I have listed a new property at 1615 LONEY CRESCENT in Metcalfe.
Rarely available in the Country Hill Estates near Metcalfe, this custom built bungalow has over 2100 sf on a 3 acres lot. This home offers open 9 ceiling, high-end finishings, open floor plan in the living-kitchen area, formal dining room and access from garage to the mud room. Featured highlights are marble and engineered hrdwd floor, ceiling to floor windows, linear electric FP, and so much more. This dream chef-kitchen comes with an X-wide island, natural stone countertop, S-by-S Fridge/freezer, 5-burner gas stove, pot filler, and more. After a bustling day, pamper yourself in this free-standing bathtub in the ensuite bath. The backyard has a 1320 sf of patio for outdoor entertainment. Need more space for your toys? No problem - plans for a detached garage/workshop have been approved by the City. There is plenty of space to add an inground pool and professional landscaping. What a great opportunity to make it complete with your personal stamp as your dream home today!! (id:2493)
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I have listed a new property at 1388 COMMODORE LANE in Kars.
Wow, amazing waterfront property with 3.78 acres of prime land in Kars. The parcel of land features of 900 feet plus of shoreline, manicured landscape and wooded land. It has an all-year round road access to the property. Easy commute to Manotick and Ottawa. The property offers a RV trailer, lanai, pontoon boat, boat canopy, lawn furniture, 36-foot Fendock, drilled well with an expansion tank, hydro entrance 200 AMP (20 amp & 30 amp outlet by the shoreline), holding tank and more. The current use of land is recreational. Great swimming in the summer and relax in the evening in front of the fire pit by the river. This is a perfect place to build memories for the next family. YOU WILL FALL IN LOVE WITH IT INSTANTLY. (id:2493)
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Magical Food Drive 

Let's kick off the summer with a splash! Help us to replenish the Ottawa Food Bank.

Event: FREE MAGIC SHOW for all ages.
Where: Qualicum Community Centre
Location: 48 Nanaimo Drive, Ottawa
When: Saturday June 25, 10:15 -11:00 am

Food Drive Event runs from 10 am - 2pm on Saturday June 25.
Please bring 2 non-perishable food items.


For cash donation to Ottawa Food Bank:

Can't attend! No problems. We can make arrangement for pick up.

Spread the word!! Looking forward to see you there.
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Ottawa’s May Residential Resales Underperform Expectations

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.

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I have listed a new property at 249 MONTEREY DRIVE in Ottawa.
OH Sunday June 5, 2-4 pm. FIRST TIME BUYERS AND INVESTORS ALERT! This solid well built townhome in an amazing location has so much to offer. The spacious kitchen has lots of cupboards and a sun filled window and patio door. Open concept Living & Dining Room leads to the spacious patio and pergola. Hardwood flooring on the main floor including the stairwell. There are 3 bedrooms upstairs - primary bedroom has a full ensuite & tons of closet space. Large cozy room in the lower level can be used as a bedroom and is also perfect for a home office. Laundry and extra storage complete the basement with access to the underground parking. Monthly association fee covers for landscaping, snow removal & parking and much more. Minutes to the Queensway, IKEA, Algonquin College and the College Square. Book a showing today. Don't let this one slip by!! (id:2493)
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I have listed a new property at 1615 LONEY CRESCENT in Metcalfe.
Rarely offered in the Country Hill Estates near Metcalfe, this custom built bungalow has over 2100 sf on a 3 acres lot. This home offers open 9 ceiling, high-end finishings, open floor plan in the living-kitchen area, formal dining room and access from garage to the mud room. Featured highlights are marble and engineered hrdwd flr, security surveillance system, ceiling to floor windows, linear electric FP, and so much more. This dream chef-kitchen comes with an X-wide island, natural stone countertop, S-by-S Fridge/freezer, 5-burner gas stove, pot filler, and more. After a bustling day, pamper yourself in this free-standing bathtub in the ensuite bath. The backyard has a 1320 sf of patio slab for outdoor entertainment. There is plenty of space to add an inground pool, a great opportunity to add your personal stamp. Need more space for your toys? No problems-plans for a detached garage/workshop have been approved by the City. No conveyance of written offers prior to 6 pm, May 26. (id:2493)
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I have listed a new property at 138A LINDENSHADE DRIVE in Ottawa.
Available immediately - Beautiful 2bed/1bth unit features an open concept living-dining and kitchen area overlooking onto Lindenshade Park. Southwest exposure, the unit is sun-filled with natural light. Freshly painted throughout. The kitchen is equipped with stainless steel appliances. The laundry is also in the unit. An exclusive use of a front courtyard for your BBQ and entertaining. Walking distance to the Market Place, restaurants and shops. One underground parking space is also included. Book your private viewing today. (id:2493)
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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 condominium 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.”


