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CREA – Canadian Real Estate Association Statistics & Quarterly Forecasts

January 23, 2023 by Claude Jobin Leave a Comment




On January 16, 2023 the Canadian Real Estate Association released its statistics for 2022.

Highlights below, details here.

  • National home sales rose 1.3% month-over-month in December.
  • Actual (not seasonally adjusted) monthly activity came in 39.1% below December 2021.
  • The number of newly listed properties dropped 6.4% month-over-month.
  • The MLS® Home Price Index (HPI) declined by 1.6% month-over-month and was down 7.5% year-over-year.
  • The actual (not seasonally adjusted) national average sale price posted a 12% year-over-year decline in December.
On the same date they updated their quarterly forecast. Details here.

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

Condo developers are offering more incentives to potential buyers

January 19, 2023 by Claude Jobin Leave a Comment




Jeff Slightham, vice-president, owner of Royal Lepage Signature talks about the current pre-build condo market. He states that developers are at times offering free parking, development cost discounts, mortagage assistance, etc. Slightham is in Toronto and so the interview has a Toronto twist to it, but similar can happen elsewhere. It’s also why having a realtor representing you during the purchase of a pre-construction is helpful. Remember the realtor on the other side of the desk at the presentation centre represents the developer. Your own realtor represents you and your best interest.

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

Home prices in Canada just broke another record — in a good way this time

January 17, 2023 by Claude Jobin Leave a Comment




Yesterday I posted the Royal LePage House Price Survey. In this post from DH Canada we have an overview of the survey as well as different snapshots of details in British Columbia, Ontario, Quebec, and Alberta. Their post also includes relevant links.

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

Canadian home prices wrap up 2022 down slightly over previous year, but remain above pre-pandemic levels

January 16, 2023 by Claude Jobin Leave a Comment




Royal LePage released its 2022 fourth-quarter House Price Survey.

Highlights:

  • National aggregate home price down 2.8% in Q4 2022 vs. the prior year; first year-over-year decline recorded in more than a decade
  • Prices remain above pre-pandemic levels: Canada’s Q4 2022 national aggregate home price has appreciated 13.8% vs. Q4 2020, and 17.2% vs. Q4 2019
  • Greater regions of Toronto and Vancouver record year-over-year aggregate price declines of 4.6% and 3.5% respectively in Q4 2022, while the Greater Montreal Area posts a gain of 2.2% in the same period
  • Less than 1% of all homes in Canada were purchased during the peak price period of February and March, 2022
Below is the Regional Press Release for Ottawa. (scroll within the window or click the link below for a full sized version)

Ottawa RoyalLePage House Price Survey Q4 2022 EN


Click here to review all quarterly reports since 2011.

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

Ottawa Real Estate Statistics – December 2022 – Community Stats

January 13, 2023 by Claude Jobin


[Read more…]

Filed Under: From the Blog Tagged With: Statistics

Ottawa Valley real estate sales plummet in the month of November

January 9, 2023 by Claude Jobin




The real estate sales for the Renfrew County Real Estate Board for November 2022 were down 39.1 from November 2021. Not sure why it took one month for the figures to come out but here we are. Details here.

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

Ottawa Real Estate Statistics – December 2022

January 7, 2023 by Claude Jobin



[Read more…]

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

Ottawa Real Estate Newsletter – January 2023

January 6, 2023 by Claude Jobin



[Read more…]

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

Ottawa Real Estate News Release (OREB)
Quiet December Caps Off Tumultuous Year

January 5, 2023 by Claude Jobin





Members of the Ottawa Real Estate Board (OREB) sold 601 residential properties in December through the Board’s Multiple Listing Service® (MLS®) System, compared with 857 in December 2021, a decrease of 30%. December’s sales included 466 in the residential-property class, down 22% from a year ago, and 135 in the condominium-property category, a decrease of 48% from December 2021. The five-year average for total unit sales in December is 775.

2022 in Review
Residential and condo resales in 2022 totaled 15,288, compared with 20,289 in 2021, decreasing 25%. Total sales volume in 2022 was approximately $10.5B compared to $13B in 2021.

“Even with the normal seasonal slowdown, December’s performance was in stark contrast to the very active resale market that opened 2022,” says Ken Dekker, OREB’s newly installed 2023 President. “As interest rates and inflation both climbed, buyers retreated to the sidelines and began taking a wait and see approach. However, while it’s quieter than the frantic pace we experienced in 2021, it is now a balanced market.”

By the Numbers – Average Prices*:
  • The average sale price for a condominium-class property in December was $434,973, an increase of 9% from 2021.
  • The average sale price for a residential-class property was $655,839, decreasing 7% from a year ago.
  • With year-to-date average sale prices at $769,623 for residential units and $453,770 for condominiums, these values represent a 7% increase over 2021 for residential-class properties and an 8% increase for condominium-class properties.
“Although market activity tapered off in later 2022, there was an immense amount of activity in the spring at high prices,” says Dekker. “This will be an important caveat to consider as we begin comparing 2023 numbers to the previous year.”

By the Numbers – Inventory & New Listings:
  • Months of Inventory for the residential-class properties has increased to 3.7 months from 0.9 months in December 2021.
  • Months of Inventory for condominium-class properties has increased to 3.9 months from 0.9 months in December 2021.
  • December’s new listings (699) were 17% higher than 2021 (600) and down 56% from November 2022 (1,598). The 5-year average for new listings in December is 662.
“The leading economic force behind Ottawa’s rapid appreciation in the past five years is chronic supply insufficiency,” says Dekker. “It intensified during the pandemic as prospective purchasers capitalized on incredibly low interest rates. Today’s higher rates are slowing down building projects, which exacerbates the low supply issue.”

2023 Lookahead “Since Ottawa is made up of hyper-local markets, it is a difficult ecosystem to forecast,” says Dekker. “Plus, there are a multitude of factors influencing a changing economic environment these days that will dictate how much activity the resale market will see in 2023. REALTORS® have access to expert insights and industry resources that can help buyers and sellers navigate the complexities.”

REALTORS® also help with finding rentals and vetting potential tenants. OREB Members have assisted clients with renting 6,105 properties this past year compared to 4,813 in 2021.

* 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

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List your Ottawa area condo for sale with the Molly & Claude Team Realtors - we specialize in condos. We will help you sell your condo, help you obtain the highest price, and protect your investment.

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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!