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Good morning everyone and happy new year,
A new year... you know what that means! It's time for the supersized year-end stats edition of the monthly market snapshot!
In this edition:
- Rather than just looking back at the past month of stats, it's that special time of year when we get to look back at the whole year in review of the Ottawa real estate market. As an added bonus, courtesy of the Tulip Team support team, I've also included some extended stats, to look back at trends over time!
- If you own a property in Ottawa - even the one you live in - there is a declaration now required regarding the new Vacant Unit Tax. Hopefully you received an email from the city, but I'll give you an overview of the requirements just in case.
- One of my featured listings from last month has sold and the other is back with a vengeance for the new year, with a new price!
- As usual, we'll wrap up with a photo of the month, photos plural actually, features a spectacular home I have been walking by this month during some time away from the city, as well as some stunning nature views.
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December 2022 Sales Stats
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There are currently 2,254 residential properties for sale in Ottawa, of which 1732 are freehold homes and 522 are condos, this represents approximately 3.8 months worth of supply and is considered a balanced market. Here is what the sales stats looked like for the final month of 2022.
Freehold home sales stats for the past 12 months (2022):
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- 466 freehold homes were sold in December, a decrease of 22% from December 2021. The average price of these homes dropped 7.3% from this time last year to $656,000 and homes took an average of 57 days to sell.
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Condominium sales stats for the past 12 months (2022):
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- 135 condos were sold in December, which is a 48% drop from December 2021. The average sold price was up 9% to $435,000 and condos took an average of 66 days to sell, 29 days longer than in December of 2021.
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Stats Overview for 2022 vs. 2021
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While the beginning of the year continued to be hot, the interest rate increases beginning in the second half of the year achieved the intended goal and cooled the market in the back half of 2022.
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- There were 11,508 freehold residential homes sold in Ottawa in 2022, a decrease of 24.8% compared to 2021. The average price of these homes was $770,000, which is 7% higher than in 2021, and it took them an average of 25 days to sell, 7 days longer than in 2021.
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- There were 3,780 condominium properties sold in Ottawa in 2022, a decrease of 24% compared to 2021. The average price of these condos was $454,000, which is 8% higher than in 2021, and it took them an average of 26 days to sell, 2 days longer than in 2021.
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Extended Historical Stats
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Average residential property (home and condo) price change in Ottawa by year for 1958 - 2022:
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A closer look... Average residential property (home and condo) prices and the number of properties sold in Ottawa by year for 2013 - 2022:
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Vacant Unit Tax Declarations
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Declarations can only be submitted between January 4 – March 16, 2023.
All residential property owners must complete an online declaration indicating the occupancy of their property/ties for the previous year.
As of January 4th here are three ways to submit your property status declaration:
- You can log in to your MyServiceOttawa account and view your property tax details to submit your declaration.
- You can also submit your declaration by visiting www.ottawa.ca/vut and following the following steps: 1) Click “Submit declaration”. 2) Enter your roll number and access code (found on your most recent tax bill). 3) Enter your contact details and select your property status. You may need to enter additional information. 4) Review the summary page to make sure the information is accurate. 5) Click “Submit”. Once you’re done a copy of your declaration with be sent by email NOTE: you may give permission to someone to submit your declaration on your behalf.
- You can also submit your declaration by telephone by calling 613-580-2444 to complete your declaration over the phone, or to schedule an in-person appointment.
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SOLD : 531 Markdale Terrace
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The holiday season didn't stop these lucky buyers from scooping up this stunning town-home (that felt like a single!) in Riverside South!
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NEW PRICE : 568 Malahat Way
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568 Malahat Way, which you might remember from last month's edition, is kicking off the new year with a new price!
Please visit the listing page on Realtor.ca, where you can view all of the photos, the video tour, and plenty of additional information!
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This January, I am enjoying some time in nature! Which has also provided a great opportunity to snap some photos to share, and of course I also can't help but capture the stunning local real estate!
PS if you enjoy my photos of the month section, be sure to follow me on Instagram @KaylaMeyer613 for many more photos and videos!
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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,
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