“We have also noticed a marked increase in the number of rental properties listed on the MLS® System. Since the beginning of the year, OREB Members assisted clients with renting 1,786 properties compared to 1,458 last year at this time. An increase of 23% and almost double the quantity recorded in pre-pandemic years. As for lease prices, the average cost for a 1-bdrm is approximately $1,850, and a 2-bdrm is $2,200 for rentals listed on the MLS® System. These values are roughly 3-4% higher than this time in 2021. Ottawa REALTORS® are an excellent resource when it comes to finding a rental property or vetting tenants – contact one today!”


* 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.

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I have listed a new property at 249 MONTEREY DRIVE in Ottawa.
Amazing location! This solid well built townhome has so much to offer. The spacious kitchen has lots of cupboards and a sun filled window and patio door. Open concept Living & Dining Room leads to the spacious patio and pergola. Hardwood flooring on the main floor including the stairwell. There are 3 bedrooms upstairs - primary bedroom has a full ensuite & tons of closet space. Additional bedroom in the basement is carpeted, cozy and perfect for a home office. Laundry and extra storage complete the basement with access to the underground parking. Monthly association fee covers for landscaping, snow removal & parking. Offers to be presented on May 10th, 2022 at 6:00 pm - seller reserves the right to review or accept pre-emptive offers. Open house Sunday, May 8th, 2-4pm. (id:2493)
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I have listed a new property at 179 GEORGE STREET UNIT#1601 in Ottawa.
Available immediately - ALL-INCLUSIVE and FULLY FURNISHED 2bed/1bth unit in the heart of the Byward Mkt. The unit features an open concept living-dining and kitchen area of over 775 sf (plus 99 sf of balcony space). A northeast exposure corner unit, it offers loads of natural daylight. From the balcony, it has an unobstructed view of the Ottawa River, overlooking the southeast of the city and a glimpse of Parliament Hill. Laminate floor, ceramic tiles, and 9 ceiling throughout, the ceiling to floor windows in the main living space are breathtaking. Freshly painted throughout. New tile floor in the kitchen and stainless steel appliances. The laundry is also in the unit. Walking distance to the nearest LRT station, Rideau Centre, Parliament Hill, Byward Market, restaurants and eateries are at your fingertips. One underground parking space is also included. Book your private viewing today. (id:2493)
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I have listed a new property at 195 BESSERER STREET UNIT#1602 in Ottawa.
Welcome to Claridge Plaza 4. The Yankee model, approx. 940 sf, features 2 bedrooms + den and 2 bathrooms. This FURNISHED unit offers beautiful hardwood floor, ceramice tiles, granite kitchen counter top, stainless steel appliances, and beautiful cabinets. The two bathrooms are completed with granite vanity tops, a large walk-in shower, bathtub and contemporary faucets. Lots of natural lighting in the living room and bedrooms. Unobstructed south view of the city from the balcony. Amenities include are indoor pool, recreation room, and party room. 24-7 Security at front desk. One underground parking space is included. Book an appointment today. (id:2493)
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Members of the Ottawa Real Estate Board sold 2,011 residential properties in March through the Board’s Multiple Listing Service® System, compared with 2,274 in March 2021, a decrease of 12 per cent. March’s sales included 1,493 in the residential-property class, down 12 per cent from a year ago, and 518 in the condominium-property category, a decrease of 10 per cent from March 2021. The five-year average for total unit sales in March is 1,792.


“Although the number of sales in March decreased from last year at this time, it was still a robust and busy start to the spring season. Transactions increased 42% over February (590 units) and were 12% higher than the 5-year average. Last March was unseasonably warm in comparison, and the lion-like weather that pervaded most of this March may have played a role. More likely, the lifting of some restrictions and opportunity for unfettered travel during the spring break had peoples’ attention turning towards other activities during the month,” states Ottawa Real Estate Board President Penny Torontow.


“March tends to be the early indicator of the spring resale market pace, so we anticipate April’s numbers will be a better indication of just how the spring market will perform, which tends to be the peak time of year for resales,” she adds.


