The Molly & Claude Team

The Molly & Claude Team Realtors Ottawa, Royal LePageTeam Realty

Ottawa Real Estate Board (OREB)
Latest News Release
A Slow March into Spring Market for Ottawa Real Estate

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ottawa-real-estate-board-newsletter-presented-by-the-molly-&-claude-team-realtors

OTTAWA, April 3, 2019 –  Members of the Ottawa Real Estate Board sold 1,511 residential properties in March through the Board’s Multiple Listing Service® System, compared with 1,654 in March 2018, a decrease of 8.6 per cent. March’s sales included 1,136 in the residential property class, a drop of 12.4 per cent from a year ago, and 375 in the condominium property class, an increase of 5 per cent from March 2018. The five-year average for March unit sales is 1,402.

“Lack of inventory is responsible for March’s deficiency in residential unit sales,” states Ottawa Real Estate Board’s President, Dwight Delahunt. “This tightness of supply is manifesting in significant reductions in DOMs (days on market) and properties selling very quickly. Residential DOMs are down 14%, and condo DOMs are down 36% from last year.”

“In some pockets of the city, buyers are facing multiple offer situations, and properties are often selling over list price. These dynamics of low inventory, reduced days on market, and multiple offers are signs of a seller’s market in these areas. While a benefit to those sellers, it’s stressful and time consuming for buyers. The experience and guidance of a REALTOR® is essential in these types of market conditions,” he adds.

“A major factor contributing to the lack of housing stock is the shortage of quality options for those who might list their homes. Move-up sellers feed the market for first-time homebuyers. Another issue which adds to a seller’s reluctance to put their home on the market is the B-20 stress test which affects their purchasing power,” Delahunt asserts.

“In Ottawa, we have a population base that’s increasing year over year with a growth rate of 8.8 percent, which is higher than Ontario (5.7%) and Canada as a whole (5.9%). Immigration and high employment levels are bringing residents to our desirable and affordable city,” he suggests.

Delahunt continues, “With high demand and limited supply, prices will continue to be pushed upwards – it’s a simple and fundamental economic principle. Although we appreciate the recent measures the federal government has taken towards affordable homeownership, all three levels of government need to work together at implementing mechanisms that will also restore the supply side of the market.”

The average sale price of a residential class property sold in March in the Ottawa area was $480,143, a rise of 7.2 per cent over March 2018. The average sale price for a condominium-class property was $290,181, an increase of 5.2 per cent from this month last year.*

The $300,000 to $449,999 price range continued to represent the most active price point in the residential market, accounting for 43 per cent of March’s sales while 1 in 4 residential sales was in the $500,000 to $749,999 range. The most prevalent price point in the condominium market increased to the $225,000-$349,999 price range, accounting for 49 per cent of the units sold.

“The condo units in the entry-level range are near depletion as first-time homebuyers are trying to get into the market at the lowest possible price. Moreover, previous renters may have been pushed into condo ownership with rental vacancy rates in Ottawa at less than 1%. If there were concrete incentives for investors to purchase properties to lease or develop purpose-built rentals – it could certainly stimulate the rental market,” Delahunt concludes.

In addition to residential and condominium sales, OREB Members assisted clients with renting 550 properties since the beginning of the 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.


Ottawa Condos for Sale
Ottawa East
570 DE MAZENOD AVENUE



Additional information to come. In the interim do not hesitate to communicate with the Molly & Claude Team.

BedroomsBathroomsAsking PriceCondo Fees
22849,900689
22890,000
221,895,000


Date SoldBedroomBathroomAsking PriceCondo Fees
Sept, 201922789,900
Sept, 201911354,900
Jan. 202022644,900
June 202022349,900270.00
Sept. 202122877,900727.30
Apr. 202311539,000400
June 202322959,000778
Sept. 202322708,800523
Oct. 202322699,900644
Nov. 202311517,900412
Dec. 2023232,345,9001,238
June. 202411550,000436
Sept. 202422779,900570
Sept. 202422650,000615
Sept. 202422669,000616
Oct. 202422759,000615
Nov. 202422849,000698


Other condos in the area:


Walk Score


Click on either of the blue icons below for additional information.



Ottawa Condos for Sale
Orleans
Chatelaine Village
200 Inlet Private / Petrie’s Landing





Tower I

Was completed in 2000, 100% sold and condos are now available on MLS as resale.

Tower II is under construction, it will be completed in 2019 it is more than 80% sold.

Date SoldBedroomBathroomAsking PriceCondo Fees
Feb. 202211449,900397.54
Mar. 202222749,900731.63
Mar. 202211450,000415.23
Mar. 202211449,900428.51
Mar. 202211475,000411.79
June 202211484,900415.24
June 202222740,000660.10
Aug. 202211485,000420
Oct. 202211419,000425
Nov. 202211425,000436
Dec. 202222949,000774
Jan. 202311419,000425
Apr. 202322949,000774
June 202311449,900436
July 202311449,900390
Aug. 202311448,888447
Sept. 202311419,900443
Feb. 202411439,900428
May. 202411454,900462
June. 202422799,900718
June. 202411439,900461
July. 202411474,900505
July. 202411459,900428
Sept. 202422799,900824
Sept. 202411439,900416
Oct. 202411469,900472


BedroomsBathroomsAsking PriceCondo Fees
22644,900787
11499,000460
11499,000460
22875,000
22614,900


Tower III will be build in 20___ it is 90% sold

Tower IV will be build in 20___ it is __% sold

Walk Score


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Tile Backsplash Ideas

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Great backsplash ideas here! As we enter an era of maximalism, style goes over the top. As usual, I am concerned about the lasting power of these styles. If you just bought your home or plan on being there for very long – do what you want. If you’re concerned about the value of your home, it’s resalability, then don’t throw caution to the wind and choose a style that will better endure the test of time.


274 Holmwood Avenue
Open House
Sunday, January 13, 2019
2pm to 4pm
The Glebe
$679,000

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This delightful open concept semi in the Glebe was built in 1922. Gracious living room dining room and kitchen on main floor. The second floor consists of a master bedroom, a second bedroom and a large bathroom which conveniently houses the washer/dryer. The third floor consists of a finished loft and (features a 2 piece bath). A seperate studio/office with heated floors and abundant windows for light and breeze is nestled in the garden.

From this fabulous location enjoy a stroll along the Rideau Canal, Dows Lake (to see the tulips), or Browns Inlet, a movie at the Mayfair, or find your way to Lansdowne to enjoy your favourite stores, coffee shop, or catch a game. 30 year roof replaced 8 years ago. Vinyl windows 10 years ago. Furnace 6 years. Hot water tank 6 years old. Back porch 10 years old.



Virtual Tour – click image to start




About Us

Molly Hoyle Sales Representative
Claude Jobin Représentant des ventes

E-Mail

claude@claudejobin.com




Phone / Address

Phone: 613.804.7979
1723 Carling Avenue
Ottawa, Ontario