The Molly & Claude Team

The Molly & Claude Team Realtors Ottawa, Royal LePageTeam Realty

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.

CREA Updates Resale Housing Market Forecast

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CREA the Canadian Real Estate Association has updated its forecast for Canadian real estate activity for 2023 and 2024.

Canadian Real Estate Wealth analyzes the forecast and reports on:
  • Interest Rate: The Great 2023 Impactor
  • The Numbers in the Report Seem to Support CREB’s Hypothesis
  • The Marriage Between Employment and Real Estate
  • Build and Scale With A Little Help From Friends

Ottawa Real Estate News Release (OREB)
March Resales: Signs of Spring Sprouting

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OTTAWA, April 4, 2023 –  Members of the Ottawa Real Estate Board (OREB) sold 1,194 residential properties in March through the Board’s Multiple Listing Service® (MLS®) System, compared with 2,003 in March 2022, a decrease of 40%. March’s sales included 893 in the freehold-property class, down 40% from a year ago, and 301 in the condominium-property category, a decrease of 42% from March 2022. March sales transactions increased 40% over February. The five-year average for total unit sales in March is 1,698.

“The recent rise in transactions is a sign of typical spring activity, even if we’re behind the pandemic peaks of 2022. As spring unfolds, so too will a clearer picture of Ottawa’s balanced market state,” says Ottawa Real Estate Board President Ken Dekker.

By the Numbers – Average Prices*:

  • The average sale price for a freehold-class property in March was $710,070, a decrease of 17% from 2022. However, it marks a 0.2% increase over February 2023. Average freehold prices have climbed approximately 8% during Q1 2023 over December 2022’s market low.
  • The average sale price for a condominium-class property was $418,670, decreasing 13% from a year ago, but still a 2% gain over February 2023.
  • With year-to-date average sale prices at $701,837 for freeholds and $414,698 for condos, these values represent a 16% decrease over 2022 for freehold-class properties and an 11% decrease for condominium-class properties.
“As evidenced by the recent climb in freehold prices, Ottawa’s resale market is stabilizing along with the interest rate. Condos remain steady due to their lower price point, there’s more affordability based on the current interest rate structure. Prices are certainly headed in the right direction—if you are looking forward.”

By the Numbers – Inventory & New Listings:

  • Months of Inventory for the freehold-class properties has increased to 2.3 months from 0.6 months in March 2022.
  • Months of Inventory for condominium-class properties has increased to 2.8 months from 0.6 months in March 2022.
  • March’s new listings (2,089) were 21% lower than March 2022 (2,632) and up 53% from February 2023 (1,366). The 5-year average for new listings in March is 2,474.
  • Days on market (DOM) for freeholds decreased from 37 to 34 days and 43 to 39 days for condos compared to last month.
“Well-priced and well-prepared homes are selling. REALTORS® have up-to-the-minute statistics to ensure sellers are positioning themselves at the current market value based on recent sales and hyper-local market comparisons. Buyers can benefit from the same data along with their negotiation expertise to guarantee they are receiving the best value for their dollar.”

REALTORS® also help with finding rentals and vetting potential tenants. Since the beginning of the year, OREB Members have assisted clients with renting 1,599 properties compared to 1,291 last year at this time, an increase of 24%.

* 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.

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