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Good morning everyone,
I hope you are enjoying a fabulous weekend and happy father's day to all the dads out there! It's a lovely day to spend some time outside with family that's for sure.
Before we get going here, how do you like the new banner!?? Now featuring some of my recently sold properties, which I plan to update from time to time moving forward! These might look very familiar to some of you ;)
In this month's edition:
- As always, we'll take a look back at the past month of stats in the Ottawa real estate market.
- The talk of the town is of course the multiple increases to interest rates over the past weeks, so we'll take a quick look at where mortgage rates stand now.
- I've got a fabulous featured listing to share with you - a stunning one bedroom condo in Centretown with a huge rooftop terrace ready for summer!
- I have the first of a series of Real Estate Q&A short video's to share for a new section we'll call... question of the month! This month's question is; "when is the best time to sell your home?"
- Finally, as usual, we'll wrap up with a photo of the month (hmm now I see my section titling has redundancies...)
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- In May 2022, members of the Ottawa Real Estate Board sold 1,846 residential properties, which is a decrease of 19.2% compared to May 2021.
- There were 3,120 new properties listed for sale in May which is an increase of 0.2% compared to May 2021, leaving the total number of residential properties for sale at 2,129, an increase of 13.5% from the end of May 2021.
- There is currently 1.2 months of Inventory on the market and a new listing sales rate of 59.2%.
- It took an average of 14 days for properties of all types to sell in May, which is 2 days longer than May 2021 and 2 days longer than in April 2022.
Overall, we are still in a seller's market in Ottawa but there are beginning to be more variances in sales across neighbourhoods, price ranges and property types resulting in more opportunities for buyers to avoid competing and to once again purchase properties with conditional offers. We certainly appear to be headed toward a more balanced market.
Freehold Houses: Sales stats for the past 12 months
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- Of these 1,846 sales, 1,384 were freehold houses.
- The average sales price for a freehold house sold in May 2022 was $802,393, showing an increase of 8.2% over May 2021.
Condominiums: Sales stats for the past 12 months
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- Of these 1,846 sales, 462 were condominiums.
- The average sales price for a condominium sold in May 2022 was $472,920, showing an increase of 11.3% over May 2021.
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At this time, these are the best advertised Mortgage rates among Canada's big Banks. Mortgage brokers are often able to get slightly better rates and there are also alternate "B" lenders with lower rates. If you are considering buying at this time and looking to determine monthly costs and what mortgage amount you would be comfortable with, I always recommend planning based on the going bank rates to ensure you are over planning until you have a pre-approval locked in at what will hopefully be a lower rate.
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Featured Listing : 429 Kent Street - Suite #327
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You simply cannot beat this location! Weather you want to be able to walk to work downtown or to all the amenities of the Glebe, Elgin and Little Italy, you are all set! Not only can you say goodbye to a daily commute, you can also say hello to many of Ottawa's best shops, restaurants, breweries, bakeries, cafes and event venues now being in your own stomping ground. Also located within an easy walk / bike / transit distance to both Carleton and UOttawa.
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This condo offers a spacious open concept living area, large kitchen with plenty of storage, granite counter-tops and a huge island for your guests to gather around, a lovely balcony overlooking the quiet courtyard treetops and a well appointed bedroom with ensuite. This building also boasts one of Ottawa's best rooftop terraces! Enjoy summer evenings barbecuing with beautiful city views or morning coffees under the sunshine. Building is dog friendly. Heated parking included!
Check out the video to see it all for yourself!
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Now that's a happy pup! Magic doing what she does best, finding random tennis balls and insisting we pause our walk to enjoy them...
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That's all for this month friends!
As always; if you, your friends or your family have any real estate related questions or needs, please don't hesitate to reach out to me, it would be my pleasure to help however I can,
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