The average sale price for a condominium-class property in March was $479,405, an increase of 10 per cent from 2021, while the average sale price for a residential-class property was $853,615, increasing 13 per cent from a year ago. With year-to-date average sale prices at $831,122 for residential and $467,915 for condominiums, these values represent a 14 per cent and 13 percent increase over 2021, respectively.*


“Average prices continue on their upward trend, albeit only increasing 2-3% over February’s figures, the year over year percentage increases of 13-14% validate that the housing supply shortage will continue to put strong upward pressure on prices until that is remedied.”


“Last month saw 2,632 new listings enter the MLS® System, and although 6% lower than March 2021, this is still 4% (or 100 units) above the 5-year average. Residential-class property inventory is approximately 10.5% higher than last year at this time, with condominium-class inventory down 12%. Overall, we are just slightly over (.6%) a half month’s supply of inventory and require at least four months of inventory to be considered within a balanced market.”


“It is encouraging to see new inventory entering the resale market. However, these properties are being quickly absorbed due to the unrelenting high demand, and more listings are crucial to meeting this need,” Torontow advises.


“We appreciate the provincial government has introduced the first phase of its More Homes For Everyone Act to tackle the housing shortage by implementing measures, including working with municipalities to get homes built faster and increasing the Non-Resident Speculation Tax. This is a good start, and we are hopeful that with the application of these and further measures, Ottawa’s many potential home buyers waiting on the sidelines will finally be able to get a foothold in our local market.”


In addition to residential sales, OREB Members assisted clients with renting 1,291 properties since the beginning of the year compared to 1,079 by March 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.

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I have listed a new property at 10 LEONARD AVENUE UNIT#3 in Ottawa.
This top floor lovely apartment has lovely 2-bedrooms plus a den and an updated bathroom. Renovated kitchen offers 3 pcs of stainless steel appliances. Flooring is all hardwood and tile. Newly constructed large porch in the back features an extra outdoor space in the summer. Rent includes water, heat and shared laundry in the basement. You are only steps to Colonel By and the Canal, minutes walk to Landsdowne Park, Old Ottawa South and the Glebe. Parking is available for an extra $75/mth. Photos were taken before the tenant moved in. Available June 2022. (id:2493)
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Members of the Ottawa Real Estate Board sold 1,421 residential properties in February through the Board’s Multiple Listing Service® System, compared with 1,385 in February 2021, an increase of 3 per cent. February’s sales included 1,095 in the residential-property class, up 7 per cent from a year ago, and 326 in the condominium-property category, a decrease of 10 per cent from February 2021. The five-year average for total unit sales in February is 1,184.


“Although February’s resales were only 3% higher than last year at this time, we saw a 52% increase in the number of transactions compared to January’s figures (936). While a month-to-month increase is typical for this time of year, the gradation of this increase is higher than previous years, which could be an indication that our spring market may ramp up earlier this year,” states Ottawa Real Estate Board President Penny Torontow.


“Whether this has to do with the easing of government pandemic restrictions and the opening up of the economy or perhaps due to apprehension of the (then) upcoming interest rate increase, which is now in effect, we can’t entirely be sure,” she adds. “We are watching intently to see how the 2022 spring market will play out considering not only the higher interest rates and inflation but also other macro factors in our global environment that could affect our local economy.”


“Undoubtedly, the interest rate increase along with the higher rate of inflation will weaken potential Buyers’ purchasing power. And even though average price growths are not as acute as they were in the past two years, we are still seeing significant increases that are without question a result of the unrelenting high demand and current housing stock scarcity.”


The average sale price for a condominium- class property in February was $466,682, an increase of 15 per cent from 2021, while the average sale price for a residential-class property was $837,517, increasing 17 per cent from a year ago. With year-to-date average sale prices at $812,813 for residential and $458,107 for condominiums, these values represent a 16 per cent increase over February 2021 for both property classes. *


“The number of new listings in February (1,762) offers a slight glimmer of hope for prospective Buyers. At 4% higher than the five-year average and 12% higher than February 2021, it resulted in an almost 10% increase in residential-class property inventory compared to last year at this time. Condominium supply, however, is down 20%. Overall, we are now at a 0.7 month’s supply of inventory which means that most listings that enter the market are going to be snapped up very quickly, as evidenced by the continuous decline in Days on Market (DOM). We certainly hope this trend of increased new listings will continue to supplement the housing stock going forward,” Torontow acknowledges.


