|
|
|
|
Happy New Year!
I hope that you all had a fabulous holiday season and that your 2024 is off to a great start!
I feel there is an air of general optimism surrounding the year ahead, including with respect to the real estate market, so hopefully we will see this carry through to the real world in the months ahead.
In this edition of the monthly market snapshot:
- As always, we'll take a look back at the past month of stats in the Ottawa real estate market, and of course as this is a new year, we will also look at the stats for 2023 as a whole.
- New year, new price for one of my beautiful listings! Someone should definitely scoop this one up...
- 2024 kicked off with a condo sale, and I couldn't be happier for my seller!
- What's happening with mortgage rates...?
- It's time to submit your vacant unit tax (VUT) declaration form for the 2023 occupancy year.
- Finally, as usual, we'll wrap up with a photo of the month.
|
|
|
December 2023 Market Stats
|
|
|
|
2023 Annual Market Stats Overview
|
|
|
|
The Ottawa real estate market saw a 10% decline in the number of homes sold in 2023 compared with 2022 and a 5.3% reduction in the average price from its peak in 2022. here's how the numbers break down by property type:
|
|
- Detached Homes: The average sales price for 2023 was $818,000, 5.5% lower than 2022 and 0.5% higher than 2021. There were 6,159 detached homes sold in 2023, which was 9% fewer than in 2022. There is currently 2.7 months of inventory on the market.
- Townhomes (including both freehold and condo ownership types): The average selling price for 2023 was $545,000, 7.6% lower than 2022 and 0.6% higher than 2021.There were 3,838 townhomes sold in 2023, which was 12.3% fewer than in 2022. There is currently 1.8 months of inventory on the market.
- Condo Apartments: The average selling price for a condo apartment in 2023 was $441,000, 2.6% lower than 2022 and 4.3% higher than 2021. 1,890 condo apartments sold in 2023, which was 13.2% fewer than in 2022. There is currently 2.6 months of inventory on the market.
|
|
|
** Property prices across the city vary greatly even within these "types" **
Keep in mind, the average price is relatively meaningless when it comes to your own purchase / sale! What is meaningful to note is the trends in price increases and decreases of similar properties over time... If you want to know what any of this means for you specifically, just get in touch, I'd love to discuss your situation and provide clarity!
|
|
|
Of the just under 21,000 properties listed for sale in Ottawa in 2023, nearly 12,000 sold, which represents approximately 57%. With many homes not selling, this means that it's the homes that are priced well, presented the best and marketed professionally that will likely be the ones to ultimately sell. Going into 2024, Re/Max Canada is predicting a further 4% decline in the number of sales while it expects the average price to rise by 2%.
|
|
|
🎉 New Year, New Price!!!
212 Russell Avenue is now available for $859,900
|
|
|
|
If you haven't taken a peek at this home yet, check it out!!
This home has been professionally renovated and updated throughout - including a bright, custom kitchen, boasting quartz countertops, marble backsplash and top of the line appliances; an open concept living/dining space featuring gleaming wood floors and custom fireplace surround with built-in bar; a newly renovated basement suite; and updated bathrooms! Like the furniture? It can stay with the home!
Located in beautiful Sandy Hill , you can enjoy city living while at the same time being entirely surrounded by parks and green space.
|
|
|
You can find all of the property details and photos for 212 Russell Avenue at Realtor.ca!
|
|
|
|
Just Sold : 304 - 320 Parkdale Avenue
|
|
|
Kicking off another year with another sale at my favourite condo building! 💥
I'm very happy for my seller who gets to begin a new chapter in 2024, and for the first time buyer who I’m sure will enjoy their new home for years to come...
|
|
|
|
What's happening with mortgage rates...?
|
|
|
Over the past few weeks, we have begun to see mortgage rates coming down! This is very welcome news for perspective buyers and anyone refinancing their home in the near future. Currently some alternative lenders are offering 5 year fixed rates under 5% and the big banks are offering rates starting around 5.25% - you can view an overview of the current terms and rates at ratehub.ca.
** Keep in mind, the rates you qualify for and what term makes the most sense for you personally will vary! So, I recommend speaking with a reputable mortgage broker as your first step to securing a per-approval for a mortgage or refinancing your existing one. I have several brokers I work with frequently and trust, and would be happy to connect you with them. **
|
|
|
Time to submit your VUT declaration
|
|
|
|
The Vacant Unit Tax (VUT) declaration form for the 2023 occupancy year is now open!
If you are the owner of a residential property in Ottawa you must complete this declaration. Annual declarations ensure that the City can accurately and effectively charge the Vacant Unit Tax for vacant homes and encourage homeowners to return vacant homes to the housing market. You can complete your annual occupancy status declaration in less than a minute via your account at https://myservice.ottawa.ca/
|
|
|
My trusty assistant Magic, finally enjoying some time in the snow after a very green December!
|
|
|
That's all for this month friends! As always, don't hesitate to reach out to me with any real estate related questions or needs you may have, and please share my contact information freely with your friends and family.
Sincerely,
|
|
|
|
|
|
|
|
