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Wiggle Waggle Walk & Run on September 29, 2024
Ottawa’s MLS® Market Gains Momentum Heading into Summer
The number of homes sold through the MLS® System of the Ottawa Real Estate Board (OREB) totaled 1,241 units in July 2024. This was a 13.6% increase from July 2023.
Home sales were 7.1% below the five-year average and 8.8% below the 10-year average for the month of July.
On a year-to-date basis, home sales totaled 8,349 units in July 2024 — an increase of 5.5% from the same period in 2023.
“As the market pace typically slows in the summer, July’s activity is encouraging and could be a sign of more gains ahead,” says OREB President Curtis Fillier. “Buyer confidence is slowly but surely catching up while sellers continue to add a steady stream of new listings. Of course, the extent to which that translates into transactions depends on the type of properties and price points available in our communities as supply and affordability issues persist.”
“It’s too early to tell, but recent policy developments could be a boost,” says Fillier. “Two consecutive interest rate cuts by the Bank of Canada, coupled with the federal government’s introduction of 30-year amortization periods on mortgages for first-time homebuyers purchasing newly built homes, will help some buyers. However, these are demand policies and Ottawa — as well as many cities across the country — needs action on the supply side.”
In its Monetary Policy Report, the Bank of Canada points to municipal zoning restrictions and high development fees as long-standing standing challenges to supply growth. Recent data from the Ontario government shows Ottawa is significantly behind its housing starts goal having only built 1,593 homes out of its 12,583 target for 2024. OREB and its member REALTORS® continue to advocate for direct solutions to address the city’s housing crisis, such as allowing four units per lot and reducing costly development fees.
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 $648,900 in July 2024, an increase of 0.1% from July 2023.
o The benchmark price for single-family homes was $734,700, down 0.1% on a year-over-year basis in July.
o By comparison, the benchmark price for a townhouse/row unit was $506,100, up 3.4% compared to a year earlier.
o The benchmark apartment price was $422,800, down 0.9% from year-ago levels.
• The average price of homes sold in July 2024 was $679,610 decreasing 2.1% from July 2023. The more comprehensive year-to-date average price was $681,082, increasing by 1.0% from July 2023.
• The dollar volume of all home sales in July 2024 was $843.3 million, up 11.3% from July 2023.
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. Prices will vary from neighbourhood to neighbourhood.
By the Numbers – Inventory & New Listings
• The number of new listings saw an increase of 17.1% from July 2023. There were 2,231 new residential listings in July 2024. New listings were 6.3% above the five-year average and 6.9% above the 10- year average for the month of July.
• Active residential listings numbered 3,480 units on the market at the end of July 2024, a gain of 37.0% from July 2023. Active listings were 50.6% above the five-year average and 2.3% below the 10-year average for the month of July.
• Months of inventory numbered 2.8 at the end of July 2024, up from 2.3 in July 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.
Development Charges Focus on Young Buyers
Ottawa’s MLS Market Thawed in January but Sales Still Slow
Ottawa’s MLS Market Thawed in January but Sales Still Slow
Sales in January:
In January 2024, 629 units were sold in Ottawa, an increase of 16.5% compared to January 2023. Home sales were 10.7% below the 5year average and 3.9% below the 10-year average for the month of January.
Comments from the Real Estate Board President:
“Ottawa’s market activity is seeing positive gains over last year but it’s still a relatively quiet market even by pre-pandemic standards,” says OREB President Curtis Fillier. “While REALTORS® are telling us there’s lots of showing activity — probably thanks in part to the forgiving winter thus far — it’s not all translating to sales. This tells us that buyers are back out there looking, but still approaching cautiously. During the pandemic market, buyers had to move quickly and sometimes settle for a property that didn’t check all their boxes. Today, buyers are using the slower market to take the time needed to find their perfect place. Sellers would be well-advised to adjust their expectations and thoughtfully consider their pricing and timing strategy using the negotiating expertise and hyper-local data their REALTOR® can provide.”
