Ottawa Real Estate Statistics – September 2024
Ottawa Real Estate Newsletter – October 2024
Architecture – Canadian Architecture – Gothic Revival – Ontario
Gananoque
St Andrew’s Presbyterian Church
1855
Belleville has a few examples of Gothic Revival architecture, mainly found in churches and institutional buildings. The St. Thomas Anglican Church (1853) is a notable example, featuring pointed arches, lancet windows, and a steep roof typical of the style. Belleville’s historical churches and some public buildings reflect the Gothic influence, although it’s not as prominent as in larger cities.
Gananoque, known for its riverside charm, doesn’t have many notable Gothic structures, but some local churches, such as Grace United Church, feature Gothic elements like pointed windows and spires. The town’s architecture is more focused on traditional Victorian and Georgian styles, but small-scale Gothic touches can be found in religious buildings.
Guelph has a stronger Gothic architectural presence, most notably with the Basilica of Our Lady Immaculate (1877). This iconic structure is a classic example of Gothic Revival architecture in Ontario, with its twin towers, pointed arches, and intricate stone carvings. Other local churches and public buildings in Guelph also exhibit Gothic design features, giving the city a distinct historical atmosphere.
Hamilton boasts several prominent Gothic Revival buildings. The Church of the Ascension and St. Paul’s Presbyterian Church are excellent examples, showcasing typical Gothic features like pointed arches, ribbed vaults, and stained glass windows. The architecture in Hamilton’s downtown and surrounding areas reflects its Victorian-era prosperity, with several buildings influenced by Gothic and other revival styles.
Kingston is rich in Gothic Revival architecture, particularly in its churches and university buildings. St. Mary’s Cathedral and Chalmers United Church are prime examples of Gothic design, with pointed arches, buttresses, and stained glass windows. Many of Queen’s University’s older buildings also feature Gothic elements, contributing to Kingston’s historical and academic charm.
London, Ontario, has numerous Gothic Revival structures, especially in its churches and institutional buildings. St. Peter’s Cathedral Basilica is a significant Gothic Revival landmark with its towering spires, pointed arches, and intricate stonework. The city also features several other religious and civic buildings with Gothic design elements, contributing to its rich architectural heritage.
Moose Factory, being more remote and historically connected to the Hudson’s Bay Company, has limited examples of Gothic architecture. However, St. Thomas’ Anglican Church (1870) is an example of a small-scale Gothic-style church, reflecting the influence of European architectural styles even in northern Ontario. The Gothic elements here are more subdued due to the area’s historical and geographic context.
Whitby has a handful of Gothic Revival buildings, most notably its churches. All Saints’ Anglican Church is a prime example, featuring classic Gothic elements like pointed arches, steep roofs, and detailed stonework. While Whitby is more suburban, its historic downtown and religious buildings retain some Gothic architectural influence.
Across these towns and cities, Gothic Revival architecture primarily manifests in ecclesiastical structures, reflecting its popularity during the 19th century when many of these buildings were constructed.
Belleville
City Hall
1873
Guelph
Church of our Lady Immaculate
1846
Halton Hills
Devereaux House
1860s
Hamilton
Cathedral Basilica of Christ the King
1933
Christs Church Cathedral
1876
Delta Secondary School
1925
Erland Lee Museum
1873
Hamilton Hall McMaster University
1926
Pigott Building
1929
St Paul’s Presbyterian Church
1857
University Hall, McMaster University
1930
Westdale Secondary School
1931
Kingston
Douglas Library, Queen’s University
1924
St Mary’s Cathedral
1848
Sydenharm Street United Church
1852
Kitchener
St Mary’s Church
1903
London
Middlesex County Court House
1829
University College University of Western Ontario
1922
Mooose Factory
St Thomas Anglican Church
Whitby Saint Arsenije Sremac Serbian Othodox Church
1859
Ottawa Real Estate News Release (OREB) – Ottawa’s MLS® Home Sales Healthy Amid a Shifting Market
The number of homes sold through the MLS® System of the Ottawa Real Estate Board (OREB) totaled 1,047 units in September 2024. This was an 11.4% increase from September 2023.
Home sales were 17.4% below the five-year average and 15.4% below the 10-year average for the month of September.
On a year-to-date basis, home sales totaled 10,485 units in September 2024 — an increase of 6.4% from the same period in 2023.
“As we navigate a shifting housing market, Ottawa’s fall outlook is healthy,” says OREB President Curtis Fillier. “Activity is robust with an uptick in sales and prices remaining steady. Meanwhile, both buyers and sellers are rethinking their purchasing power amidst news about additional interest rate cuts on the horizon, longer amortizations, and increased price caps for insured mortgages.”
