CIA Landlords Insurance has released an international relocation study. The study reveals that Ottawa is the 3rd cheapest city in the world to relocate to. Athens, Greece came in first Brussels, Belgium came in second. Summary details can be found here. The complete study can be found here.

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Members of the Ottawa Real Estate Board (OREB) sold 606 residential properties in January through the Board’s Multiple Listing Service® (MLS®) System, compared with 933 in January 2022, a decrease of 35%. January’s sales included 460 in the freehold-property class, down 30% from a year ago, and 146 in the condominium-property category, a decrease of 47% from January 2022. The five-year average for total unit sales in January is 819.

“January’s marked slow down in unit sales over 2022 indicates potential home buyers are taking their time,” says OREB President Ken Dekker. “While last month saw the culmination of the succession of interest rate hikes announced by the Bank of Canada, affordability remains a factor. They may be waiting for a shift in listing prices. They’re being cautious in uncertain conditions.”




By the Numbers – Average Prices*:

• The average sale price for a condominium-class property in January was $412,244, a decrease of 8% from 2022.
• The average sale price for a freehold-class property was $676,272, decreasing 12% from a year ago.

“Despite the decrease in average prices, the market should not be considered on a downward slide,” says Dekker. “A hyper COVID-19 seller’s market is now leveling out to our current balanced market state.”

“On a positive note, in comparison to December’s figures, January’s average price of freehold properties increased by 3%. The average price of condos did fall by 5% compared to December but condo pricing tends to fluctuate more due to the small data set.”

By the Numbers – Inventory & New Listings:

• Months of Inventory for the freehold-class properties has increased to 3.8 months from 0.9 months in January 2022.
• Months of Inventory for condominium-class properties has increased to 3.8 months from 0.8 months in January 2022.
• January’s new listings (1,324) were 16% higher than 2022 (1,142) and up 89% from December 2022 (699). The 5-year average for new listings in January is 1,233.

“Ottawa’s inventory and days on market figures are typical for a balanced market and another sign that buyers are no longer racing to put in an offer,” says Dekker. “The increase in new listings and supply is a boon for home buyers, who now have more selection and the ability to put in conditions at a less frantic pace. REALTORS® are an essential resource in finding the right property for the right buyer. On the other side of the transaction, REALTORS® can help sellers with hyper-local insights about how to sell in their neighbourhood at a time when pricing is key.”

More people are turning to REALTORS® for help renting properties — 509 this month compared to 410 in January 2022, an increase of 24%. “Even with the increase in housing stock, the tighter rental market is another indication that affordability is keeping some potential buyers on the sidelines.”

* 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.

Below please find the Ottawa Valley / Renfrew County Real Estate Board MLS statistics for December 2022. Additional information can be found here.

On January 16, 2023 the Canadian Real Estate Association released its statistics for 2022.

Highlights below, details here.

• National home sales rose 1.3% month-over-month in December.
• Actual (not seasonally adjusted) monthly activity came in 39.1% below December 2021.
• The number of newly listed properties dropped 6.4% month-over-month.
• The MLS® Home Price Index (HPI) declined by 1.6% month-over-month and was down 7.5% year-over-year.
• The actual (not seasonally adjusted) national average sale price posted a 12% year-over-year decline in December.

On the same date they updated their quarterly forecast. Details here.

Jeff Slightham, vice-president, owner of Royal Lepage Signature talks about the current pre-build condo market. He states that developers are at times offering free parking, development cost discounts, mortagage assistance, etc. Slightham is in Toronto and so the interview has a Toronto twist to it, but similar can happen elsewhere. It’s also why having a realtor representing you during the purchase of a pre-construction is helpful. Remember the realtor on the other side of the desk at the presentation centre represents the developer. Your own realtor represents you and your best interest.

Yesterday I posted the Royal LePage House Price Survey. In this post from DH Canada we have an overview of the survey as well as different snapshots of details in British Columbia, Ontario, Quebec, and Alberta. Their post also includes relevant links.