Ottawa Condo Market Statistics - September 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 September ‘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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September is a great month … typically. School is back, life is back, and things start to feel normal as we move into the fall market. This year we had the election which always creates uncertainty in the market. However comparing September of 2021 to September of 2020, is not a fair comparisson to due the impact that COVID had on the market in 2020. See the graph below (provided by the Ottawa Real Estate Board) which gives you an idea….

Looking at the data below for September, the average selling price for every area is over $500,000. To me, this is the beginning of the new reality as we see average freehold prices rise across the city, we will start to see the pricing of lower entry-level condo units also rise with increased demand.

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 - 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.

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.

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.

Matt Richling X Inman - How agents are handling (and calming) clients' coronavirus fears

Matt Richling was interviewed by Inman News about how the coronavirus is affecting the Ottawa condo market. The article is behind a paywall but click here to view the entire article.

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How agents are handling (and calming) clients’ coronavirus fears

By Marian Mcpherson - Inman News - March 3, 2020

Implementing lessons from previous outbreaks in Canada

Meanwhile, in Ottawa, Canada, RE/MAX Hallmark agent Matt Richling is implementing the lessons learned during the 2003 SARS outbreak, another form of coronavirus that caused worldwide pandemonium.

“We have a bit of history because we had to deal with SARS a number of years ago,” Richling said.

Richling said he’s focused on providing clients with facts and has avoided making predictions about the virus, or how it will or won’t impact the market — the same strategy they used in 2003.

“We’ve taken the position of, ‘We really don’t know what’s going to happen,’” he said. “But we have to be prepared anyway. We can only deal with what we do know as the environment changes and go from there.”

As of March 2, there have only been 27 confirmed cases of COVID-19 in Canada. However, Richling said clients are starting to express concern about how a possible outbreak will impact the market and any buying or selling plans they may have.

“I was at a listing appointment on Sunday, and I had a client ask me, ‘What’s going to happen? How is this going to affect the market?’ That was an interesting conversation because it’s the first time I’ve really dealt with that,” he told Inman. “It wasn’t a matter of, ‘We’re all gonna get sick and we’re going to die,’ it was a matter of, ‘Could this be something that impacts our market?’”

Richling said he provided a current snapshot of Ottawa’s market, which is a seller’s market with high buyer demand. Although he was able to calm that seller, Richling expects that he and his 449 colleagues will be having many more conversations about COVID-19 over the coming weeks.

“Since Sunday, it’s starting to be asked by more clients. I’m not even bringing [the coronavirus] up,” he said. “A large chunk of [my colleagues] said, ‘Yes, we’ve been dealing with questions about the virus over the past few days.'”

Even though his clients have remained relatively calm, Richling said he’s heard stories from other agents where clients have canceled moving plans to avoid open houses or have made sudden, high-dollar purchases in more remote locales to seclude themselves if the virus spreads.

“I spoke to a broker in a small town outside of Toronto, who sold a large lot and house to a couple who are doctors so they could escape if it got bad,” he said. “I mean, these aren’t even crazy doomsdayers.”

Looking forward, Richling wants his colleagues and his clients to focus on one thing: the facts.

“Agents are talking about, ‘How we can protect ourselves?’ People are reporting not being able to get hand sanitizer anywhere. Face masks have been sold out at Home Depot for two months. They get them in and they’re gone immediately,” he said.

“Because of how our industry has changed and because of how our news has changed, it’s changed how we receive information, and we have to be a little more careful of where we get our info from,” he added. “But we have to focus on the facts.”

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.

Looking Back - The Ottawa Condo Market of 2009 Vs 2019

Starting a new decade is always exciting, especially to see how we have progressed over that time. Let’s take a look back at the Ottawa condo market of 2009 and compare it to the condo market of 2019. Will it help us look forward? 2009 was the year that saw a ton of condo buildings finish construction and begin occupancy - Mondrian (324 Laurier), 90 George, Hudson Park (235 and 245 Kent), La Tiffani (70 Landry), Westboro Station (401 Golden), The G (235 Patterson), The Galleria (200 Besserer), River Court Lofts (950 Marguerite), School House Lofts (19 Melrose), Lebreton Flats (200 Lett), Tavani (682 Churchill), Le Saint Denis (345 St Denis), Stonework Lofts (323 Winona), Petrie Island (100 Inlet Private), etc.

FYI: Unless mentioned, we are looking at one level apartment-style, one level condominiums only. This does not include two stories, stacked, row-unit, etc.

The condo market in 2009 saw only 1,359 new listings of which 1,369 sold. Of these, 252 units sold at or above list price. Compared to 2019 which saw 3049 new listings which 2503 sold, with 871 units selling at or above list price. The average sold price in 2009 for all areas was $252,913, compared to $326,472 for 2019.  DOM was 41 in 2009 and the same for 2019!

If we look back, 2009 was the very beginning of a six-year period that many of us are glad to be past. We had an oversupply which really turned the condo market on its head, and into a buyers market. We started noticing things changing in 2017, but really felt them in 2019. Shorter days on market, more units selling at or above list price, and a general lack of supply for condos in desired areas. We have almost doubled the amount of sold units since 2015.

Let’s take a closer look at the average sold price for our top neighborhoods, and the differences that we have seen.

Average Sold Price

• 2009
• 2019

• 2009
• 2019

Centretown - 2009 $330,241 - 2019 $387,979 - Difference of $57,738
Byward Market and Sandy Hill - 2009 $324,981 - 2019 $391,273 - Difference of $66,292
Little Italy and Lebreton Flat-2009 $324,647 - 2019 $412,237 - Difference of $87,590
Westboro - 2009 $396,313 - 2019 $454,863 - Difference of $58,550
Hintonburg - 2009 $276,914 - 2019 $356,113 - Difference of $79,199

New vs sold one level apartment style condominium properties since 2004.

Days on market for one level apartment-style Ottawa Condominiums since 2004. * Keep in mind that this number includes the conditional period. For condominiums, this would also include the status certificate which is usually 10-14 days.

What to chat more about how this affects your condo or condo purchase? Want to dig deeper? Want to chat? Fill out the form near 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.