Ottawa Condo Market Statistics - August 2021

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for August ‘21 in the top five "downtown" areas - Centretown, Byward Market and Sandyhill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is almost every single transaction to be roughly 14 days.

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Traditionally speaking, August is one of those months that gives everyone a break between the spring and fall craziness. Last year, this was thrown out the window due to covid, but this year we are starting to get back to a more normal market expectation. Usually, when I am writing these I am also looking at last month’s numbers to help compare not only year-over-year but month-to-month. CLICK HERE For July 2021 stats. One thing we easily noticed was that every area saw - month over month - a decrease in the average selling price, lower list to sold price, and more days on market (with the exception of Westboro - which still saw a lower list to sold price ratio). Nothing dramatic, but exactly what we were expecting going into the month. 

I asked Husnain Ali - to break down what he is seeing in the market right now. “Right now I am seeing more inventory on market, less holding off of offers, multiple offers are less common but still prevalent. Certainly seeing a larger buyer pool than the last couple months, and we are moving more towards a more balanced market”

Spoke with Aly Ball for her take. “The market after a slight lull in August has started to strengthen and we are seeing multiple offers again. Prices are holding strong.”

Want to chat about your options? Fill out the form at the bottom of the page, or txt/call us directly 613-900-5700 or fill out the form at the bottom of the page.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

Ottawa Condo Market Statistics - July 2021

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for July ‘21 in the top five "downtown" areas - Centretown, Byward Market and Sandyhill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is almost every single transaction to be roughly 14 days.

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Ahhhhhh the start of summer. Cottages, sun, patios, and parents looking at places for their children who are headed back to school in September. The time in which real estate starts to ease off the gas and start to balance out for a few weeks. While properties are still selling - most of the areas are seeing a reduced number of sales, with a lower list price to sale price. We are seeing fewer listings that are priced below market value and holding off offers, instead, many are now listing at market value. While some listings are still holding off offers until a set date, there is no guarantee that they will receive any. While these listings might seem ripe for a quick underpriced buy from a buyer, the seller is often holding a certain price in their head and if they don’t get an offer to their satisfaction, we usually see them list around that number. That being said, there are still a bunch of good options for buyers who are looking to secure something before school starts, or while the market is slightly eased.

Want to chat about your options? Fill out the form at the bottom of the page, or txt/call me directly 613-286-9501.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

Ottawa Condo Market Statistics - June 2021

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for June ‘21 in the top five "downtown" areas - Centretown, Byward Market and Sandyhill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is almost every single transaction to be roughly 14 days.

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If you are currently a buyer or seller in the Ottawa condo market (not intending to solicit if currently signed), I am willing to bet that you are pretty frustrated. Some units are selling for $100-200,000 over the asking price while others are sitting - 30+ days on market with no offers. It can certainly be difficult to navigate this market, especially without any guidance.

For Buyers: Hands down, understanding the market value of properties will give you a massive upper hand. The first tip we often give is to view more properties. The more properties that you see firsthand, the better understanding of where the market is and the value of comparable properties. Over time, you are able to walk in and tell where a unit should be priced. And while it can still be difficult in this market to predict sold price, having a solid market foundation is the best place to start. Working with an agent who has this market knowledge will give you a massive advantage, especially when they sell regularly in the building and area.

For Sellers: Working with an agent that understands the pulse of the market and can help you navigate your options along with ways to meet your goals. Not every seller’s goals are the same, not every building is the same, and then add in a multitude of other variables (unit finishes, occupants, views, neighbouring buildings, etc) and you have a ton of different options to navigate selling. Pricing below market and holding offers to a set time and date - is not everyone’s cup of tea. The best thing to do is have a discussion with an expert, someone who knows your building and knows the market.

