December 2022 Newsletter
December was a fun and festive month for the team. From working alongside our clients to make sure they’re wrapping up the year on a high note, to spending time with our loved ones while the weather gets cold.
Agent Party
We hosted a super fun party with our friends from all over the real estate community in Ottawa to celebrate the holiday season. We enjoyed watching the World Cup and eating some excellent appetizer spreads, and spent the afternoon connecting!
Holiday Party
We had our internal office party to celebrate the holiday season and exchange gifts! Our team had a ton of fun playing some Christmas-themed games, guessing who our Secret Santas were, and reflecting on the past year.
Vacation and Time Off
Our administrative team was able to take some well-deserved time off over the holidays! Although we may have been less active online, the team has been enjoying their holidays with friends and family!
Team Dinner
Our final celebration involved a private, in-house chef who curated an amazing meal for the team!
Real Estate News in Ottawa
Interested in hearing more from our agents about real estate? Let’s dive into some of our top blog posts this month:
Deposits on Offers
Deposits are a big part of buyers putting in an offer on a property. A deposit can dictate how seriously your offer is taken, and also how enticing it is to sellers. Deposits are also a risk you are taking, and must only be given when you are certain of the offer that you are making. If the deal falls apart on your end, that is money you lose. To learn more, read the blog post below.
Bank of Canada Increases Interest Rate
The Bank of Canada raised interest rates again on December 7th. This interest rate hike was another 50 points, more than was originally expected. This is the first time since 2008 that interest rates have been this high! It seems that this is one of the last interest rate hikes before a hold and eventual decrease.
Selling Your Condo in the Winter
If you’ve been considering selling your condo during the winter months, you might be wondering if there are differences from selling during the summer season. Some of the benefits of selling during the winter are more serious buyers, fewer competitors, and a market that is heating up - meaning there’s no shortage of time. However, you may also experience more dirt and debris in your home, photos of your condo’s exterior and balcony view won’t look as good, and you may be more susceptible to winter colds and flu.
Neighbourhood Monthly Statistics
In December, members of the Ottawa Real Estate Board sold 601 properties. This is a 30% decrease from December 2021, when the board sold 857 properties. 466 of these sales were in the residential property class, which is a 22% decrease. 135 of these properties were in the condominium property class, down 48%. 601 sales is also significantly lower than the 5-year average for the month of December, which is 775.
Year in Review
Sales in 2022 are down in total sales as well as sales volume. In 2022, members of the Ottawa Real Estate board sold a total of 15,288 homes - residential and condo. This is down 25% from total sales in 2021, which were 20,289. In 2022, the total sales volume in our city was around $10.5 billion. In 2021, this number was $13 billion.
Condominiums in December were selling for an average of $434,973, this is a 9% increase from prices in 2021. Residential properties, however, are down 7% from last year, for an average sale price of $655,839. Year to date, prices are up 7% from last year in residential properties and 8% for condominiums. This is due to the high sales prices we experienced at the beginning of the year averaging out the lower prices later in the year.
In terms of inventory, Ottawa’s residential-class property inventory has increased to 3.7 months of inventory. It was 0.9 months this time last year. In condominiums, inventory is now at 3.9 months instead of 0.9 in December 2021.
To learn more, check out our full blog post HERE
Pet of the Month
Meet Gin! Gin, also known as Gin Weasley. Gin is 4 years old, and was originally a barn cat before he was adopted. He loves stealing pepperoni from pizza and running down the stairs.
Send us your dogs (or other animals) for the chance to be featured next month!