“Ottawa’s market conditions can fluctuate quickly, though, because our supply is chronically low,” adds Brandon Reay, OREB’s policy and external relations manager. “Ottawa needs more suitable and affordable homes to address the housing crisis, and we need to increase density to meet population demands. We can’t restore and grow upon the market activity Ottawa saw five and 10 years ago without more houses for people to buy. OREB recommends direct solutions for meaningful policy change, including streamlining the process at the Ontario Land Tribunal, eliminating exclusionary zoning, and permitting four units on residential lots. To meet the aggressive housing targets, we need to close the labour gap with investments in colleges and trade schools. We don't need any more reactionary and distracting policy, like the federal government’s extension of the foreign buyers ban."
Home Prices:
The HPI indicates a modest increase in home prices compared to last year:
The benchmark price for a typical home was $621,600 in January 2024, up by 3.2% from January 2023.
Single-family homes: The average price was $703,500, a 3.7% increase from the previous year.
Townhouses: The average price was $462,200, down 2.1% from last year.
Apartments: The average price was $418,500, showing a 3.7% increase from the previous year.
The overall average price of homes sold in January 2024 was $631,722, a 1.8% increase from January 2023.
The total value of all homes sold in January 2024 amounted to $397.4 million, a 18.6% increase from January 2023.
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. Prices will vary from neighbourhood to neighbourhood.
Listings and Inventory:
There was a 7.3% increase in new listings compared to January 2023.
At the end of January 2024, there were 1,961 homes available for sale, 4.5% more than the previous year.
The inventory of homes was at 3.1 months, down from 3.5 months in January 2023, indicating the time it would take to sell all homes at the current sales rate.
New property listed in Ottawa
I have listed a new property at 1868 MAPLE GROVE Road in Ottawa. See details here
Step into opulence with this 2020 Hartland Tamarack residence. This EnergyStar-certified home spans over 3000 sf on a premium wide lot. As you enter, you're greeted by a majestic foyer, a versatile sitting area, & a separate dining room easily transformed into a main floor office. The chef's kitchen, bathed in natural light, boasts high-end appliances & quartz counters, complemented by floor-to-ceiling cabinets and an eat-in breakfast bar. The open concept seamlessly connects the kitchen to the LV rm, centered around a cozy gas FP. Upgraded hardwood flooring graces every inch of the home, extending to the fully finished basement. The 2nd floor features 4 big bdrms and 3 full bths (2 ensuites & 1 Jack & Jill bath) and a full sized laundry room. The Master suite offers upgraded closets and a luxurious 4-piece bath retreat. The fully finished basement includes the 5th bedroom & a 3-pc bth. This residence effortlessly blends elegance with functionality for the ultimate living experience. (id:2493)
New property listed in Winchester
I have listed a new property at 13243 THOMPSON Road in Winchester. See details here
Live and work at home with a unique business opportunity, all set on a sprawling 49.61-acre estate. This fully operational gravel pit with a Class B License has a unique license to mine above/below the water table. It has an authorized 16.2 hectares (40 acres) for sand & gravel extraction. The pit is currently permitted to produce a maximum of 20,000 metric tonnes of aggregates annually, but could be expanded to an A-class license. This land presents significant potential for further extraction and expansion! Furthermore, the property's value is enhanced by a residential living. This home offers 5 bds, 3 bths, and ample space for entertaining. Highlights include cathedral ceiling in the LV Rm, guest-loft, 3-cars garage, finished bsmt w/game room and radiant floor heating, geothermal heating, HRV and more. The exterior is adorned w/cultured stone and barnboard-like façade. Fully landscaped, the ground features two man-made ponds and a hobby-barn. don't miss out this amazing opportunity. (id:2493)