Want to chat about your options? Fill out the form at the bottom of the page, or txt/call me directly 613-286-9501.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

Kensington Lofts Hintonburg - Launching Summer 2021

**For more information about Kensington Lofts Hintonburg visit our Kensington Lofts Hintonburg page which Includes everything about Kensington Lofts in one place, floorplans, renderings, pricing, etc.**

The registration website is now ready for Orange Design Build’s latest development, Kensington Lofts Hintonburg. The project will be located at 99 Pinhey in Hintonburg, and consist of 26 premium lofts - a mix of one-bedroom, two-bedroom, and private entrance loft units. Units will feature 10’ ceilings and interior design from KODA Interiors. The most significant thing to note is that these units are already under construction and will be ready for immediate occupancy! Unlike traditional projects, this brand new building will be available for moving-in in 2021! Pricing will start from the mid-$300k’s and launch to the public in summer 2021.

Register now to be first in line. Fill out the form below.

For more information about Kensington Lofts Hintonburg - fill out the form below.

Ottawa Condo Market Statistics - May 2021

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for May ‘21 in the top five "downtown" areas - Centretown, Byward Market and Sandyhill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is almost every single transaction to be roughly 14 days.

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Want to chat about your options? Fill out the form at the bottom of the page, or txt/call me directly 613-286-9501.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

Ottawa Condo Market Statistics - March 2021

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for March 2021 in the top five "downtown" areas - Centretown, Byward Market and Sandyhill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is almost every single transaction to be roughly 14 days.

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Want to chat about your options? Fill out the form at the bottom of the page, or txt/call me directly 613-286-9501.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

Ottawa Condo Market Statistics - January 2021

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for January 2021 in the top five "downtown" areas - Centretown, Byward Market and Sandyhill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is almost every single transaction to be roughly 14 days.

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Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

Ottawa Condo Market Statistics - November 2020

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for November 2020 in the top five "downtown" areas - Centretown, Byward Market and Sandyhill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is almost every single transaction to be roughly 14 days.

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Well the crazy year that is 2020, is certainly keeping up with its craziness. The good news is that buyers are getting a prime opportunity to buy right now before things pick back up in the spring. Our number of new listings continues to be high, but not as crazy as last month. While our number of new listings are still double (Centretown) or even triple (Byward Market/Sandy Hill) what they were this time last year, they are trending downward from last month. Which is certainly good for sellers. Keep in mind we also need the number of sold properties to continue or to grow, which it isn’t - mostly staying similar to last year (Aside from Westboro - but I will get into that below). We are already seeing the days on market, and list to sold price, both relax in most areas. Which is mainly a by-product of increased supply.

Let’s play a quick game…

OTTAWA CONDO MARKET FACT CHECKER

TRUE OR FALSE? Ottawa condo dwellers are selling and moving to the country! They are selling their overpriced shoeboxes and moving to the rural farmland - buying chickens and preparing for the COVID apocalypse. They woke up one morning and realized they couldn’t survive downtown being in walking distance to everything and needed to move further so they had a lawn (to mow and weed - FUUNNNNN!), extra rooms to do zoom meetings, and even rooms to store avocados for their toast.

FALSE - I have seen a dozen articles in the past month focused on the Ottawa condo market that come to the conclusion that “Millenials moving out of the downtown to have land”. This is based on a guess from senior-level members of the Ottawa Real Estate Board when they broke down the monthly statistics - which caused a small avalanche of reporters to run with the headline. While our team certainly can’t speak to all of those that sold their condo since March 12th, I can guarantee that this is the furthest thing from the truth. Condo living is about lifestyle. This lifestyle seems foreign to non-condo dwellers. While a very small segment of sellers have made this move, the majority of sellers have either moved to another large city/back home, sold their investment property, or have moved into a larger condo to suit their growing needs. Keep in mind, if everyone is selling to move out of the city, then why are people still buying? This narrative is also growing tiring as we get closer to a vaccine.

I am going to do a follow up to the Ottawa Condo Market Fact-Checking where I will go further in-depth to debunk these lies that we are hearing.