“Ottawa is a beautiful city with a healthy, stable economy and is a utopic place to work, live and play. It attracts Canadians from other cities and people from all over the world. But it is deeply entrenched in a Seller’s Market. This means homebuyers need to have all their ducks in a row and are prepared to move expeditiously. A REALTOR® will have the knowledge to ensure you are making your best offer at the optimal time. Sellers also need the experience and resources a REALTOR® brings to ensure they are strategically positioning their homes given the conditions of their neighbourhood and property type. Don’t gamble with what is likely your biggest asset – contact a professional REALTOR® today!”


In addition to residential sales, OREB Members assisted clients with renting 800 properties since the beginning of the year compared to 674 by February 2021.


* 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.


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I have listed a new property at 35 MEADOWCROFT CRESCENT in Ottawa.
A perfect starter home in this quiet neighbourhood in Carson Meadows. Well maintained large 3 bedroom 3 baths townhome by Claridge. Beautiful hardwood floor in the living room and on the second floor. Large windows in the living and dining room bring in lots of natural light. The sun-filled dining room opens up to the eat-in area and to the deck in the backyard. If you enjoy cooking, you will love the gas stove in the kitchen. Generous size in all 3 bedrooms and two full baths upstairs. Master ensuite bath features a soaker tub and a stand-up shower. The lower level completes with a large recreation room for entertaining, customed laundry room with cabinets, a storage room and a workshop for the hobbyist. Freshly painted in most rooms. Furnace 2014. Roof 2013. Minutes to the LRT station, shopping mall, restaurants, and hospital. No conveyance of any written offers prior to 6 pm Feb 28, 2022. Seller reserves the right to review or to accept a pre-emptive offer. OH Sunday Feb 27, 2-4 pm. (id:2493)
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Members of the Ottawa Real Estate Board sold 936 residential properties in January through the Board’s Multiple Listing Service® System, compared with 963 in January 2021, a decrease of 3 per cent. January’s sales included 661 in the residential-property class, down 2 per cent from a year ago, and 275 in the condominium-property category, a decrease of 5 per cent from January 2021. The five-year average for total unit sales in January is 840.


“January’s sales, almost identical to 2021’s, were very strong for a traditionally slower month, especially given the frigid temperatures and increased government Covid-19 restrictions we experienced,” states Ottawa Real Estate Board President Penny Torontow. “This increased activity compared to previous years is not solely a pandemic phenomenon. Yes, the pandemic has accelerated market activity in some ways, but pent-up Buyer demand due to the housing supply shortage has been an ongoing fundamental issue for the Ottawa resale market for well over 5 years now - and the price increases will continue to reflect that until the housing stock grows.”


The average sale price for a condominium-class property in January was $447,943, an increase of 18 per cent from 2021, while the average sale price for a residential-class property was $771,739, increasing 14 per cent from a year ago.*


“Average prices continue to rise steadily with the lack of inventory pushing prices to levels previously unseen. We only need to observe the number of homes now selling over $1M for a clear demonstration. In 2020, they represented 3% of residential sales, in 2021, they held 9% of the market’s resales, and now in 2022, that number reflects close to 14% of detached home sales.”


“Meanwhile, the residential-class properties selling within the $650- $900K range represent 47% of all of January’s residential unit sales. In 2021, it was 33%. But we must keep in mind, average prices statistics amalgamate data from the entire city, so while in some areas the increases would be less, other pockets of Ottawa may see more,” advises Torontow.


“The condo market is also flourishing both in number of sales and prices. Possibly due to the fact that residential units may be out of reach for some Buyers, they are finding themselves more open to this option and are actually able to find a condominium-class property within their budget.”


“Bad weather, pandemic lockdowns, it doesn’t matter - Ottawa remains a fast-moving, active, and robust market. So, if you are thinking of selling your property, there has never been a better time. Contact a REALTOR® who can explain the various factors that will help you get the best price for your home today.


” In addition to residential sales, OREB Members assisted clients with renting 410 properties in January 2022 compared to 333 in 2021.


* 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. 

