September 2024 ■ The number of homes sold through the MLS® System of the Ottawa Real Estate Board (OREB) totalled 1,100 units in August 2024. This was a 10.2% increase from August 2023. Home sales were 11.4% below the five-year average and 14.1% below the 10-year average for the month of August. On a year-to-date basis, home sales totalled 9,444 units in August 2024 — an increase of 6.0% from the same period in 2023.  

 “Being a seasonal market, it’s very encouraging to see sustained levels of market activity throughout the whole summer,” says OREB President-elect Paul Czan. “And coupled with a third consecutive interest rate drop from the Bank of Canada, we are anticipating a heated market in the fall.” 

 “REALTORS® know firsthand how affordability remains a top concern for most buyers. With a stream of new listings hitting the market and prices holding steady, buyers are not moving with urgency. They are still using caution and patience to find the right property for their needs and budget. As such, sellers need to be patient and work with a REALTOR® who can use the latest neighbourhood-level data and insights to properly price their property and build a selling strategy.” 

 By the Numbers – Prices: 

 The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures. 

• The overall MLS® HPI composite benchmark price was $646,000 in August 2024, a decrease of 0.3% from August ‘23. 

o The benchmark price for single-family homes was $732,500, down 0.3% on a year-over-year basis in August. 

o By comparison, the benchmark price for a townhouse/row unit was $502,200, up 0.3% compared to a year earlier. 

o The benchmark apartment price was $416,800, down 1.2% from year-ago levels. 

• The average price of homes sold in August 2024 was $660,341 increasing 0.3% from August 2023. The more comprehensive year-to-date average price was $678,327, increasing by 0.9% from August 2023. 

• The dollar volume of all home sales in August 2024 was $726.3 million, up 10.5% from August 2023. 

By the Numbers – Inventory & New Listings 

 • The number of new listings saw an increase of 0.2% from August 2023. There were 1,907 new residential listings in August 2024. New listings were 0.2% above the 5-year average and 0.9% above the 10-year average for the month. 

• Active residential listings numbered 3,324 units on the market at the end of August 2024, a gain of 25.8% from August 2023. Active listings were 46.5% above the five-year average and 1.3% below the 10-year average for the month. 

• Months of inventory numbered 3.0 at the end of August 2024, up from 2.6 in August 2023. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity. 

Selling your home and embracing a new adventure can be a thrilling journey, yet, it's common to hesitate. Let's address some key concerns and benefits, and even discuss the role of your beloved kids in the process. We're here to make it all feel like a breeze!

Why Seniors Delay Moving?

• Comfort & Familiarity: Your home is filled with cherished memories, making it tough to say goodbye.
• Fear of Change: Moving can be daunting, but it can also bring exciting new experiences.
• Family Dynamics: The thought of involving kids in your decisions can be complex. But remember, they want what's best for you!

Benefits of Moving Sooner: ✨

• Streamlined Lifestyle: A new, downsized home means less upkeep, more time for you.
• Safety & Accessibility: Modern homes often offer senior-friendly features, like step-free entry and grab bars.
• Community & Amenities: Independent living options provide social activities, and local facilities offer full-service amenities, from dining to healthcare.

Kids in the Decision:

• Your kids are your biggest fans. Involving them can ensure they understand your needs and preferences. Together, you can make the best choice for your future.

Independent Living Options:

• Condos: Maintenance-free living in a vibrant community.
• Apartments (Buy or Rent): Flexibility to suit your budget and lifestyle.

Local Senior-Friendly Facilities:

• There are several options across the city offering Independent Living, Assisted Living or Memory Care. The key is to plan ahead if possible and visit a few of these facilities to decide which one offers the little touches you are looking for. Natural settings, access to shopping or dining, pet friendly? Having a clear sense of what will best suit your needs will help in your selection.

Your new adventure awaits, and we're here to help you make the move, stress-free and light-hearted. Explore Ottawa's vibrant senior living options.

Ready to embrace your next chapter? Contact us today, and let's make it happen together!

In the world of real estate, it's easy to get caught up in the glitz and glamour of the industry—the accolades, the listings, and the charismatic real estate agents. However, amidst the excitement, it's crucial to remember that the heart of real estate lies not in the agents themselves, but in the homeowners and their unique needs. As a dedicated realtor, my utmost priority is to connect with my clients and ensure that their biggest investment decision is not only sound but also the least stressful experience possible.

Understanding the Homeowner's Perspective: When it comes to buying or selling a home, homeowners are driven by a myriad of factors, ranging from financial aspirations to personal circumstances. As a realtor, I firmly believe in taking the time to listen and understand my clients' individual needs, goals, and concerns. By putting the homeowner at the center of every transaction, I can tailor my services to create a personalized and seamless experience that addresses their specific requirements.