WESTBORO aka ” The Unicorn?”
Looking at the stats, it is clear that Westboro is trending in a different direction than the rest of the city. The largest reason is because of the demand for more space by Ottawa condo dwellers. We have seen a huge increase in sellers moving into larger spaces (not for pet chickens), and Westboro is tailored to larger, more expensive, owner-occupied units. A condo building located in Westboro (or an area further from the downtown core) has fewer studio units and an increased number of larger two bedrooms.

Buyers
If you are thinking of buying in the next six months, keep in mind you might have the perfect storm to acquire prices before the spring rush hits. Many of our buyers decided to hold off this fall after hearing about a possible “second wave” which Ottawa has been able so far somewhat avoid. Over the next two to three months, you will have the ability to buy a condo without being in multiple offers which will most likely disappear when the spring market hits. Plus as a buyer, you have more options now, with less pressure. C’est parfait!

Sellers
The headlines make it sound like our condo market is collapsing - which is not true. Most of our neighbourhoods are on par with the number of sold units that we saw last year. If you need to sell now, price correctly, do what you can to show the full potential of the condo, and listen to the market. If you are able to wait, then do it. We are getting to the time of year that holding off listing until early in the new year is part of every listing appointment conversation.

Want to chat about your options? Fill out the form at the bottom of the page, or txt/call me directly 613-286-9501.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

Ottawa Condo Market Statistics - October 2020

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for October 2020 in the top five "downtown" areas - Centretown, Byward Market and Sandyhill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is almost every single transaction to be roughly 14 days.

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If you look at these stats side by side for the last two months it is pretty interesting. Click Here to view last months. Take Centretown - 91 New listings this month, 106 last month. Of those, only 39 sold this month, and 55 sold last month. Last year it was 38 and 38 listed vs 33 and 34 sold. We have a large number of listings hitting the market and the sales are not following. Supply and demand is what dictates price. The average list to sold price is starting to level out - compared to two months ago when every single area was averaging above 100%. This is great news for buyers who are looking to get into the market. Typically this is the fall rush before the snow hits the ground. Keep in mind that this is focused on condos and our busy time of the year goes later - into mid-December. Then again - everything is thrown out of the window this year with COVID.

If you are a seller looking to maximize your return, then waiting to spring would be the best. Even better if there’s a COVID vaccine that is adopted and the world starts returning to normal. I believe that alone will help push the market even further than we have seen it in the past. If you can’t wait, then don’t panic. The numbers are still in your favor. Units that show well and are priced properly are selling hot and fast.

If you are a buyer, the next four months will be a sweet spot for you. Take advantage of what we are seeing - before it goes insane in the spring. Keep in mind there is often a mini rush early/mid-January as buyers are sobered from the holidays and looking to move - yet the sellers are holding off until there is no snow. WE. SEE. THIS. ALMOST. EVERY. YEAR. …. (***Also for Sellers that are still reading)

Want to chat about your options? Fill out the form at the bottom of the page, or txt/call me directly 613-286-9501.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

Ottawa Condo Market Statistics - September 2020

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for September 2020 in the top five "downtown" areas - Centretown, Byward Market and Sandyhill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is almost every single transaction to be roughly 14 days.

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If you are in the market (seller or buyer) there is not much more I can tell you that you don’t already know. It’s hot out there - newspaper headlines included. However, over the last couple of weeks, we are starting to see things shift slightly. The Ottawa condo market has been in a seller’s market for the first nine months of 2020, is now starting to level out. This might be a knee jerk reaction to the possible second wave, or just a reaction to the number of new listings that have hit the market.

Buyers: If you are looking or thinking of looking, this might be a great time to get a good deal. One without multiple offers - giving you a chance to do an inspection, etc. Offering under list price vs bidding over list price against ten other buyers. More listings mean there are more choices! As well, knowing what is going on in the market, and even in the building helps to give you the leg up when it comes time to decide about making an offer.

Sellers: A shifting condo market always has winners and losers. If you are not paying attention to what we are seeing day-to-day, then you will be sitting and waiting. We are seeing more agents holding offer dates (no offers before a certain date), and then not receiving any offers on that date. This is a basic mistake from looking at headlines vs being in the market and paying attention to what is going on in the street. While this might come off as doom and gloom, it just means that we need to adapt our marketing strategies to get the highest dollar possible.

