July 2023 Newsletter
Hello and happy July! We're delighted to share our latest newsletter, packed with insightful real estate updates and local news - read more below.
Open Houses
Have you seen our team out and about on the weekends? Stay tuned on our websites and Instagram stories to see the open houses we line up each weekend!
Ottawa’s Market Snapshot
Comparing the performance of the real estate market during the first six months of 2023 to the same period in 2022 (January to June), several noteworthy differences emerge.
Firstly, there is a decrease in the number of sales by 1,924 properties, which indicates a slightly slower market activity. Total sales volume also experiences a decline, with a decrease of $1.88 billion. Furthermore, the average sales price dips by $68,747, reflecting a potential shift in buyer preferences or market conditions.
However, comparing the performance of the first half of 2023 to the last half of 2022, we observe some interesting trends. The number of sales has increased by 1,987 properties, showcasing a potential rebound in market activity and demand. Total sales volume has also risen, with an increase of $1.46 billion, suggesting a resurgence in market value.
Client Stories
John Haddad had a one-day turnaround with a client this month! The client had an interest in a property, showed it, and immediately put in an offer with only a status review condition. Against another offer, John and his client revised their offer and were able to secure the home just over 24 hours after their initial meeting!
Owen Kennedy met with a client who was interested in seeing how much below asking they could get on a property - and Owen was up to the challenge! After reviewing some comparables, they found the house was around $10k overpriced - but the average seller is usually only able to come down around 5%. Because of this, they decided to keep searching for another option.
This month, Vineet Kauden helped a client secure a home - after 53 showings! Sometimes, the right home isn’t easy to find. But a great agent will take all of their client’s concerns from previous showings, and keep working towards finding one that has everything you need. A huge congratulations to his clients!
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:
A Comprehensive Guide to Property Taxes
How much do you know about how your property taxes are actually calculated? Property taxes are based on an MPAC evaluation of your property every 4 years and is then multiplied by the current rate. Your property taxes pay for community services like public safety, transportation, parks, waste management, and libraries.
Navigating Multiple Offers
Multiple offers are one of the most stressful aspects of real estate. You’ve finally found the property that sticks out to you - and now you’re in a bidding war! What can you do to avoid this? We’ve created a top list of tips, including pre-approval, flexible terms, best price offers, large deposits, and more.
Home Appraisals
Interested in getting your home appraised? This is a crucial step in finding out the value of your home and can be influenced by a whole host of factors including the market, location, condition, comparable properties, and improvements to the home. You can prepare for an appraisal to improve the value of your home by cleaning, painting, and making minor repairs.
Neighbourhood Monthly Statistics
In July, the Ottawa Real Estate Board (OREB) had an impressive month, with its members selling 1,263 residential properties through the Multiple Listing Service® (MLS®) System. This represents a significant 15% increase compared to the same month last year (2022), when 1,102 properties were sold.
Breaking down the sales, the freehold-property class saw a substantial jump, with 979 houses sold, marking an impressive 18% increase from the same period a year ago. Additionally, the condominium-property category also showed healthy growth, with 284 units sold, reflecting a 6% increase from July 2022.
Notably, both freehold and condominium properties had higher average prices. The average sale price for a freehold-class property in July was $754,188, which is 5% higher than prices seen in 2022, and there was a modest 1% increase compared to June 2023. The average sale price for a condominium-class property reached $435,094, indicating a 2% rise compared to the same period last year, though it was 3% lower than prices recorded in June 2023.
Despite the two recent quarter-percent interest rate hikes by the Bank of Canada, Ottawa's real estate market remains resilient, and consumers show confidence in its stability and growth potential.
July's figures, both in sales and average prices, are positive indicators that gradually close the gap from the peak pandemic market activity observed in early 2022. Furthermore, inventory levels continue to increase, with new listings added to the housing stock, providing more choices for prospective homebuyers.
While the market currently favours sellers, it's important to maintain a realistic perspective. Not every property will attract multiple offers or sell quickly. A property's price is ultimately determined by the willingness of buyers to pay, and working with a professional licensed REALTOR® becomes crucial in navigating this dynamic market landscape.
Looking ahead, there are promising signs for continued growth in the real estate sector. The second half of the year is likely to yield solid year-over-year results, given the positive indicators observed in July.
On the rental side, OREB members have been actively assisting clients, facilitating the renting of 3,921 properties since the beginning of the year. This figure marks an 11% increase from the same period last year (2022), showing continued demand for rental properties in the region.
To learn more, check out our full blog post HERE
Pet of the Month
Skyline, also known as Skye, is Meagan Milloy’s horse - turning 18 this summer! Meagan has owned her since she was 3 years old - she is incredibly kind and loved by everyone at her barn, and her favourite foods are apples and candy canes.
Send us your pets for the chance to be featured next month!