Building Trust and Connection: Establishing a strong rapport and fostering trust is fundamental to a successful client-realtor relationship. I strive to go beyond the mere transactional nature of real estate by genuinely connecting with my clients on a personal level. By taking the time to understand their unique preferences, lifestyle, and long-term vision, I can offer informed guidance and support throughout the entire process.

Guiding Through the Decision-Making Process: Navigating the real estate market can be overwhelming, especially for those making significant investment decisions. As a realtor, my role is not just to provide expertise and knowledge but also to act as a steady guide, offering valuable insights and advice. I am committed to empowering my clients with the information they need to make informed choices, ensuring that their best interests are always at the forefront.

Reducing Stress and Facilitating a Smooth Transaction: The process of buying or selling a home can be filled with stress and uncertainty. Recognizing this, I make it my mission to alleviate as much of that burden as possible for my clients. From conducting thorough market research to streamlining paperwork and negotiations, I handle the intricate details, allowing homeowners to focus on what matters most—their own lives and aspirations.

A Holistic Approach to Real Estate: Real estate is not merely about transactions; it is about people and their stories. I believe in taking a holistic approach that goes beyond the confines of a single transaction. By building lasting relationships and maintaining open lines of communication, I aim to be a trusted advisor for my clients, even beyond the immediate real estate needs. Whether they require assistance with home maintenance, renovations, or future investment opportunities, I am there to provide ongoing support.

In a world where real estate can sometimes overshadow the true essence of the industry, I am committed to recentering the focus on what truly matters—the homeowner and their needs. As a realtor, I understand that my success lies in helping my clients achieve their goals and make sound investment decisions. By placing the homeowner at the forefront of every transaction, I strive to create a seamless and stress-free experience that exceeds expectations and builds lasting trust. Let me be your guide on this exciting journey, as we work together to make your real estate dreams a reality.

July 2023 ■ Members of the Ottawa Real Estate Board (OREB) sold 1,658 residential properties in June through the Board’s Multiple Listing Service® (MLS®) System, compared with 1,493 in June 2022, an increase of 11%. June’s sales included 1,234 in the freehold-property class, up 10% from a year ago, and 424 in the condominium-property category, a 16% increase from June 2022. The five-year average for total unit sales in June is 1,881.

“Although June’s transactions surpassed last year’s, the number of sales, average prices, and new listings declined on a week-to-week basis over the course of the month. Compounded by the typical summer decline in activity, the Bank of Canada’s interest rate adjustment at the beginning of the month may have also flattened the curve,” says Ottawa Real Estate Board President Ken Dekker.

By the Numbers – Average Prices*:

• The average sale price for a freehold-class property in June was $746,445, a decrease of 4% from 2022, but still on par with May 2023 prices.
• The average sale price for a condominium-class property was $448,380, an increase of 2% from a year ago and up 1% over May 2023 prices.
• With year-to-date average sale prices at $731,847 for freeholds and $432,885 for condos, these values represent a 10% decrease over 2022 for freehold-class properties and a 7% decrease for condominium-class properties.

“Supply is trending in the right direction. The increase in inventory is encouraging and indicates sellers have confidence in the market. A growing resale housing stock will result in more selection for buyers and more sales,” Dekker suggests.

By the Numbers – Inventory & New Listings:

• June’s new listings (2,758) were 14% lower than June 2022 (3,212) and down 2% from May 2023 (2,822). The 5-year average for new listings in June is 2,802.
• Months of Inventory for the freehold-class properties has increased to 2.1 months from 1.9 months in June 2022 and 1.5 months in May 2023.
• Months of Inventory for condominium-class properties has decreased to 1.4 months from 1.6 months in June 2022, although up from 1.3 months in May 2023.
• Days on market (DOM) for freeholds stayed on par with last month at 23 days and increased to 27 days for condos compared to last month (26 days).

“We are looking forward to a strong second half of 2023 in terms of sales volume and prices compared to last year. Whichever side of the transaction you are on, the advice of a professional REALTOR® who has their pulse on the week-to-week variabilities in Ottawa’s resale market is priceless.”

Seniors may choose to downsize for a variety of reasons, including financial benefits, lifestyle changes, and health considerations. By downsizing, seniors can reduce their housing costs, minimize maintenance expenses, and free up equity that can be used to fund their retirement or to enjoy their golden years. Here are some specific reasons why seniors may want to downsize:

1. Financial benefits: Downsizing can help seniors save money on housing expenses, including mortgage payments, property taxes, utilities, and maintenance costs. This can free up cash that can be used for other expenses, such as travel, hobbies, or medical bills. Additionally, downsizing may allow seniors to unlock equity in their homes, which can be used to supplement retirement income or to leave a legacy for their children or grandchildren.