Want to chat about your options? Fill out the form at the bottom of the page, or txt/call me directly 613-286-9501.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

Ottawa Condo Market Statistics - August 2020

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for August 2020 in the top five "downtown" areas - Centretown, Byward Market and Sandyhill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is almost every single transaction to be roughly 14 days.

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Want to chat about your options? Fill out the form at the bottom of the page, or call me directly 613-286-9501.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

The Ultimate Guide To Selling A Condo In Ottawa During COVID-19

Ultimate Guide To Selling A Condo in Ottawa During COVID-19

Things are certainly not normal in 2020 and with the threat of COVID-19 not going away anytime soon, it has really pushed us to adapt to a new normal. Since real estate agents were deemed essential in Ottawa, our main focus has been conducting business safely for our clients who need to sell or buy.

Selling a property is stressful enough, adding COVID into the mix really turns it up another level. Our team's main goal is to provide a smooth selling experience while keeping everyone as safe as possible. 

Preparing To Sell During COVID-19

Decluttering and depersonalizing - Think about packing away as much as possible without what you need to live during that period. Closest, storage space, kitchen cupboards, bathroom, etc. We want to make every space look as large as possible. Keep in mind that this is the time to start ordering some boxes and packing supplies - but don’t do it last minute as the virus can live on cardboard for up to 24 hours. Doing this first will also make it easier as you move forward. Make sure to mark all of the boxes accurately on the outside so that if you need to find something it is easier - trust me, this takes time, but it is worth it! If you want to go the extra step of creating a master list of what is in each box so that you can easily find it instead of moving all of the boxes around. 

Staging - If you are considering staging, remember that how a home is used has changed since COVID and it should be reflected in the staging. Home office work areas, child care spaces, etc. One of the main reasons why we always suggest working with a professional, again, the buyer’s needs have changed with COVID, how is that reflected in your space?

Renovations and repairs - Let’s cross off the to-do list of repairs! Typical lists include caulking around sinks, tubs, and/or showers, painting (especially trim and corners too), cleaning your patio or balcony (removing the grime and any cigarette butts thrown down). Is their grout missing between tiles? Don’t forget those hard to reach or specialty light bulbs (check the hood fan) that are out and need to be replaced.

Speak with your Mortgage Broker - If you are planning on buying at the same time, you should already have started a conversation with your mortgage broker. Buying or selling first? It all depends on the market that you are leaving and the market that you are looking at heading into. There are many different “sub-markets” in Ottawa!

Collecting all of your bills and documents - This is a perfect time to collect and put together all of your documents for your property. This includes; Utility and tax bills, any appliance manuals and warranties, mortgage documents, property survey, any receipts for renovations or maintenance (furnace cleaning/service, etc.), and the last AGM package and any notices from the condo board. If possible, 12-24 months (or more) of bills would be best. We want to paint a full picture of the love that you have given the condo or house while you have lived there. The more confidence you can provide a buyer, the better prepared they will be when putting together an offer.

Vacant? Go live in a hotel/cottage/etc.? Are you planning on living in the condo while you are selling? Is there a chance that you can move into a hotel for a week? Depending on where you are located and the pricing strategy of holding off offers until a certain date/time, you might benefit from living in a different space. Again, there are going to be endless numbers of people through your home, and the less exposure that you have, the better. This saves you from having to worry about cleaning and disinfecting when you arrive, etc.

Cleaning - Before hitting the market, it would be wise to do a deep cleaning. We want to ensure that the condo shows the very best that it can. Don’t forget bathroom vents - they always seem to be forgotten - AND - change the HVAC filter and clean the area with a vacuum. 

Marketing Preparation - Once the home is ready to go, we get our team of marketing professionals to work. This includes stunning HDR photography, 3D tours, and videos, floorplans, etc. All of our copy (written property descriptions, headlines, and website wording) is created and refined. Everything that we do is focused on digital online marketing, which is more important than ever. Open houses (which are currently banned - at least for the time being) are soooo 2019! Note: Any of our hired professionals that enter your property are required to wear new masks, gloves, and booties while they are inside your property, along with declaring that they have not had any exposure or any symptoms. If not, they will not be allowed inside.