“There have been encouraging policy developments recently that will stimulate demand,” says Fillier. “But Ottawa’s market does not typically have demand problems — we have chronic supply issues. We’re not building enough homes in the city, and we’re not building enough of the right homes to address the ‘missing middle.’”
The Canada Mortgage and Housing Corporation (CMHC) recently reported that Ottawa’s “population-adjusted construction is at its lowest level in nearly 10 years.” A City of Ottawa progress report shows that Ottawa is only at 22 per cent of its annual housing target at the end of August.
By the Numbers – Prices:
The MLS® Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures.
- The overall MLS® HPI composite benchmark price was $642,800 in September 2024, an increase of 0.2% from September 2023.
- The benchmark price for single-family homes was $729,000, up 0.5% on a year-over-year basis in September.
- By comparison, the benchmark price for a townhouse/row unit was $500,000, down 1.7% compared to a year earlier.
- The benchmark apartment price was $414,200, down 1.3% from year-ago levels.
- The average price of homes sold in September 2024 was $685,551 increasing 1.4% from September 2023. The more comprehensive year-to-date average price was $679,082, increasing by 0.9% from September 2023.
- The dollar volume of all home sales in September 2024 was $717.7 million, up 12.9% from September 2023.
OREB 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. Prices will vary from neighbourhood to neighbourhood.
By the Numbers – Inventory & New Listings
- The number of new listings saw an increase of 3.9% from September 2023. There were 2,343 new residential listings in September 2024. New listings were 4.7% above the five-year average and 11.6% above the 10-year average for the month of September.
- Active residential listings numbered 3,529 units on the market at the end of September 2024, a gain of 16.9% from September 2023. Active listings were 43.3% above the five-year average and 4.6% above the 10-year average for the month of September.
- Months of inventory numbered 3.4 at the end of September 2024, up from 3.2 in September 2023. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.
Real Estate Update October 2024
As of October 2024, the real estate market is showing signs of stabilization with some key trends emerging:
- Slight Drop in Mortgage Rates: After a long period of high mortgage rates, there has been a slight decline, bringing some relief to homebuyers. Mortgage rates in late September 2024 dropped to their lowest point in nearly two years, which has helped improve affordability for some buyers. However, rates remain higher than in previous years, limiting overall market activity.
- Home Prices Still Increasing: National home prices have continued to rise, with a year-over-year increase of about 3.9% as of August 2024. This steady appreciation is a positive sign for sellers, although the rate of price growth is expected to slow in 2025.
- Increased Inventory: There has been a gradual rise in housing inventory, especially in the U.S., which is helping to balance the market. More homes are now available for buyers, giving them slightly more options than in recent years.
- Predictions for 2024: Economists predict that 2024 will offer more opportunities for homebuyers, with more new listings and slightly falling home prices in certain regions. However, uncertainty around mortgage rates and potential economic downturns could still influence market conditions.
Open House
West Centre Town
204 / 304/ 404 – 40 Arthur Street
Sunday October 6
2PM to 4PM
Unit 204 – $449,900
Join us for an open house at 40 Arthur Street, where we are showcasing three distinct condo units, all offering over 1000 square feet of living space with large principal rooms. Each unit boasts a spacious living room/dining room area, adjacent to an open solarium, perfect for relaxing or entertaining.
Highlights:
- Updated Kitchens: These units feature ample cupboard and countertop space, with modern updates such as stainless steel appliances and granite countertops in some units.
- Bedroom Flexibility: The two generous bedrooms in each unit offer great versatility. The smaller bedroom is often used as the principal, while the larger one can serve as an office, den, or family room.
- Convenient Layout: A corridor provides privacy to the bedroom area, and each unit includes a powder room for convenience.
- Ample Storage: Plenty of closet space throughout each unit ensures you have room for all your belongings.
- In-Suite Laundry: Each unit comes equipped with in-suite laundry for your day-to-day comfort.
- Building Amenities: Enjoy the building’s fantastic amenities, including a sauna, library, gym, workshop, and a beautifully maintained garden.
- Prime Location: Situated on a quiet side street in West Centre Town, Chinatown, at the top of Nanny Goat Hill. You’ll have easy access to Little Italy, Lebreton Flats, and downtown.