New property listed in Winchester
I have listed a new property at 13243 THOMPSON Road in Winchester. See details here
Live and work at home with a unique business opportunity, all set on a sprawling 49.61-acre estate. This fullyoperational gravel pit with a Class B License has a unique license to mine above/below the water table. It has anauthorized 16.2 hectares (40 acres) for sand & gravel extraction. The pit is currently permitted to produce amaximum of 20,000 metric tonnes of aggregates annually, but could be expanded to an A-class license. This landpresents significant potential for further extraction and expansion! Furthermore, the property's value is enhancedby a residential living. This home offers 5 bds, 3 bths, and ample space for entertaining. Highlights includecathedral ceiling in the LV Rm, guest-loft, 3-cars garage, finished bsmt w/game room and radiant floor heating,geothermal heating, HRV and more. The exterior is adorned w/cultured stone and barnboard-like façade. Fullylandscaped, the ground features two man-made ponds and a hobby-barn. Don't miss out this amazing opportunity. (id:2493)
New property listed in Ottawa
I have listed a new property at 22 1250 MCWATTERS Road in Ottawa. See details here
*Price Improved!* Welcome to 1250 McWatters Road, Unit #22 where you will find an updated, move-in ready 3 Bedroom, 1 Bathroom, single level, end Unit Condo, in a prime location. This unit is perfect for first time home buyers, investors, or downsizers. This unit features an open concept Living & Dining Room area with easy access to Kitchen, in-unit Laundry, a large patio door leading to a fenced patio area and outdoor shed for extra storage. Tastefully redecorated throughout and sure to be the perfect home for you. Close to Parks, Pinecrest Public School, Algonquin College, Queensway Carleton Hospital, Ikea, Bayshore, public transit, shopping, easy access to the 417 and 15 minute drive to Downtown. (id:2493)
New property listed in Chesterville
I have listed a new property at 2080 THIBAULT Court in Chesterville. See details here
Welcome to Thibault Court. A charming hidden gem in the North Dundas Twp near Chesterville. This private 4-bdrs home on 1.59 acre lot, includes 2 separate outbuildings for all your work and storage needs. The spacious home offers a large main floor with living and dining spaces, open concept kitchen with a breakfast bar and a sitting room with a fireplace. The large 4th bdrm on the main floor is currently used as a home office. The generous primary bedroom with 2 walk-in closets is accompanied by a large ensuite with soaker tub & storage closet. The two other bdrms are freshly painted, bright and a great size. The full bathroom features a laundry shoot direct to the washer/dryer. The U-shaped finished basement presents a large rec-room, sitting area, dining and lots of additional storage. Enjoy tall ceilings and hardwood floors throughout the entire home. A good-sized deck has access to the sunroom with hot tub. Only 8 min to Winchester & 25 min to Hwy 417. Come home to the country! (id:2493)
New property listed in Morewood
I have listed a new property at 23 MOFFAT Street in Morewood. See details here
INVESTORS - ADD THIS BEAUTY TO YOUR PORTFOLIO!! Welcome to Park Place, a 14-unit building in Morewood. Formerly Morewood Elementary School, the building was converted into 14 apartments in 2010. Extremely well maintained and cared for, the building consists of 2 bachelors, 11-one bedroom and one handicapped unit. Interior was completely redone between 2011-2014. Updates include laminate flooring throughout all units, kitchens, walk-in closets, ceramic tiles and electric fireplaces in all units. 2012 - Electrical/Plumbing/Fire Alarm System; 2018 - Gas Boiler/Chlorine Injection System; 2020 - Two Roof Top Heat Pumps-AC/Two 75 gal HWTs; and 2023 - Two Septic Pumps. Most units have 9 ft ceilings and open-concept living. Large bathrooms and bedrooms with walk-in closets. Excellent tenants that always pay on time. NEVER A VACANCY and ON-SITE CARETAKER. 30 minutes to St Laurent Shopping Centre, 21 minutes to the Amazon warehouse. Book a showing today. (id:2493)
New property listed in Morewood