Offers and Paperwork - All of our paperwork and any offers that we receive will be able to be signed digitally using a secure platform that meets or exceeds stringent global security standards, and is even ISO 27001 certified (The highest level of global information security assurance available today).

Pre-Inspection - If your property is expecting multiple offers and is a strategy that we choose to do, then we might decide to do a pre-listing property inspection. Typically this helps any buyers feel more comfortable bringing an offer without the inspection condition.

Being On the Market

Safety precautions - Now that the condo is listed, buyers are going to want to view it in person. We have shifted to a new normal which includes a safe way to continue to show and view properties while keeping everyone safe. We always begin with as much “virtual” as possible. This includes virtual 360/3D tours, floorplans, and making sure that any interested buyer has seen these and spent time virtually looking around the property. Our main goal is to eliminate the nosey neighbours and uninterested/unqualified buyers.

Disclosure - While we ensure that every buyer and agent does not have any symptoms or been exposed to anyone with the virus, we also do the same for you - if you are staying at the property. We want to provide a safe environment for everyone - you, our team, and any possible buyer and buyers agent that visit the property. We have a quick online form that you fill out which takes less than 30 seconds every other day.

Showings - Before any in-person showing can take place we pre-screen each buyer and their agent to ensure that they haven’t been exposed or showing any symptoms of COVID-19. We ensure that each buyer has seen the online tours, is qualified, etc. We have limited the amount of time for any in-person showings down to 30min (vs the previous one hour that we used to allow), limited the number of buyers in at one time (often two adults, no kids, and one agent only), and no longer allow multiple groups in at the same time. We have anyone enter the property not touch anything, and ask that everyone sanitize their hands before entering the property and wear a mask while inside the property.

Showing Notices - Anytime a showing is requested on the property, a notification will be sent directly to you from our online showing program. This program allows you to receive an email, or txt anytime there is a requested appointment and gives you the chance to accept or decline the showing. If the property is vacant, we will typically set the notification to only notify you, not approve showings since the property is vacant. 

Tenants -  If you have a tenant in your Ottawa property, it is not possible to guarantee vacant possession, let alone even force tenants to allow showings. The LTB office is closed and landlords are not allowed to evict tenants. If the property is to be owner-occupied, we will have to decide on the best selling strategy, which might include waiting.

Feature Sheets - Now with COVID, we have stopped printing physical feature sheets to be left at the properties and have converted them to a digital flyer that the showing agent is able to send to their client or print if they choose. One less thing to be touched inside the home, and one less thing to spread the virus. Now that these are digital, we are able to put much more information on one than we could before. 

Offers and Closing Period

New Clauses and Conditions - COVID-19 has added a lot of uncertainty to the process and you are almost guaranteed to see some COVID related clauses in any offer. While now, some of these are not required as they might have been in early March, we don’t know what might happen and we want to make sure that you are protected. We are also seeing buyers asking for things like cleaning and sanitizing, etc.

CERB and Impact To Buyers - With many workers losing their jobs or going on CERB, it has started affecting how banks/lenders will provide a mortgage to them. There are many stories about buyers having a mortgage denied the day before closing because the lender found out the buyer was laid off and is on CERB. Our job is to understand the process and risks and ask extra questions to ensure a smooth selling experience. 

Meeting With Lawyer - Many or almost all lawyers now are doing virtual meetings and digital signatures. While things might be changing as we move forward, you have the ability to safely meet with your lawyer. All of our choice lawyers are meeting virtually and using digital signatures.

Getting / Releasing Keys - Since COVID started most of our offers now require the keys to be left at the property in a secure lockbox. Lawyers have preferred this option to lessen the amount of people touching keys and simplifying the process.

