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May home sales down 22% since last year, 9% from April: CREA

June 17, 2022 by Claude Jobin Leave a Comment




The Ottawa Business Journal reports on the latest Canadian Real Estate Association (CREA) statistics and the effect of the rising mortgage rates.

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

Buying a home in a cooling market

June 13, 2022 by Claude Jobin




In the last few weeks the real estate market has shifted. As a result, there can actually be more buyers actively looking as some buyers may have shied away from the red hot market as they were not interested in overpaying as the result of a biding war.

Of course from the selling perspective, presentation, which has always been important is thus more important now. Plus, it may take a bit more time to sell your home. In a more balanced real estate market sellers must be realistic about the value of their home. Remember $100,000 over asking was not representative of the value of that home it spoke to the despair of the buyer. More here – yes, a Toronto Realtor’s contribution but he speaks more of the change in the market rather than specifics of the Toronto market.

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

Ottawa Real Estate Statistics – May 2022

June 10, 2022 by Claude Jobin


[Read more…]

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

Ottawa Real Estate Newsletter – June 2022

June 9, 2022 by Claude Jobin


[Read more…]

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

Ottawa Real Estate News Release (OREB)
Ottawa’s May Residential Resales Underperform Expectations

June 4, 2022 by Claude Jobin



ottawa-real-estate-board-newsletter-presented-by-the-molly-&-claude-team-realtors

OTTAWA, June 3, 2022 –  Members of the Ottawa Real Estate Board sold 1,846 residential properties in May through the Board’s Multiple Listing Service® System, compared with 2,285 in May 2021, a decrease of 19 per cent. May’s sales included 1,384 in the residential-property class, down 22 per cent from a year ago, and 462 in the condominium-property category, a decrease of 11 per cent from May 2021. The five-year average for total unit sales in May is 2,031.

“With year-over-year resales declining in March and April, and now with this downward trend continuing into May, traditionally the highest performing month for resales, it is quite clear that Ottawa’s resale market is shifting away from the blazing pace of 2021,” states Ottawa Real Estate Board President Penny Torontow. “And if rising interest rates, cost of living, and inflation aren’t enough factors to cause a pullback, the powerful and deadly storm that brought our city to its knees last month has justifiably impacted the market as well.”

“Our data shows a sharp decline in new listings with a corresponding increase in cancelled/suspended listings on the MLS® System in the period following the storm. Overall, in May, however, there were 3,120 properties that entered the market. This is on par with last May and is 5% over the 5-year average. The result is an 18% increase in residential-class inventory. Meanwhile, there was a slight decline (0.4%) in condominium inventory, but this is not surprising since they have likely become an entry point for many first-time homebuyers due to the affordable price point.”

The average sale price for a condominium-class property in May was $472,920, an increase of 11 per cent from 2021, while the average sale price for a residential-class property was $802,393, increasing 8 per cent from a year ago. With year-to-date average sale prices at $824,276 for residential and $470,353 for condominiums, these values represent a 12 per cent increase over 2021 for both property classes.*

“Average prices, while still higher than 2021, are showing signs of adjusting to the pace of the market with a month-over-month decrease of 2% in both property classes. In April, we also saw a decline of 1-3%. In contrast, January to March experienced month-to-month increases ranging from 2% to 12%. This may be good news for Buyers, including the fact that the months of inventory have increased to 1.2 for residential and 1 month for condominiums. We are still a far cry away from a balanced market, but it finally seems to be moving in the right direction,” Torontow suggests.

“Additionally, another statistic that we see increasing is the cumulative days on market (CDOM), which is now 14 days, increasing from 11 days last May. CDOMs are typically between 30-60 days in a balanced market, and usually closer to that one-month mark in Ottawa. I mention this because we don’t want Sellers to panic if their homes aren’t selling as quickly as perhaps their neighbours’ properties did. Buyers will also have a little more breathing room if this trend continues.”

“But at the end of the day, each property for sale has its own hyper-local market factors (location, condition, other properties for sale in the same neighbourhood, etc.) that will affect the final sale price. If you want to know the most accurate price point to sell your home or what is the true market value of a home you are interested in, a licensed professional REALTOR® has the education and the experience with access to the most current market statistics and property information, to guide you into making the optimal decision for you and your budget.”

REALTORS® also help with finding rentals and vetting potential tenants. Since the beginning of the year, OREB Members assisted clients with renting 2,320 properties compared to 1,837 last year at this time.

* 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

Ottawa housing market to cool in 2022 but prices will rise: CMHC

May 30, 2022 by Claude Jobin




CTV News reports in a recent blog post that the Ottawa Real Estate market will cool in 2022.

Factors influencing this cooldown:
  • interest rate hikes;
    • with another one to come on June 1;
  • inflation rate at 6.8%;
    • partly caused by the effect of the war in Ukraine;
  • post pandemic return to normal life creating additional expenses;
  • effect of the new mortgage rules.
We’re still in a seller’s market, but things are headed to a more balanced market. Read more here at the CTV News blog post. Beyond that post, the following are links to other posts that provide additional information. Bank of Canada interest rate. Details about the inflation rate. Details on the current mortgage rules.

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

Beyond the Sign: The current market shift

May 26, 2022 by Claude Jobin




Jason Ralph, Broker of Record and President of Royal LePage Team Realty addresses the current real estate market. Days on market are increasing. Inspections are more frequent. And conditional sales are more common. Below is a residential average sales chart from 1956 to 2021.



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

Ottawa Real Estate Statistics
April 2022
Community Statistics

May 19, 2022 by Claude Jobin


[Read more…]

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

New housing construction in Ottawa hit 50-year high in 2021: CMHC

May 10, 2022 by Claude Jobin




The Canada Mortgage and Housing Corporation (CMHC) reports that there was a housing boom in the housing market in 2021. Read more here on CTV News.

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!