2. Lifestyle changes: As seniors age, they may find that their current home no longer meets their needs. For example, they may have difficulty climbing stairs or maintaining a large yard. Downsizing to a smaller, more manageable home or a retirement community can offer a more relaxed and convenient lifestyle, with less stress and more opportunities to socialize with other seniors.

3. Health considerations: For seniors with health issues, downsizing to a smaller, more accessible home or a retirement community can provide a safer and more supportive environment. Many retirement communities offer amenities such as health care services, wellness programs, and transportation, which can help seniors maintain their independence and quality of life.

Regarding Ottawa's housing market, the past 10 years have seen significant changes in real estate values. According to the Ottawa Real Estate Board, the average sale price of residential properties in Ottawa has increased well over 65% over the past decade. This growth has been driven by a number of factors, including population growth, low interest rates, and a continued low inventory of available homes.

Despite rising home prices, downsizing can still be a financially savvy choice for seniors. Smaller homes and retirement communities are generally more affordable than larger homes, and they often offer a range of cost-saving amenities, such as maintenance services and energy-efficient features.

In terms of lifestyle benefits, downsizing can offer seniors more freedom, less stress, and more opportunities to pursue their interests and hobbies. By living in a smaller home or a retirement community, seniors can spend less time on home maintenance and more time enjoying their retirement years. Additionally, many retirement communities offer social activities, fitness programs, and other amenities that can help seniors stay active and engaged.

Overall, downsizing can be a smart financial and lifestyle choice for seniors. By freeing up cash, reducing expenses, and enjoying a more relaxed and convenient lifestyle, seniors can make the most of their retirement years and enjoy their golden years to the fullest.

April 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 OREB 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.

“As evidenced by the recent climb in freehold prices, Ottawa’s resale market is stabilizing along with the interest rate. Condos remain steady due to their lower price point, there’s more affordability based on the current interest rate structure. Prices are certainly headed in the right direction—if you are looking forward.”

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.

“Well-priced and well-prepared homes are selling. REALTORS® have up-to-the-minute statistics to ensure sellers are positioning themselves at the current market value based on recent sales and hyper-local market comparisons. Buyers can benefit from the same data along with their negotiation expertise to guarantee they are receiving the best value for their dollar.”

March 2023 ■ Members of the Ottawa Real Estate Board (OREB) sold 855 residential properties in February through the Board’s Multiple Listing Service® (MLS®) System, compared with 1,411 in February 2022, a decrease of 39%. February’s sales included 633 in the freehold-property class, down 42% from a year ago, and 222 in the condominium-property category, a decrease of 31% from February 2022. The five-year average for total unit sales in February is 1,157.

“We’re going to see declines in transactions and prices when we compare current figures to last February — the height of the pandemic resale market activity,” says Ottawa Real Estate Board’s President Ken Dekker. “On the other hand, with the Bank of Canada holding interest rates steady, prospective buyers have more budget certainty to work with as we head into the spring market.”

By the Numbers – Average Prices*:

• The average sale price for a freehold-class property in February was $708,968, a decrease of 15% from 2022. However, it marks a 5% increase over January 2023.
• The average sale price for a condominium-class property was $410,927, decreasing 12% from a year ago.
• With year-to-date average sale prices at $695,086 for freeholds and $411,449 for condos, these values represent a 14% decrease over 2022 for freehold-class properties and a 10% decrease for condominium-class properties.

“The average price increase for freeholds over January could be an indicator that buyers have normalized to the current interest rates. And perhaps, it’s a glimmer of more activity to come in the months ahead.”

By the Numbers – Inventory & New Listings:

• Months of Inventory for the freehold-class properties has increased to 2.8 months from 0.7 months in February 2022.
• Months of Inventory for condominium-class properties has increased to 2.5 months from 0.7 months in February 2022.
• February’s new listings (1,366) were 22% lower than February 2022 (1,762) and up 3% from January 2023 (1,323). The 5-year average for new listings in February is 1,632.
• Days on market (DOM) for freeholds decreased from 43 to 37 days and 47 to 43 days for condos compared to last month.

“A decrease in the days on market, paired with fewer new listings entering the market, is good news for sellers,” says Dekker. “However, if that trend continues to impact our supply stock and we don’t get more inventory, our otherwise balanced market could swing back into seller’s territory — but it’s too early to predict.”

“The best advice for sellers and buyers in today’s market is to pay close attention to the comparison and competition insights only a REALTOR® can offer. Ottawa is made up of many micro-markets, and neighbourhood-level data is vital to standing out and closing deals.”

February 2023 ■ Members of the Ottawa Real Estate Board (OREB) sold 606 residential properties in January through the Board’s Multiple Listing Service® (MLS®) System, compared with 933 in January 2022, a decrease of 35%. January’s sales included 460 in the freehold-property class, down 30% from a year ago, and 146 in the condominium-property category, a decrease of 47% from January 2022. The five-year average for total unit sales in January is 819.

