February 2023 Newsletter
February was a great month for the team! We had an exciting number of new clients working with our team, had our videographer come in to shoot some content with us, and had a successful listing with some crazy statistics. Read on to learn more!
What events would you like us to hold?
We’re planning some events for our clients, friends, and family for this year - and we’re looking for your input! In the past, we’ve put together a pumpkin carving delivery and giveaway, a block party during the pride parade, and a winter photoshoot. We’re hoping to step things up this year and provide fun experiences for YOU! Click the button below to participate in the survey.
Free Home & Garden Show Tickets
The Home & Garden Show is this March 23-26th at the EY Centre! We have a ton of tickets to give away.
Email us, come by the office, or send us a message on Instagram to secure your tickets.
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:
Black History in Canadian Real Estate
From the first Black Canadian real estate agent to members of the community who took the first steps to ensure affordable and fair housing, we dug into some of Canada’s biggest actors in organized real estate.
The New SOPA District
The New SOPA District in Ottawa is meant to revive the downtown area and encourage a fresh outlook for residents and tourists. Interested in learning more about it? Read the whole blog post!
Moving with Pets
Moving with pets can be a huge challenge! We’ve compiled a list of top tips on how to move with your furry (or scaly) friend - including things to remember before the day comes!
Client Story
John Haddad’s recent listing had great success on MLS and online! 33 Kesler was only on the market for 2 days and racked up an amazing 3182 online views and 20 showings - all before it was quickly sold… before the open house could even take place!
A great marketing strategy, excellent pricing, and photography and videography are all contributing factors to John’s success in selling this home quickly for his clients!
Neighbourhood Monthly Statistics
In the month of February, Ottawa Real Estate Board members sold 855 residential properties through MLS. This is down 39% from last year’s 1411 sales. This includes 633 freehold-class properties (down 42% year over year), and 222 condominium-class properties (down 31%). This is also down from the five year average for total sales in the month of February, which is 1157.
Average sale prices are still down year over year. Freehold properties are seeing an average price of $708,968 which is a decrease of 15% from February 2022. However, this is an increase of 5% compared to January 2023, which is a promising trend.
Condominium prices averaged $410,927, which is a decrease of 12% from February last year.
Year-to-date averages also show a decrease - of 14% for freeholds and 10% for condominiums.
Ken Dekker, OREB President, explains that “the average price increase” indicates that buyers have gotten used to the current interest rates, which is a sign of hope for the future!
Inventory in the city has increased. Year over year, we’ve seen huge increases in properties on the market in both freehold and condominium-class properties.
Freehold properties increased from 0.7 months of inventory to 2.8 months. Condominium inventory increased from 0.7 months to 2.5 months.
February’s new listings for 2023 were 22% lower than February 2022, but were up 3% from January 2023. Compared to the 5 year average of 1632 new listings, this February we saw 1366.
Days on market decreased from 43 to 37 days for freeholds and 47 to 43 for condominiums compared to last month as well.
To learn more, check out our full blog post HERE
Pet of the Month
Meet Roxie! Roxie is 1 year old, and she has a different coat for every occasion because she isn’t a huge fan of the cold. She is best friends with Karlie, our amazing admin.
Thank you Cindy for the submission! Follow Cindy on Instagram for more dog content: @cindyswalkandsit
Send us your dogs (or other animals) for the chance to be featured next month!