Moving

Boxes and Supplies - Make sure that you order any moving boxes and supplies earlier. Plan ahead so that you can limit the number of trips that you take to the store. Remember that COVID can live on cardboard for up to 24 hours, so don’t use boxes from friends or big box stores. Every business is impacted and making sure you have what you need will help simplify the process.

Picking Movers - Hiring movers? Spend extra time doing your homework on picking the best moving company to fit your needs. Ask what safety precautions they take (gloves, masks, booties, etc.), and if they have any tips to help the process.

Smart Packing - When packing boxes, try to create an easy space near the entrance, to store items, so that movers spend less time walking throughout the condo. 

Cleaning - Are you doing a post-move cleaning as part of the offer? Ask if you can get a deal if they clean your new space too. Again, ask what measure the cleaner takes (mask, gloves, booties, etc.) while inside the property.

Thinking of selling, or would like to learn more about your options? Let’s chat. Fill out the form below.

Ottawa Condo Market Statistics - May 2020

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for May 2020 in the top five "downtown" areas - Centretown, Byward Market and Sandyhill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is almost every single transaction to be roughly 14 days.

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We are back. Did the hot market even leave? Look at these numbers…. Each neighbourhood had an average of 100% or higher list price to sold price ratio during May - and this is during a pandemic! Hintonburg averaged at 106.3% with an average of 12 days on market! This is freehold townhouse territory!

Keep in mind that most of the numbers are down - the number of new listings and sales were roughly 50% of what we saw over the same time last year. Most properties that are priced right are still holding offers and getting multiples on the offer date.

Sellers - Thinking of selling? We need inventory - badly. If you are considering selling your condo, let’s start the conversation. The selling process will be dependant on your comfort level with COVID - however, we have numerous ways to limit the exposure (a huge shift to virtual showings etc) and provide a much safer environment.

Want to chat about your options? Fill out the form at the bottom of the page, or call me directly 613-286-9501.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

Ottawa Condo Market Statistics - February 2020

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for February 2020 in the top five "downtown" areas - Centretown, Byward Market and Sandyhill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what sold through the MLS. Also important to note that DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is almost every single transaction to be roughly 14 days.

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There is not much more I can say that anyone who is active in the market doesn’t already know. It is hard out there for a P.I.M. errr… buyer. We are seeing almost every condo now being listed with a date that they will accept offers on. Very few are selling below asking, which also means very few are selling with conditions - just look at the different DOMs below - 11 days on market in Byward/Sandy Hill, which is down from 44 days on market last year (again, this number includes the conditional period if there is one). We are coaching our buyers to have all of there ducks in a row before the process. If the property you are offering on is in multiple offers, let’s get as much of the conditional period done BEFORE putting in an offer. We have a team of lawyers who can provide a status certificate review within 2-3 hours (I had one last week that I sent at 4:20 pm on Friday evening, and it was back just before they left at 5 pm - AMAZING, and put my clients way ahead of the competition). We have the tools and experience to give you the advantage over other buyers and to help get you the property.

Sellers - if you are thinking about selling anytime in the next year, now is the time to start the plan. We are doing four or even six month plans right now in order to get the property in its best shape and position so that when the time comes, we can maximize the return and remove as much of the uncertainty as possible. This is especially important if the property is tenant occupied, or if the tenants have not yet given their notice. We can easily see the properties that had a plan, and ones that were “thrown together” last minute.

Want to chat about your options? Fill out the form at the bottom of the page, or call me directly 613-286-9501.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

Ottawa Condo Market Statistics - January 2020

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for January and the top five "downtown" areas - Centretown, Byward Market and Sandyhill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what sold through the MLS. Also, DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is almost every single transaction to be roughly 14 days.

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“There is no snow in condo land.” Damn, how could there be? It is WAY to hot out there for any snow. In January, every neighbourhood has averaged over 100% list to sold price, with Westboro and Hintonburg seeing over 102%. We are seeing set offer dates on more and more listings - making it more frustrating for buyers. What’s worse? It is only the beginning. There is no end in sight and we are hearing more reports about condos having double-digit price increases over 2020. For buyers, for those who are serious, buy now, don’t hesitate. Longer you wait, the “worse” it is going to get.