I have listed a new property at 23 MOFFAT Street in Morewood. See details here
INVESTORS - ADD THIS BEAUTY TO YOUR PORTFOLIO!! Welcome to Park Place, a 14-unit building in Morewood. Formerly Morewood Elementary School, the building was converted into 14 apartments in 2010. Extremely well maintained and cared for, the building consists of 2 bachelors, 11-one bedroom and one handicapped unit. Interior was completely redone between 2011-2014. Updates include laminate flooring throughout all units, kitchens, walk-in closets, ceramic tiles and electric fireplaces in all units. 2012 - Electrical/Plumbing/Fire Alarm System; 2018 - Gas Boiler/Chlorine Injection System; 2020 - Two Roof Top Heat Pumps-AC/Two 75 gal HWTs; and 2023 - Two Septic Pumps. Most units have 9 ft ceilings and open-concept living. Large bathrooms and bedrooms with walk-in closets. Excellent tenants that always pay on time. NEVER A VACANCY and ON-SITE CARETAKER. 30 minutes to St Laurent Shopping Centre, 21 minutes to the Amazon warehouse. Book a showing today. (id:2493)
New property listed in Ottawa
I have listed a new property at A 173 CRESTWAY Drive in Ottawa. See details here
A lovely and cozy 2 bedroom/1 bath unit in the heart of Barrhaven. Freshly painted, this unit offers an open concept living and dining room, a walk out to large tarrace and a gas line hook up is available for your BBQ. The open kitchen also features a breakfast bar, black stainless steel appliances. Other features include stackable washer & dryer, large storage space, laminate floor, wardrobe in the 2nd bedroom and plenty of natural light throughout the unit. Great amenities including Movati Gym, grocery stores, restaurants, schools and parks. Pet and smoke free home. Available immediately. Don't miss this one. Interior photos to follow. (id:2493)
New property listed in Ottawa
I have listed a new property at 2103 GARDENWAY Drive in Ottawa. See details here
Move-in Ready! Take a look at this beautiful 2-storey home, with double car garage, in the family-oriented area of Fallingbrook. The spacious and open concept layout offers 4 bedrooms on the second level, and 2 bonus rooms in the basement. The main floor, with gleaming hardwood flooring, has 2 living/family spaces separated by a fireplace. There is also a dining space for all your family gatherings. Enjoy the sun filled kitchen with views of your backyard! On the upstairs floor, a huge primary suite has a generous walk-in closet and 4-piece ensuite complete with soaker tub! Additionally, there are three other good sized bedrooms. The large finished basement features new vinyl plank flooring (2022) and lots of space for whatever your heart desires. With its ideal location in the heart of Orleans, this home has everything that you need at the tip of your fingers - top-rated schools, parks, dining and shopping. OH Sunday Oct 22, 2-4 pm. (id:2493)
New property listed in Chesterville
I have listed a new property at 2080 THIBAULT Court in Chesterville. See details here
Welcome to Thibault Court. A charming hidden gem in the North Dundas Twp near Chesterville. This private 4-bdrs home on 1.59 acre lot, includes 2 separate outbuildings for all your work and storage needs. The spacious home offers a large main floor with living and dining spaces, open concept kitchen with a breakfast bar and a sitting room with a fireplace. The large 4th bdrm on the main floor is currently used as a home office. The generous primary bedroom with 2 walk-in closets is accompanied by a large ensuite with soaker tub & storage closet. The two other bdrms are freshly painted, bright and a great size. The full bathroom features a laundry shoot direct to the washer/dryer. The U-shaped finished basement presents a large rec-room, sitting area, dining and lots of additional storage. Enjoy tall ceilings and hardwood floors throughout the entire home. A good-sized deck has access to the sunroom with hot tub. Only 8 min to Winchester & 25 min to Hwy 417. Come home to the country! (id:2493)
New property listed in Ottawa
I have listed a new property at 501 475 LAURIER Avenue West in Ottawa. See details here
