| OTTAWA, June 3, 2020 - Members of the Ottawa Real Estate Board sold 1,345 residential properties in May through the Board’s Multiple Listing Service® System, compared with 2,410 in May 2019, a decrease of 44 per cent. May’s sales included 1,066 in the residential-property class, down 43 per cent from a year ago, and 279 in the condominium-property category, a decrease of 49 per cent from May 2019. The five-year average for May unit sales is 2,048. “Just as May’s temperatures had us questioning what season we were in, our real estate market also underwent a seasonal switch, so to speak,” notes Ottawa Real Estate Board President Deborah Burgoyne. “This spring market is performing more like a fall market with the number of new listings and resales on par with what typically occurs in late October and November.” “Around mid-May, we started to see a restrained uptick in our numbers with monthly unit sales only 44% lower than May 2019, compared to the 55% year over year decrease in April’s figures. We expect that as the economy continues to rollout and consumer confidence increases, our real estate market will follow suit, the pent-up demand pre-Covid still exists. Our spring numbers are typical of our fall figures, with cautious optimism, we can hope that there is a ‘flip flop’ and our fall numbers are closer to spring figures.”
May’s average sale price for a condominium-class property was $343,589, an increase of 15.5 per cent from this time last year while the average sale price of a residential-class property was $548,140, an increase of 11.2 per cent from a year ago. With year to date average sale prices at $546,177 for residential and $348,458 for condominiums, these values represent a 13.8 per cent and 17.8 percent increase over 2019, respectively.* “Although the Canadian Mortgage and Housing Corporation’s (CMHC) forecast for Canada’s housing prices may seem pretty bleak, their broad-based analysis for the country as a whole does not accurately reflect what is transpiring in our local market as evidenced by the steady increases in average home prices in Ottawa - even during the crux of a pandemic and global economic recession.” “Unquestionably, the fact that we are still in the midst of a seller's market is a contributing factor. Nevertheless, with our region’s stable employment and a continuous influx of newcomers, homeowners can take comfort in the knowledge that owning a property in Ottawa and its surrounding areas is a solid investment for yourselves and future generations,” Burgoyne assures. “Utilizing a REALTORS®’s experience, insight, and extensive professional network is particularly advantageous during this time. They will ensure you are only viewing properties that meet your hard criteria and can also identify possible alternative options to meet your goals, such as in-law suites or carriage homes for example.” In addition to residential and condominium sales, OREB Members assisted clients with renting 1,207 properties since the beginning of the year compared to 1,043 at this time last year. * The Board cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Price and conditions will vary from neighbourhood to neighbourhood. |
Listing Your Home During Stage One of the Framework for Reopening the Province
Ontario consumers appear to be increasingly interested in real estate transactions provided it is in an environment of common sense and good judgement to protect personal health and safety.
The Warren Team health and safety measures are focused on helping sellers and buyers engage in real estate transactions while minimizing direct contact utilizing digital tools first and to the greatest extent possible.
Pre-listing:
- After first contact, a ZOOM meeting would be set up to discuss the process moving forward.
- Both the sellers and the Warren Team will sign a Questionnaire and Consent form indicating they and their household have not travelled outside the country in the last 14 days, have not tested positive for Covid-19 or are experiencing Covid-19 symptoms, and have not been exposed to someone who has.
- We will do a quick visit of the entire home inside and out, and then go back to our office and do the research required to come up with a suggested value for your home. On visiting the home, we will wear a cloth mask and not touch anything in the house all the while maintaining social distancing.
- Once the market analysis is completed it will be presented and discussed over ZOOM or other messaging platform.
- If you decide to list, all paperwork will be reviewed in a ZOOM meeting and the listing will be signed electronically using DocuSign.
Once Listed:
- In order to minimize showings, it is important for the potential buyer to get a real feel for the home, and to be able to see and understand the home without actually visiting it. For that reason the Warren Team will provide a virtual walkthrough and floor plan on all listings. Like this: 8235 Albert Bouwers
- We will also take pictures of areas that buyers quite often try to see. Like inside closets, inside cupboards, electrical panel, under sinks, etc. These pictures will not be available on realtor.ca, or our website but can be requested by the buyer’s agent.
- There are two ways to proceed with showings: a) the Seller can decide to not have any showings until there is an accepted offer. Or b) The Seller allows 30 minute showings. We can discuss the best way to proceed with your property during the Market Analysis or Listing ZOOM meeting
- The Showing Brokerage agent must fill out and return a Questionnaire and Consent Form before visiting indicating the agent and the buyers and their households have not travelled outside the country in the last 14 days, have not tested positive for Covid-19 or are experiencing Covid-19 symptoms, and have not been exposed to someone who has.
- If desired we can also do virtual open houses.
Offer Received:
- Once an offer is received it will be reviewed and discussed using Zoom or other messaging platform.
- All counters and final documents will be signed electronically using DocuSign.
The last few months have been challenging times for everyone. As we enter the first stage of reopening the economy, just know that if you would like to, or have to sell your home, the Warren team has set up procedures with your health and safety in mind, all the while giving you the excellent service you deserve.
Please call Russ at 613.720.4941 or Lindsay at 613.292.9226 if you have any questions of if you would like to explore putting your house on the market.
How's the Market - February 2020
The question we are asked most often in casual conversation is “How’s the Market?”. Right now the market is very solid and at the same time challenging.
We are in the midst of a very strong seller’s market. That means there are more buyers than there are homes on the market. So it is great for sellers, but challenging for buyers.
It is interesting to note that across the Ottawa region more homes were sold in 2019 than in 2018 despite historically low supply. And, we started off the year with only 1525 homes on the market, which is 25% lower than the start of 2018, and over 50% lower than the 4 years before that. It is definitely a seller’s market.
If you are thinking of selling this spring or summer, it is a great time to sell! Prices are strong, and there are buyers just waiting for homes to come on the market. Take advantage of this by being one of the first homes on the market this spring. There is the built up demand from months of low inventory, and you have less competition from other listings.
Lindsay and I would be happy to sit down with you, talk about timing, how to price your home in this market, and guide you in preparing your home for sale. Please give us a call.
Russ Warren. 613-720-4941
Lindsay McIntyre. 613-292-9226