Sellers? Hello?? Where are you? Stop hiding, we need you! In this market, the worst thing you can do is to just list your property. Now more than ever before it calls for a plan - one that is formulated from experience and executed with precision. We are seeing part-time agents or ones who don’t have any REAL condo experience - who are leaving their clients dollars on the table. Thinking about selling, let’s chat. Take full advantage of the market and the experience of a condo professional.

Want to chat about your options? Fill out the form at the bottom of the page, or call me directly 613-286-9501.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

Ottawa Condo Market Statistics - December 2019

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for December and the top five "downtown" areas - Centretown, Byward Market and Sandyhill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what sold through the MLS. Also, DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is almost every single transaction to be roughly 14 days.

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Clients will often ask when the best time of year is to sell or buy, and I always end by explaining that December is usually one of our busiest months. This is especially true when you compare the condo market to the residential freehold market, which is very very quiet over snow-filled months.

Four out of the five downtown areas have an average list to sold price that is over 100% (and to be fair the fifth - Little Italy - is still averaging at 99% for the six that sold with an average DOM of 59 days). Three of the five areas saw fewer properties listed and more properties sold than December 2018. This is all giving us an idea that 2020 will continue on the same path. Prices will continue to rise and it will continue to be hard for buyers. While we are not seeing crazy bidding wars, partly due to a lack of preparation by listing agents. We keep seeing new listings without status certificates pre-ordered etc, which will need to change OR if the seller is serious about getting the most money that they can for their property.

Watch out 2020, the Ottawa condo market is on fire.

Want to chat about your options? Fill out the form at the bottom of the page, or call me directly 613-286-9501.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

Ottawa Condo Market Statistics - November 2019

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for November and the top five "downtown" areas - Centretown, Byward Market and Sandyhill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what sold through the MLS. Also, DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is almost every single transaction to be roughly 14 days.

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Wow. Many had wondered if the fall market would continue to push ahead and November 2019 did not disappoint. Aside from Little Italy, the average price for apartment condos sold in the major four downtown neighbourhoods in November averaged over $510,000. Aside from Westboro, the average days on market for sold properties in the other four neighbourhoods is 17, 25, 25, and 30 - which includes the conditional period. Compared to October which only saw one area below 30 days on market (18 days for Hintonburg). Combined, these neighbourhoods saw 82 new listings, with 81 sales, versus October which saw 101 new listings and 78 sales. All of this is showing an increase in demand for apartment-style condos in Ottawa.

Buyers: It isn’t getting any easier for you, however, I would suggest that you continue to search and be ready to jump over the next two months. While the market is known to be at its slowest period of the year, we will still see new listings hitting the market and the listings that couldn’t sell considering price reductions etc. Working with a connected agent with a strong network is key to knowing about listings before they hit the market and getting first shot before everyone finds out.

Sellers: While we started to see listings drops in November vs October, you will notice the level drop even further in December. That being said, since we are still seeing a high level of demand, there are opportunities that are available before the spring market. Buyers are still looking and fewer listings mean more focused eyes on your listing. If you are thinking of selling in the next 90days, take the extra time over the holidays to plan and prepare. Put the extra work in now, so that you can take advantage of the market.

Want to chat about your options? Fill out the form at the bottom of the page, or call me directly 613-286-9501.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

Ottawa Condo Market Statistics - October 2019

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for October and the top five "downtown" areas - Centretown, Byward Market and Sandyhill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment-style condominiums, and only what sold through the MLS. Also, DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is almost every single transaction to be roughly 14 days.

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Last month, we saw a big jump as everyone got back from summer break and serious about the fall market. October kept that trend moving in the same direction. For Centretown, even with 47 new listings and 32 sales with an average sale price of $472,502 - we still saw the average list to the sale price ratio of over 100%. This means multiple offers over asking price. Which is also evident with only 32 days on the market! This is the same as what we saw with Hintonburg as both area’s continue to be in high demand for buyers.