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I have listed a new property at 238 BESSERER STREET UNIT#615 in Ottawa.
Welcome to The Galleria 2. This one-bedroom + study unit has high ceilings, an east-facing balcony, floor-to-ceiling windows, open floor plan with hardwood flooring in the living room and kitchen area. The kitchen features beautiful cabinetry, stainless steel appliances, granite countertop, and an island with a breakfast eat-up bar. Stackable laundry W/D in the unit. Full amenities in the building include an indoor swimming pool, exercise room, party room, outdoor terrace with BBQ area, and landscaped courtyard. Whether you work from home or need to commute, this location is perfect. Minutes walk to Rideau Centre, LRT station, Ottawa U, Parliament Hill, and the Byward Market. It is a non-smoking unit and pet-free environment. Rent includes heat, water, one underground parking, and amenities. Book a showing today. (id:2493)
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2021 Resale Market Normalizes and Breaks Records


Members of the Ottawa Real Estate Board sold 862 residential properties in December through the Board’s Multiple Listing Service® System, compared with 997 in December 2020, a decrease of 14 per cent. December’s sales included 601 in the residential-property class, down 15 per cent from a year ago, and 261 in the condominium-property category, a decrease of 10 per cent from December 2020. The five-year average for total unit sales in December is 809.


“December’s resale market performed as it typically does with a marked decrease in sales from November as families turned their attention towards the holiday break. Although slightly above the five-year average, the number of properties exchanging hands was lower than the year before due to the atypical market we experienced in 2020 when peak market activity shifted to later in the year because of the initial spring pandemic lockdown,” states Debra Wright Ottawa Real Estate Board’s 2021 President. “However, while the market normalized in the latter part of the year, looking at the year-end figures, 2021 was still a record-breaking year,” she adds.


The total number of residential and condo units sold throughout 2021 was 20,302, compared with 18,953 in 2020, increasing 7 per cent. Meanwhile, total sales volume in 2021 was approximately $13.1B compared to $10B in 2020.

“This significant increase in sales volume reflects the price acceleration that we have seen over the last year and correlates with average sale price increases for the city,” Wright elaborates.


“As we have reiterated for the past few years, Ottawa’s housing inventory challenges have been and will continue to place an upward pressure on prices. Reviewing the year-end figures for 2021, the average sale price year to date was $719,605 for residential-class properties and $419,683 for condominium units. These values represent a 24 per cent and 16 percent increase over 2020, respectively.”


The average sale price for a condominium class property in December was $399,125, an increase of 12 per cent from 2020, and the average sale price for a residential-class property was $709,980, increasing 18 per cent from a year ago. *


“Six hundred new listings entered the housing stock in December, which represents a 58% decrease from November and down 15% from the 5-year average. At less than one month’s supply of units in both the residential and condominium property classes, we are firmly entrenched in a strong Seller’s market and will continue to be in this state until our inventory increases to a 3-4 month’s supply for a balanced market to be achieved,” cautions Wright.

When asked for a forecast, Ottawa Real Estate Board’s new 2022 President Penny Torontow suggests, “January through March are usually slower months. With the macro factors that are currently at play in the resale market, it is difficult to predict what the effects will be going forward. We are entering yet another pandemic wave, Buyers are fatigued, parents are focusing on remote learning, interest rate hikes are looming - I don’t expect we will see the first quarter increases as we did in 2021.”


“We are unlikely to see the true outcome of these macro factors until the spring. Presumably, we will see more of the same with the market performing as well as it can with the current housing stock. Unfortunately for homebuyers, it will sustain itself as a Seller’s market for quite some time until our inventory issues are remedied. Whether you are buying or selling a home right now, the experience and knowledge of a REALTOR® is essential in this current challenging market,” Torontow concludes.


OREB Members also assisted clients with renting 4,813 properties since the beginning of the year compared to 3,364 in 2020. *


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.

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June's Residential Resale Market begins to Normalize

 

Members of the Ottawa Real Estate Board sold 2,131 residential properties in June through the Board’s Multiple Listing Service® System, compared with 2,038 in June 2020, an increase of 5 per cent. June’s sales included 1,647 in the residential-property class, up 2 per cent from a year ago, and 484 in the condominium-property category, an increase of 13 per cent from June 2020. The five-year average for total unit sales in June is 2,098.


“June’s resale market performed similar to a typical (pre-pandemic) June, with unit sales on par with the five-year average and a lower volume of activity compared to May, particularly in the last two weeks of the month. This is a normal tapering off as families turn their attention to end of school events and enjoying more outdoor recreation. This year, it also coincided with some easing of pandemic restrictions,” states Ottawa Real Estate Board President Debra Wright. “It will be interesting to watch the market over the summer to see if this normalization of the real estate sales ebb and flow is indeed the case moving forward. Last year, summer resales skyrocketed due to pent-up demand when the first lockdown ended.”


