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Housing Markets in Canada Have Turned a Corner

May 29, 2023 by Claude Jobin Leave a Comment





CREA (Canadian Real Estate Association) released its national housing statistics for April 2023. Shaun Cathcart, Director and Senior Economist, Housing Data and Market Analysis provides his analysis as to current state of the real estate market.

Filed Under: From the Blog Tagged With: Real Estate News, Statistics

CREA – Canadian Real Estate Association – Canadian National

May 27, 2023 by Claude Jobin Leave a Comment




The Canadian Real Estate Association has released it’s May 2023 National Statistics. The highlights are.

  • National home sales surged 11.3% month-over-month in April.
  • Actual (not seasonally adjusted) monthly activity came in 19.5% below April 2022.
  • The number of newly listed properties edged up 1.6% month-over-month but remain at a 20-year low.
  • The MLS® Home Price Index (HPI) climbed 1.6% month-over-month but was down 12.3% year-over-year.
  • The actual (not seasonally adjusted) national average sale price posted a 3.9% year-over-year decline in April.
Herewith are summary snapshots.













Filed Under: From the Blog Tagged With: Statistics

CREA (Canadian Real Estate Association) – National Statistics

May 18, 2023 by Claude Jobin Leave a Comment




CREA released its national April 2023 statistics recently.

Highlights are:
  • National home sales surged 11.3% month-over-month in April.
  • Actual (not seasonally adjusted) monthly activity came in 19.5% below April 2022.
  • The number of newly listed properties edged up 1.6% month-over-month but remain at a 20-year low.
  • The MLS® Home Price Index (HPI) climbed 1.6% month-over-month but was down 12.3% year-over-year.
  • The actual (not seasonally adjusted) national average sale price posted a 3.9% year-over-year decline in April.

Filed Under: From the Blog Tagged With: Real Estate News, Statistics

Ottawa Real Estate Statistics – April 2023 – Community Stats

May 8, 2023 by Claude Jobin


[Read more…]

Filed Under: From the Blog Tagged With: Real Estate News, Statistics

Ottawa Real Estate Statistics – April 2023

May 8, 2023 by Claude Jobin



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Filed Under: From the Blog Tagged With: Real Estate News, Statistics

Ottawa Real Estate News Release (OREB) – Resale Market Springs Back in Favour of Sellers

May 4, 2023 by Claude Jobin





OTTAWA, May 3, 2023 –  Members of the Ottawa Real Estate Board (OREB) sold 1,488 residential properties in April through the Board’s Multiple Listing Service® (MLS®) System, compared with 1,876 in April 2022, a decrease of 21%. April’s sales included 1,156 in the freehold-property class, down 18% from a year ago, and 332 in the condominium-property category, a decrease of 29% from April 2022. The five-year average for total unit sales in April is 1,739.

“Ottawa’s resale market is on a steady upward trajectory, narrowing the comparison gap to peak pandemic activity in 2022. However, with new listings not keeping pace, the available housing stock is declining, and with less than two months of inventory — we’re back into seller’s market territory,” says Ottawa Real Estate Board President Ken Dekker.

By the Numbers – Average Prices*:

  • Average prices have increased by 13.9% in four months since the market low in December 2022.
  • The average sale price for a freehold-class property in April was $747,123, a decrease of 10% from 2022. However, it marks a 5% increase over March 2023.
  • The average sale price for a condominium-class property was $435,875, decreasing 8% from a year ago, but still a 4% gain over March 2023.
  • With year-to-date average sale prices at $718,633 for freeholds and $421,722 for condos, these values represent a 13% decrease over 2022 for freehold-class properties and a 10% decrease for condominium-class properties.
“Upward pressure on sales prices continues with average prices increasing for the fourth month since the market low in December. Additionally, multiple offer situations have returned to certain neighbourhoods and overall days on market are maintaining their downward trend. There continues to be low inventory in certain property classes and new product is coming to the market at a slower rate, which is affecting supply.”

By the Numbers – Inventory & New Listings:

  • April’s new listings (2,144) were 25% lower than April 2022 (2,843) and up 3% from March 2023 (2,089). The 5-year average for new listings in April is 2,575.
  • Months of Inventory for the freehold-class properties has increased to 1.9 months from 0.9 months in April 2022 but down from 2.3 months in March.
  • Months of Inventory for condominium-class properties has increased to 1.9 months from 0.8 months in April 2022, although down from 2.1 months in March.
  • Days on market (DOM) for freeholds decreased from 34 to 27 days and 39 to 33 days for condos compared to last month.
“These numbers are static, snapshots in time. REALTORS® can give buyers and sellers a fulsome day-to-day picture of how the market is shifting and heating up this season. They have their fingers on the pulse of each neighbourhood in the city and can help buyers and sellers make localized, strategic, data-informed decisions.”

