The Molly & Claude Team

The Molly & Claude Team Realtors Ottawa, Royal LePageTeam Realty

CREA – Canadian Real Estate Association – Canadian National

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The Canadian Real Estate Association has released it’s May 2023 National Statistics. The highlights are.

  • National home sales surged 11.3% month-over-month in April.
  • Actual (not seasonally adjusted) monthly activity came in 19.5% below April 2022.
  • The number of newly listed properties edged up 1.6% month-over-month but remain at a 20-year low.
  • The MLS® Home Price Index (HPI) climbed 1.6% month-over-month but was down 12.3% year-over-year.
  • The actual (not seasonally adjusted) national average sale price posted a 3.9% year-over-year decline in April.
Herewith are summary snapshots.













CREA (Canadian Real Estate Association) – National Statistics

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CREA released its national April 2023 statistics recently.

Highlights are:
  • National home sales surged 11.3% month-over-month in April.
  • Actual (not seasonally adjusted) monthly activity came in 19.5% below April 2022.
  • The number of newly listed properties edged up 1.6% month-over-month but remain at a 20-year low.
  • The MLS® Home Price Index (HPI) climbed 1.6% month-over-month but was down 12.3% year-over-year.
  • The actual (not seasonally adjusted) national average sale price posted a 3.9% year-over-year decline in April.

Ottawa Real Estate News Release (OREB) – Resale Market Springs Back in Favour of Sellers

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OTTAWA, May 3, 2023 –  Members of the Ottawa Real Estate Board (OREB) sold 1,488 residential properties in April through the Board’s Multiple Listing Service® (MLS®) System, compared with 1,876 in April 2022, a decrease of 21%. April’s sales included 1,156 in the freehold-property class, down 18% from a year ago, and 332 in the condominium-property category, a decrease of 29% from April 2022. The five-year average for total unit sales in April is 1,739.

“Ottawa’s resale market is on a steady upward trajectory, narrowing the comparison gap to peak pandemic activity in 2022. However, with new listings not keeping pace, the available housing stock is declining, and with less than two months of inventory — we’re back into seller’s market territory,” says Ottawa Real Estate Board President Ken Dekker.

By the Numbers – Average Prices*:

  • Average prices have increased by 13.9% in four months since the market low in December 2022.
  • The average sale price for a freehold-class property in April was $747,123, a decrease of 10% from 2022. However, it marks a 5% increase over March 2023.
  • The average sale price for a condominium-class property was $435,875, decreasing 8% from a year ago, but still a 4% gain over March 2023.
  • With year-to-date average sale prices at $718,633 for freeholds and $421,722 for condos, these values represent a 13% decrease over 2022 for freehold-class properties and a 10% decrease for condominium-class properties.
“Upward pressure on sales prices continues with average prices increasing for the fourth month since the market low in December. Additionally, multiple offer situations have returned to certain neighbourhoods and overall days on market are maintaining their downward trend. There continues to be low inventory in certain property classes and new product is coming to the market at a slower rate, which is affecting supply.”

By the Numbers – Inventory & New Listings:

  • April’s new listings (2,144) were 25% lower than April 2022 (2,843) and up 3% from March 2023 (2,089). The 5-year average for new listings in April is 2,575.
  • Months of Inventory for the freehold-class properties has increased to 1.9 months from 0.9 months in April 2022 but down from 2.3 months in March.
  • Months of Inventory for condominium-class properties has increased to 1.9 months from 0.8 months in April 2022, although down from 2.1 months in March.
  • Days on market (DOM) for freeholds decreased from 34 to 27 days and 39 to 33 days for condos compared to last month.
“These numbers are static, snapshots in time. REALTORS® can give buyers and sellers a fulsome day-to-day picture of how the market is shifting and heating up this season. They have their fingers on the pulse of each neighbourhood in the city and can help buyers and sellers make localized, strategic, data-informed decisions.”

REALTORS® also help with finding rentals and vetting potential tenants. Since the beginning of the year, OREB Members have assisted clients with renting 2,151 properties compared to 1,786 last year at this time, an increase of 20%.

* 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. Price will vary from neighbourhood to neighbourhood.

Buckle Up: Are Housing Markets About to Spring Forward?

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Shaun Cathcart, Senior Economist with the Canadian Real Estate Association (CREA) shares his point of view on the spring market subsequent to CREA’s release of the statistics for March 2023.

A team member who keeps an eye on every condo sales in the Ottawa tells me sold prices are closer to the asking price or above. A client tells me as she is surfing she can feel the difference.

CREA – Canadian Real Estate Association / A look at the latest Quarterly Report

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CREA Cafe looks at the latest CREA Canadian Real Estate Association forecast for 2023 and 2024. The downward trend of reduced sales as the result of higher interest rates seems to be mostly behind us. Some of the figures are:

  • it is forecast that 492,674 properties will change hands in 2023 – a 1.1% decline to 2022
  • the national average home price will be $670,389 a decline of 4.8% to 2022
  • national home sales forecast to be 561,090 in 2024 an increase of 13.9%
For the complete forecast see my blog post CREA Updates Resale Housing Market Forecast

Royal LePage 2023 Forecast

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Royal Lepage released its House Price Survey on April 13, 2023. Its headline reads: Canada’s real estate market: Buyers are back, but where is the inventory?

From a national perspective year-over-year home prices have decreased 9.2 per cent but quarter-over-quarter there is a rise of 2.8 per cent as buyers started to return to the market.

For Ottawa – the aggregate price of homes decreased by 10.3 per cent year-over-year, but quarter-over-quarter saw 0.8 per cent increase. By housing type: residential single family homes decreased by 12.2 per cent year-over-year to $831,600 and condominiums decreased by 11.2 per cent to $384,000. As has become standard practice when relating current statistics I like to bring in statistics from a few years for the figures from 2022 reflect an overheated market – and so any comparison to those figures will look bad.

Ottawa Real Estate Inventory at 20 Year Low

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The photo they included in the article is not my favourite statistic. Not my favourite because the 3 first months of this year when compared to the 3 first months of 2022 represent huge contrasts as they are being compared to the height of the sold overasking period. See my previous post to compare the real estate prices over the course of a few years.

That being said this article states that the Ottawa real estate market is starting to rebound but the inventory is low.

About Us

Molly Hoyle Sales Representative
Claude Jobin Représentant des ventes

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claude@claudejobin.com




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Phone: 613.804.7979
1723 Carling Avenue
Ottawa, Ontario