“Year-to-date sales are tracking 48% higher than last year at this time with 11,446 properties changing hands and are 16-18% higher than 2018 and 2019. Much of this increase is due to the increased activity in the first five months of 2021 compared to previous years. We have also seen an instrumental increase in new listings this year, and inventory levels for both residential and condominiums are higher than we’ve seen since 2017. However, we are still at a one month supply of housing stock, so we aren’t out of the woods yet.”


June’s average sale price for a condominium-class property was $435,198, an increase of 21 per cent from last year, while the average sale price for a residential-class property was $725,970, an increase of 26 per cent from a year ago. With year-to-date average sale prices at $734,357 for residential and $422,734 for condominiums, these values represent a 33 per cent and 20 percent increase over 2020, respectively.*


“For the moment, there are signs that we’ve reached a levelling out, especially as it relates to average prices which, in recent months, have not experienced the drastic increases of earlier in 2021, nor are we seeing a drop,” notes Wright.


“Properties are not moving as quickly as they were. Inventory has picked up; there is less scarcity and more choices - consequently, less upward pressure on prices. Additionally, we are noticing fewer of the multiple offer frenzy situations. Of course, many properties do still have multiple offers, but our REALTORS® are noticing that there are less of them on offer day.”


“This start of a perhaps equilibrium in the market is good news for Buyers, while Sellers are going to have to adjust to this new normal and be more strategic in their positioning. Whichever side of the transaction you are on, you will bode well by listening and heeding the advice of a professional REALTOR® who has their pulse on the day-to-day variabilities Ottawa’s resale market is experiencing,” Wright suggests.


OREB Members also assisted clients with renting 2,252 properties since the beginning of the year compared to 1,512 at this time last year.


* 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.

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April's Real Estate Market Starts Strong and Sputters


Members of the Ottawa Real Estate Board sold 2,402 residential properties in April through the Board’s Multiple Listing Service® System, compared with 911 in April 2020, an increase of 164 per cent. April’s sales included 1,859 in the residential-property class, up 166 per cent from a year ago, and 543 in the condominium-property category, an increase of 155 per cent from April 2020. The five-year average for total unit sales in April is 1,830.


“As the typical spring market ramped up, April was poised to be the strongest on record with over 3,200 new listings of properties for sale. Most of these properties entered the market before the province’s stricter lockdown order was announced midway through the month. At that point, the trajectory sputtered, and while it continued to be active, it followed a noticeable decline as Sellers responded to the government’s resolution to reduce the spread of Covid-19,” states Ottawa Real Estate Board President Debra Wright.


“Nevertheless, the number of transactions managed to surpass unit sales recorded in previous Aprils, and we presume the figures would have been even higher in different circumstances,” she adds.


“As I had cautioned last month, the percentage increases over 2020 figures are vastly skewed due to the first State of Emergency last spring, which had initially slowed down the real estate market. Thus, the 155 to 166 percent increases in unit sales are simply not valid results. We recorded 2,026 sales in April 2019 and 2,024 in April 2018. These figures provide a more reasonable comparison, which is a 19% increase in overall sales compared to those pre-pandemic years.”


April’s average sale price for a condominium-class property was $427,145, an increase of 30 per cent from last year, while the average sale price for a residential-class property was $743,204, an increase of 42 per cent from a year ago. With year-to-date average sale prices at $734,682 for residential and $418,792 for condominiums, these values represent a 35 per cent and 20 percent increase over 2020, respectively.*


“These accelerated price increases boil down to a lack of supply and will continue to be a challenge for Buyers until more inventory becomes available – it’s fundamental supply and demand economics. Certainly, April’s substantial increase in new listings, 19% higher than the five-year listing average and over 400 units more than the previous month, gives us cautious optimism. When the Stay-atHome order concludes, we hope that pentup supply will bring some much-needed housing stock to the resale market,” suggests Wright.


“However, there are many factors at play which make it difficult to forecast the path of Ottawa’s real estate market: interest rate modifications, the skyrocketing cost of building materials, the Office of the Superintendent of Financial Institutions (OSFI) proposal to increase the mortgage stress test, changing consumer perspectives with some Buyers opting to move to outlying communities and Quebec, etc.”


“On the one hand, record low interest rates, increased household savings, a strengthening economy, and a continued focus on living space during the pandemic are all factors that bolster demand, while steady price growth is encouraging more Sellers to list their home.


On the other hand, some people are truly struggling and small businesses are closing their doors. It’s complicated, it’s out of balance, and the course of our local market is not entirely predictable at this time,” Wright concludes.


OREB Members also assisted clients with renting 1,458 properties since the beginning of the year compared to 947 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.

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