REALTORS® also help with finding rentals and vetting potential tenants. Since the beginning of the year, OREB Members have assisted clients with renting 2,151 properties compared to 1,786 last year at this time, an increase of 20%.

* 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.

Filed Under: From the Blog Tagged With: Real Estate News, Statistics

Buckle Up: Are Housing Markets About to Spring Forward?

May 1, 2023 by Claude Jobin




Shaun Cathcart, Senior Economist with the Canadian Real Estate Association (CREA) shares his point of view on the spring market subsequent to CREA’s release of the statistics for March 2023.

A team member who keeps an eye on every condo sales in the Ottawa tells me sold prices are closer to the asking price or above. A client tells me as she is surfing she can feel the difference.

Filed Under: From the Blog Tagged With: Real Estate News, Statistics

CREA – Canadian Real Estate Association / A look at the latest Quarterly Report

April 22, 2023 by Claude Jobin




CREA Cafe looks at the latest CREA Canadian Real Estate Association forecast for 2023 and 2024. The downward trend of reduced sales as the result of higher interest rates seems to be mostly behind us. Some of the figures are:

  • it is forecast that 492,674 properties will change hands in 2023 – a 1.1% decline to 2022
  • the national average home price will be $670,389 a decline of 4.8% to 2022
  • national home sales forecast to be 561,090 in 2024 an increase of 13.9%
For the complete forecast see my blog post CREA Updates Resale Housing Market Forecast

Filed Under: From the Blog Tagged With: Real Estate News, Statistics

Royal LePage 2023 Forecast

April 17, 2023 by Claude Jobin




Royal Lepage released its House Price Survey on April 13, 2023. Its headline reads: Canada’s real estate market: Buyers are back, but where is the inventory?

From a national perspective year-over-year home prices have decreased 9.2 per cent but quarter-over-quarter there is a rise of 2.8 per cent as buyers started to return to the market.

For Ottawa – the aggregate price of homes decreased by 10.3 per cent year-over-year, but quarter-over-quarter saw 0.8 per cent increase. By housing type: residential single family homes decreased by 12.2 per cent year-over-year to $831,600 and condominiums decreased by 11.2 per cent to $384,000. As has become standard practice when relating current statistics I like to bring in statistics from a few years for the figures from 2022 reflect an overheated market – and so any comparison to those figures will look bad.

Filed Under: From the Blog Tagged With: Real Estate News, Statistics

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Thanks!

For being customizable! Julie

Claude and Molly are truly amazing!

I live very far out of town and needed an Ottawa real estate agent after my father died.
I picked them after looking online.

Well I picked the right ones! They were and are extraordinary. Because I live so far away our family needs for cleaning the house out and getting it ready to sell were huge, and to me, insurmountable.

I couldn't have done it without them, and to top this off, they are friendly and just great people. Thank you so much Claude and Molly.

All the best, Rachel


You’re fantastic!

Allan

A huge Thank YOU

You did a yeoman's service with helping us find and buy our house.
We are so grateful for your insights and patience.
It was a big learning curve (and I am still trying to figure out why milk is in a bag . . .) I look forward to hanging out, I mean possibly working with you when I arrive here full time;-) In the meantime, thank you again from us both. Arica and Eric

Fortunate indeed to have met Molly Hoyle

Over the past couple of weeks we were very fortunate indeed to have met Molly Hoyle.
We were selling our home and Molly brought her client to view it knowing it would be a home that they would be interested in....which by the way they were as they did end up purchasing. It was our fortunate luck that we met Molly through this endeavour. My husband and I were selling our house with Grapevine and as we are not experienced sellers there were a few times we were very close to just taking it off the market and staying here. Her experience, knowledge, kindness to us, her understanding that this was a difficult decision especially for my husband made the whole difference for us. Molly's professionalism and expertise, her ability to 'walk a fine line' while working for her client and yet to be so kind and gentle with us was amazing. We feel the whole experience gave us the opportunity to meet and talk with Molly and to value her knowledge. You can be assured that we will highly recommend her to any of our friends who need a conscientious, honest, trustworthy realtor. Sadly we will miss talking with Molly but we only wish her the very best in the future and say 'thank you Molly' for all her help and support. Sincerely, Lenore and Ralph

I really appreciate your hard work,

I will refer you and Molly to friends and family if they are looking to sell. Yana

About Us

Molly Hoyle Sales Representative
Claude Jobin Représentant des ventes

E-Mail

claude@claudejobin.com




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Phone: 613.804.7979
1723 Carling Avenue
Ottawa, Ontario


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Testimonials

Claude and Molly helped me find the home of my dreams. They were patient with all my requests, came up with the right listings to view, and were invaluable in the negotiations for the property we finally bought. thanks!