September 2023 Newsletter
September was an exciting month - from welcoming our co-op student to expanding our office - we’re so excited to share all the growth we’ve undergone this month!
Welcome, Sam!
We are so excited to welcome Sam, our newest co-op student, to the team! Sam will be helping us with all things marketing - learning more about copywriting, web design, and social media while he works with us!
Office Expansion
We have officially expanded into the back space of our office! After months of planning, we have finally extended our space to allow our agents more room - as well as create the perfect space for hosting events.
Open House Seminar
Now that our back space is open, we hosted our first ever large-scale seminar for agents in our brokerage. We hosted over 30 agents to learn more about the open house process and how they can use open houses to service their clients better.
Business Planning Workshop
Our agents got together to work through a workshop on planning their individual businesses. It is of the utmost importance to us that each member of our team feels empowered in their career path and has the ability to plan their journey.
Claridge Icon
The team stopped by the Claridge Icon to tour a gorgeous penthouse unit. A big thanks to the Chell Team for hosting us!
Real Estate News
Interested in hearing more from our agents about real estate? Let’s dive into some of our top blog posts this month:
Home Flipping
Ottawa’s stable demand for housing, low unemployment, and the presence of government buildings and universities make it a great location for home flipping as demand is always high. In order to successfully flip a home, you’ll want to work through in-depth market analysis, financial planning, careful property selection, strategic renovations, working with professionals on pricing and marketing, and timing your renovations to the current market.
Best Time to Buy a Home
Did you know August ranks as the 10th lowest month for average sales prices, making late summer one of the best times to purchase a home? Moving into the fall, prices stay relatively low compared to the rest of the year, with September, October, and November ranking 6th, 7th, and 8th. Based on past years, savings from September to February can range from 3.6% to 8.9%.
Selling Your Home During Winter in Ottawa
Selling your home in the winter takes a special set of considerations. Condo owners should focus on a cozy atmosphere, bright and warm lighting, and highlighting amenities in the building. Home owners should focus on the curb appeal of their home, adding as much warmth to their home as possible, and presenting local winter recreation opportunities.
Neighbourhood Monthly Statistics
In September 2023, the Ottawa Real Estate Board (OREB) reported 946 homes sold via the MLS® System, unchanged from September 2022. Sales were 29.6% below the five-year average and 23.6% below the 10-year average for September. Year-to-date, home sales were 13% lower than the same period in 2022, totalling 9,889 units.
OREB President Ken Dekker noted steady sales compared to last year but below typical September levels due to a surge in new listings. While overall inventories are rising gradually, the supply remains historically low. The market is balanced, and MLS® Benchmark prices, though lower than last year, align with 2021 levels.
The MLS® Home Price Index (HPI) showed a marginal 0.5% increase in the overall benchmark price to $643,600 in September 2023. Single-family home and townhouse/row unit benchmarks remained steady, while the apartment benchmark declined slightly.
The average home price in September 2023 was $675,412, up 2.7% from 2022. The year-to-date average of $672,837 marked a 6.5% decline. Total home sales in September reached $638.9 million, a 2.7% increase from 2022.
New residential listings rose by 9.8% to 2,259 in September 2023. Active listings at the end of September totaled 2,997 units, a 14% increase from 2022 and a five-year high for September. Months of inventory were 3.2, up from 2.8 in 2022 but below the long-term average of 3.3 months.
To learn more, check out our full blog post HERE
Pet of the Month
Meet Tycho! Tycho is a very nervous friend of the office. His favourite hobbies include holding a ball in his mouth and sticking his tongue out, and he’s become very good friends with Juno, another friend of the office.
Send us your pets for the chance to be featured next month!
