cent increase in average sale prices for residential and condominiums, respectively.*
“While the number of unit sales has decreased substantially, residential prices are still holding their own and are up over last year’s figures, with properties often selling above the asking price,” Burgoyne reports. “There is still a holdover of pent-up demand in our marketplace. We believe that when the market opens up again, although it won’t be business as usual, sales will rebound and make up for the decline the spring market has experienced,” she adds.
“Our Members have been adjusting and retooling the way real estate is conducted. They are finding new ways to market properties and provide options for viewings using technology such as live streaming open houses, posting virtual tours, and holding virtual showings, etc. These adaptations are key in mitigating risk for all parties and will certainly continue to be necessary as things normalize in the city and our working environment.”
“If you are a potential home buyer or seller, and in a situation where it is essential that you buy or sell a property right now, there are means to do this in a safe and prudent manner. Do not hesitate to contact a REALTOR® to discuss, plan and protect you through this unique period,” recommends Burgoyne.
In addition to residential and condominium sales, OREB Members assisted clients with renting 947 properties since the beginning of the year compared to 778 at this time last year.
* The Board 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 and conditions will vary from neighbourhood to neighbourhood.
The President of the Ottawa Real Estate Board / Kitchissippi Times
Deborah Burgoyne, the President of the Ottawa Real Estate Board, talks to the Kitchissippi Times about first time buyers. Where they are looking and what they need to know. Great interview!
The Molly & Claude team is available to help first time buyers (or repeat buyers, and downsizers). We have great experience and as our moto says we have “Customizable service”. What that means is that we will adapt our service according to your experience, your needs, and your timeline. A service we often provide is to create an auto-search according to your criteria. That means that the moment a new listing appears on the market you will be apprised. You get to review the new listings and contact us when you see something that strikes your fancy. We can also include you in our newsletter – to keep you up on real estate news in the city. You can follow our posts, follow us on Facebook, Twitter, or to see our involvement in the arts community on Instagram.
Contact us at claude@claudejobin.com or 613.804.7979 to inquire how we can help YOU!
OREB – Ottawa Real Estate Statistics – March 2020
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