Unit 304 – $489,900
Unit 404 – $479,900
Ottawa Condo for Sale
Viscount Alexander Park
1909-515 St Laurent Boulevard
$289,900
Condos in Heron Gate / Industrial: A Closer Look at Affordable Ottawa Living
As an Ottawa realtor specializing in condos, I’m always excited to guide my clients through some of the best condo options the city has to offer. One area that’s often overlooked but filled with potential is Heron Gate / Industrial Park. If you’re looking for affordable living with easy access to the city’s amenities, this neighborhood has several great condo communities to consider. Let’s explore some of the best options in Heron Gate / Industrial, including Angela Private, Bannerhill Private, Corley Private, Fairlea Crescen, Heatherington Road, Irma Private, Jenny Private, Paddington Private, Reardon Private, Theresa Private, and Walkley Road.
1. Angela Private
Located in a quiet pocket of Heron Gate, the condo units on Angela Private offer a peaceful environment with all the conveniences of urban living nearby. These condos are ideal for first-time buyers or investors looking for solid rental opportunities. With parks and shopping close by, it’s a great option for families and professionals alike.
2. Bannerhill Private
Bannerhill Private is a small enclave of townhome-style condos that provide more space and a sense of privacy, which is rare at this price point. Many units feature private backyards, perfect for those who enjoy outdoor living. Its proximity to major transit routes and shopping centers adds to its appeal.
3. Corley Private
Corley Private is a well-established condo community offering affordable units with access to nearby schools and parks. The area is ideal for young families or individuals looking for a strong sense of community within the city. Affordable condo fees make this a popular choice among budget-conscious buyers.
4. Fairlea Crescent
Fairlea Crescent boasts spacious condo units, perfect for those looking for more square footage without breaking the bank. It’s close to Heron Gate Mall, and offers easy access to public transit and major roadways, making commuting a breeze. For anyone seeking affordability and convenience, Fairlea Crescent is a hidden gem.
5. Heatherington Road
Heatherington Road offers a variety of condo styles, from townhomes to low-rise buildings, making it suitable for all types of buyers. Its central location in Heron Gate, near shops, restaurants, and schools, makes it a desirable spot for families and professionals. The area’s ongoing development also promises future growth and appreciation potential.
6. Irma Private
The condos at Irma Private are known for their peaceful setting, offering residents a serene environment while still being close to the city’s core. With easy access to public transportation, this location is ideal for those working downtown but seeking more affordable housing options in Ottawa’s south end.
7. Jenny Private
Jenny Private is a tight-knit condo community that offers townhome-style units with ample space for families or individuals who need a bit more room. With local parks and green spaces nearby, it’s a wonderful spot for pet owners or outdoor enthusiasts looking to settle in a quiet, residential area.
8. Paddington Private
The condo units at Paddington Private are perfect for those looking for affordability and convenience. With nearby schools, shopping, and public transportation, this area attracts a wide range of buyers. The quiet, tree-lined streets add to its charm, making it a perfect place to call home.
9. Reardon Private
Reardon Private is a sought-after spot for investors and first-time buyers due to its affordability and strategic location. The nearby amenities, including parks and shopping centers, offer convenience for residents, while the quiet atmosphere provides a peaceful living experience.
10. Theresa Private
Theresa Private offers condo units with an emphasis on community living. The homes are surrounded by green spaces, making it a relaxing place to live. Proximity to schools, shops, and restaurants adds to the appeal, making it a great option for families and retirees alike.
11. Walkley Road
Finally, the condos on Walkley Road provide excellent value for money, offering affordable units in a well-established neighborhood. With easy access to major transit routes and the nearby Herongate Square, it’s perfect for those who want the convenience of city living at a lower cost.
Why Choose Heron Gate / Industrial for Your Next Condo?
The Heron Gate / Industrial area is one of Ottawa’s most affordable neighborhoods, offering a wide range of condo options to suit any lifestyle. Whether you’re a first-time buyer, an investor, or someone looking to downsize, this area has something for everyone. Close to shopping, schools, public transportation, and parks, it’s a well-rounded neighborhood that balances urban convenience with suburban tranquility.
Looking to buy or sell a condo in **Heron Gate / Industrial**? Contact me today—I’m here to help you find the perfect condo that fits your needs and budget!
Top 100 – Royal LePage Team Realty
Thank you to the clients who chose to work with us, and helped us attain this milestone once again – Top 100 at Royal LePage Team.
A big shout out to Ted Park, and the wonderful team at Royal LePage, Kent Brown, Jason Ralph, Brian Sukau, and our amazing support team, Donna Fullarton, Sue Dance, Judy Van Noort, Daniele Legault, and so many others.
Thank you!
Claude
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