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I can't believe it's already November...
On the 11th, we remembered and payed tribute to all the men and women who have made personal sacrifices to keep their fellow Canadians safe and free... Many of you receiving this newsletter have served or are still serving, so I would like to take this opportunity to thank you.
Despite this challenging year, we all have much to be thankful for, and I feel very fortunate to be a Canadian... Let's just leave it at that!
So, now over to Real Estate! What a year it has been, the real estate market in Ottawa has continued to sky rocket due to the ongoing lack of inventory, this has made for generally happy sellers but a more challenging market for many buyers. As always, we'll get into what the market stats have to tell us.
In addition to my own presentation of the stats, I was recently featured in a Refinery29 article discussing the housing market across Canada! You will find this linked below for your continued reading pleasure.
I sold two wonderful homes last month, but they didn't stick around long enough for me to share them with you! So, I've gone ahead and linked to the videos below in case you would like to check them out - one country, one city, both lovely!
Any investors or first time buyers out there? Need a condo? I sold one of three after the last newsletter went out but I've still got two amazing options for you! The downtown condo market has been the most impacted by the changes brought about by COVID-19, so this softening of the market does present an opportunity for condo buyers!
As always, my newsletter would not be complete without a photo highlight, this month it's a spectacular sunset view from last weekend captured at Mud Lake.
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- Last month, October 2020, members of the Ottawa Real Estate Board sold 2,146 residential properties, compared to 1,604 in October 2019, an increase of 33.8% in the number of properties sold vs the previous year.
- Of these 2,146 sales, 1,665 were freehold houses.
- The average sales price for a freehold house sold in October 2020, was $603,253 showing an increase of 24.7% over October 2019.
- For two months in a row now, the average price for a home in Ottawa has been over $600,000, this is the first time the average home price in Ottawa has surpassed this bench mark.
- This extraordinary increase in prices can be seen very plainly in the chart below, while prices have increased consistently year-over-year, increases over the past 12 months have been remarkable.
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- Of the 2,146 sales last month, 481 were condominiums.
- The average sales price for a condominium sold in October 2020, was $368,936 showing an increase of 15.5% over October 2019.
- Increases in the condominium property class are largely driven by sales of town homes outside the city centre, while downtown condo apartments continue to be the market segment most impacted by COVID-19 changes, namely teleworking arrangements and the lack on incoming university students.
- While not as overt as the home price increases seen above, condo price increase over the past year are also certainly remarkable, as you can see displayed below.
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- Year to date, January - October, we have had a -1.2% decline in total sales compared to January -October 2019, this is of course largely a result of low inventory levels and not a lack of activity, which is made starkly evident in the charts above!
- It took an average of 19 days for properties of all types to sell in October 2020 which is a whopping 22 days shorter than the average time taken in October 2019 and 4 days shorter than last month, September 2020.
- 2,645 new properties were listed for sale in October 2020 which is a 53.3% increase compared to October 2019, bringing the total number of residential properties for sale to 1,914 a decrease of 34.7% from October of last year.
- Thus, while the number of listings increased substantially this month when compared to last year, it was not nearly enough to bring overall inventory levels to a more normal level.
- With even pre-construction homes flying off the shelves, it's very doubtful that inventory levels will increase enough to meet demand in the near future, meaning I personally do expect this sellers market to continue. into next year.
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Refinery29 Article featuring yours truly
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Whether you are looking for your first home or a great investment property, I've got you covered! Click on the image below to learn more about these two stunning condos for sale in the heart of Ottawa.
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...but it's never to late to enjoy touring some fantastic homes! Click on the images below to check out the videos of these two wonderful homes that will be welcoming new owners this month - one is in the city, one is in the country, both are lovely :)
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That's all for this month friends!
If you have any questions about the real estate market, I would love to hear from you! And as always, if you, your friends or your family have any real estate needs, please don't hesitate to reach out to me, it would be my pleasure to help however I can,
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