July 2022 Real Estate Newsletter

Monday Jul 11th, 2022

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  Today’s real estate market has taken a turn from being a hot seller’s market in the first quarter, to a market where homes are selling for list price or under, some staying on the market for several weeks. Current interest rates hovering over 4% and the abundance of inventory – especially when it comes to townhomes – has cooled the market down. I think this trend will continue into the fall; however, interest rates will continue to rise. With less competition... [read more]

Ottawa Real Estate Stats May 2022

Thursday Jun 16th, 2022

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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. The average sale price for a... [read more]

June 2022 Real Estate Newsletter

Thursday Jun 16th, 2022

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  The month of May has brought more inventory throughout and what appears to be a cool down in the market. I’m noticing a lot more pre-emptive offer options and less offer hold outs than ever before. Prices remain strong with townhouses selling in the 700’s and detached homes well into the Millions. Interest rates have increased significantly, which may have played a role in the market cooling down. Current mortgage fixed rates are around 3.5-3.6% while a variable will... [read more]

Ottawa Real Estate Stats April 2022

Thursday Jun 16th, 2022

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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. The average sale price for a... [read more]

May 2022 Real Estate Newsletter

Thursday Jun 16th, 2022

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  The average house prices continue to remain strong and overall, we are still in a seller’s market. Its not a crazy as it was in the earlier part of the year however, most homes are still getting 100k-200k or more over list price. I have noticed more sales of high-rise condos in Centertown and Westboro, many of which are getting over asking price. Days on market have also gone down to a few days or a week in many cases. New home construction continues to be challenging with... [read more]

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