For buyers, it continues to get tougher as the fall market picks up. Keep in mind that the condo world is different as we are not as affected by snow on the ground. The first half of December is typically still pretty busy. Getting access to properties before they are listed is key in a seller’s market. Having an agent who is focused and has a strong network is key.

For sellers, maximizing the price we are able to sell the property and removing the issues before they become one is key. Timing, prep, the list goes on. We see so many listings that are currently loosing out on top dollar to due trying to take advantage of the market and overpricing.

Thinking of making a move? Considering an Ottawa condo and want to make sure it is the correct property for you? Let’s chat! Fill out the form at the bottom of the page, or call me directly at 613-286-9501.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

Ottawa Condo Market Statistics - September 2019

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for September and the top five "downtown" area's - Centretown, Byward Market and Sandyhill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment style condominiums, and only what sold through the MLS. Also, DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is almost every single transaction to be roughly 14 days.

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September was back to school and back to “work” for the buyers and sellers who decided it was time to get the fall market started. Across the board, we saw a 11.8% increase over September last year for residential properties sold. With an increase of 26.4% for condominiums properties sold (condominiums in Ottawa, Sept 2018 vs Sept 2019). That is HUGE. At the same time, the average sale price for a condominium was $309,373, which is an increase of 9% over September 2018. Year to date, prices are up 8.1% over last year.

Part of this is due overall to the fact that condo prices have restored and sellers are taking advantage of it. We have had a lack of supply which is still evident in most neighborhoods and certain property sizes, but with the residential market under an even higher level of supply issues, it has helped push buyers back into considering the condo world. As well, now with the LRT actually in place, we are seeing buyers purchasing habits shift to include walkability to an LRT station.

In addition, this has also continued to bring investors into Ottawa from outside markets. The new investor who is priced out of the Toronto condo market. The mom and dad who couldn’t find a decent rental price for their daughter going to university. We continue to see outside buyers looking at our stable market as a “safer” place to invest.

Thinking of making a move? Considering an Ottawa condo, and want to make sure it is the correct property for you? Let’s chat! Fill out the form at the bottom of the page, or call me directly at 613-286-9501.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.

Ottawa Condo Market Statistics - August 2019

Every month we take a closer look and drill down the sales data of Ottawa condos from the previous month. Here are the statistics for August and the top five "downtown" area's - Centretown, Byward Market and Sandyhill, Little Italy (which includes Lebreton Flats), Hintonburg, and Westboro. The information will be specific to apartment style condominiums, and only what sold through the MLS. Also, DOM (Day's On Market) is calculated to include the conditional period, which in Ottawa is almost every single transaction to be roughly 14 days.

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August was another busy month for condo sales in some neighbourhoods. We saw a large increase of parents coming purchasing units for their kids who are attending University. With the average rental prices jumping in the downtown core, more parents are looking at purchasing a unit as more attractive option. This fuelled the high number of sales in Centretown and Byward Market/Sandy Hill (86 sales in total). Centretown had a significant increase in average sold price, which was due to five units selling over the one million price point. Almost every neighbourhood had more units sell than new units that were listed.

If you are buying, there are still some great deals that we are seeing. Stuff that has sat on the market and not sold in multiple offers, that could be picked up at a decent price and on your terms. However if you are looking for that premium view, extra large, A++ unit, then don’t wait - pay a little extra now because everyone wants the same unit as you. Especially if you are looking at properties that fall within the First Time Home Buyers Incentive range.

If you are selling, we are placing a high importance on getting the correct pricing and spending extra time to prepare the condo for showings. Things that show well and are priced right, do not last in this market and sell for top dollar (often with multiple offers). The fall market is now here and we are expecting a hotter fall then we experienced in 2018. Especially now with the First Time Home Buyers Incentive, which will push more buyers into the market.

Do you have any questions about how this information affects your investment or looking for more information to make the best decision about your purchase? Let’s chat! Fill out the form on the bottom of the page.