Attention First Time Buyers/Investors/Contractors. This condo unit is approx. 930 s.f., 2 bedrooms, 1 large bath, 20 foot+ private balcony, in-unit storage room and large front hall closet space. This is a very well-maintained building in Centertown. Parking is included. A 5-minute walk to LRT station. Easy access to Bronson Park, Victoria Island, Parliament Hill, Rideau Centre, Byward Market and Chinatown. Bring your vision and expertise to make this unit your next home. Tenant occupied, 48 hours notice required. (id:2493)
New property listed in Smiths Falls
I have listed a new property at 192 HAROLD Street in Smiths Falls. See details here
OH - Sunday Sept 17, 2-4 pm. Welcome to this lovely bungalow in Ferrara Meadows Community. This home offers an open floor plan including 2 bedrooms, 1 ½ baths and semi-finished basement. Featuring hardwood floor and gas fireplace enclosed by custom built mantel and shelving. The kitchen has a movable island. A gas stove for the ones who love to cook. From patio to the rear deck is a walk out to the backyard with treed area, gas hook-up for your BBQ and a perfect size for entertaining in this quiet-fenced in yard. Roof was replaced in 2022. The basement is semi-finished with a rough-in for another bathroom, plenty of room to add another bedroom or more. Selected photos are virtually staged. Book a showing today. (id:2493)
New property listed in Morewood
I have listed a new property at 23 MOFFATT Street in Morewood. See details here
INVESTORS - ADD THIS BEAUTY TO YOUR PORTFOLIO!! Welcome to Park Place, a 14-unit building in Morewood. Formerly Morewood Elementary School, the building was converted into 14 apartments in 1981. Extremely well maintained and cared for, the building consists of 2 bachelors, 11-one bedroom and one handicapped unit. Interior was completely redone between 2011-2014. Updates include laminate flooring throughout all units, kitchens, walk-in closets, ceramic tiles and electric fireplaces in all units. 2012 - Electrical/Plumbing/Fire Alarm System; 2018 - Gas Boiler/Chlorine Injection System; 2020 - Two Roof Top Heat Pumps-AC/Two 75 gal HWTs; and 2023 - Two Septic Pumps. Most units have 9 ft ceilings and open-concept living. Large bathrooms and bedrooms with walk-in closets. Excellent tenants that always pay on time. NEVER A VACANCY and ON-SITE CARETAKER. 30 minutes to St Laurent Shopping Centre, 21 minutes to the Amazon warehouse. This property won't last. Book a showing now. (id:2493)
New property listed in Ottawa
I have listed a new property at 1250 MCWATTERS Terrace in Ottawa. See details here
OPEN HOUSE SATURDAY AND SUNDAY Sept 9-10 from 2-4 PM. Welcome to 1250 McWatters Road, Unit #22 where you will find an updated, move-in ready 3 Bedroom, 1 Bathroom, single level, end Unit Condo, in a prime location. This unit is perfect for first time home buyers, investors, or downsizers. This unit features an open concept Living & Dining Room area with easy access to Kitchen, in-unit Laundry, a large patio door leading to a fenced patio area and outdoor shed for extra storage. Tastefully redecorated throughout and sure to be the perfect home for you. Close to Parks, Pinecrest Public School, Algonquin College, Queensway Carleton Hospital, Ikea, Bayshore, public transit, shopping, easy access to the 417 and 15 minute drive to Downtown. (id:2493)
New property listed in Smiths Falls
I have listed a new property at 192 HAROLD STREET in Smiths Falls. See details here
Welcome to this lovely bungalow in Ferrara Meadows Community. This home offers an open floor plan including 2 bedrooms, 1 ½ baths and semi-finished basement. Featuring hardwood floor and gas fireplace enclosed by custom built mantel and shelving. The kitchen has a movable island. A gas stove for the ones who love to cook. From patio to the rear deck is a walk out to the backyard with treed area, gas hook-up for your BBQ and a perfect size for entertaining in this quiet-fenced in yard. Roof was replaced in 2022. The basement is semi-finished with a rough-in for another bathroom, plenty of room to add another bedroom or more. Tenants occupied and they work mostly from home. Murphy bed, wall cabinet and the desk belong to the tenants and will be removed at closing. Book a showing today. (id:2493)
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