 “January’s marked slow down in unit sales over 2022 indicates potential home buyers are taking their time,” says OREB President Ken Dekker. “While last month saw the culmination of the succession of interest rate hikes announced by the Bank of Canada, affordability remains a factor. They may be waiting for a shift in listing prices. They’re being cautious in uncertain conditions.”

 By the Numbers – Average Prices*:

      -The average sale price for a condominium-class property in January was $412,244, a decrease of 8% from 2022.

      -The average sale price for a freehold-class property was $676,272, decreasing 12% from a year ago.

 “Despite the decrease in average prices, the market should not be considered on a downward slide,” says Dekker. “A hyper COVID-19 seller’s market is now levelling out to our current balanced market state.”

 “On a positive note, in comparison to December’s figures, January’s average price of freehold properties increased by 3%. The average price of condos did fall by 5% compared to December but condo pricing tends to fluctuate more due to the small data set.”

 By the Numbers – Inventory & New Listings:

      -Months of Inventory for the freehold-class properties has increased to 3.8 months from 0.9 months in January 2022.

      -Months of Inventory for condominium-class properties has increased to 3.8 months from 0.8 months in January 2022.

      -January’s new listings (1,324) were 16% higher than 2022 (1,142) and up 89% from December 2022 (699). The 5-year average for new listings in January is 1,233.

 “Ottawa’s inventory and days on market figures are typical for a balanced market and another sign that buyers are no longer racing to put in an offer,” says Dekker. “The increase in new listings and supply is a boon for home buyers, who now have more selection and the ability to put in conditions at a less frantic pace. REALTORS® are an essential resource in finding the right property for the right buyer. On the other side of the transaction, REALTORS® can help sellers with hyper-local insights about how to sell in their neighbourhood at a time when pricing is key.”

More people are turning to REALTORS® for help renting properties — 509 this month compared to 410 in January 2022, an increase of 24%. “Even with the increase in housing stock, the tighter rental market is another indication that affordability is keeping some potential buyers on the sidelines.”

June 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 condo-class property in May was $472,920, an increase of 11% from 2021, while the average for a residential-class property was $802,393, increasing 8% from a year ago. With year-to-date average sale prices at $824,276 for residential and $470,353 for condos, these values represent a 12% 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.”

May 2022 ■ Members of the Ottawa Real Estate Board sold 1,889 residential properties in April through the Board’s Multiple Listing Service® System, compared with 2,394 in April 2021, a decrease of 21 per cent. April’s sales included 1,419 in the residential-property class, down 23 per cent from a year ago, and 470 in the condominium-property category, a decrease of 13 per cent from April 2021. The five-year average for total unit sales in April is 1,849.

 “With the number of transactions just slightly over the 5-year average, this was one of the weakest performing Aprils we have seen in a while,” states Ottawa Real Estate Board’s President Penny Torontow. “Considering that the number of new listings increased last month, it is a bit of a surprise that sales were off.”

“Certainly, there are a few factors at play: rising interest rates, growing Buyer frustration, April’s cooler temperatures, as well as the housing supply measures recently announced by the government – these could all be causing Buyers to pull back with a wait-and-see approach. We are watching the rest of the spring market closely to determine if this could perhaps be an early indicator of a shift in the market.

Since April is only one month, we will be monitoring to see if it becomes a trend moving forward.” “The fact remains that it is still a Seller’s market with supply under one month. Bidding wars and multiple offers persist in some pockets, prices continue to rise, albeit more moderately, and the market remains relatively strong,” she adds.

The average sale price for a condominium-class property in April was $473,702, an increase of 11 per cent from 2021, while the average sale price for a residential-class property was $829,318, increasing 12 per cent from a year ago. With year-to-date average sale prices at $830,588 for residential and $469,603 for condominiums, these values represent a 13 per cent and 12 percent increase over 2021, respectively.*

“Limited supply and high demand will continue to place upward pressure on prices. And as long as there are Buyers willing to pay, average prices will reflect the inventory shortage. However, it is conceivable that price growth may moderate as we do not see the level of price escalations that occurred earlier in the pandemic,” Torontow suggests.

“Although the number of new listings in April (2,846) was down by 11% from 2021, the number of properties that entered the market was still 10% over the 5-year average (2,600), and 214 units more than what was added to the housing stock in March. This has increased Ottawa’s months of inventory to just under a month’s supply. In March, it was just over two weeks. This is good news for potential Buyers as they will have more options and more opportunities to enter the market.”

“In fact, the condo market may be performing slightly better than residential property classes due to the fact that they are the most affordable price point to enter the market and could possibly now be considered the new entry-level property type.”