Members of the Ottawa Real Estate Board sold 1,889 residential properties in April through the Board’s Multiple Listing Service® System, compared with 2,394 in April 2021, a decrease of 21 per cent. April’s sales included 1,419 in the residential-property class, down 23 per cent from a year ago, and 470 in the condominium-property category, a decrease of 13 per cent from April 2021. The five-year average for total unit sales in April is 1,849.

“With the number of transactions just slightly over the 5-year average, this was one of the weakest performing Aprils we have seen in a while,” states the Ottawa Real Estate Board President. “Considering that the number of new listings increased last month, it is a bit of a surprise that sales were off.”

“Certainly, there are a few factors at play: rising interest rates, growing Buyer frustration, April’s cooler temperatures, as well as the housing supply measures recently announced by the government – these could all be causing Buyers to pull back with a wait-and-see approach. We are watching the rest of the spring market closely to determine if this could perhaps be an early indicator of a shift in the market. Since April is only one month, we will be monitoring to see if it becomes a trend moving forward.”

“The fact remains that it is still a Seller’s market with supply under one month. Bidding wars and multiple offers persist in some pockets, prices continue to rise, albeit more moderately, and the market remains relatively strong."

The average sale price for a condominium-class property in April was $473,702, an increase of 11 per cent from 2021, while the average sale price for a residential-class property was $829,318, increasing 12 per cent from a year ago. With year-to-date average sale prices at $830,588 for residential and $469,603 for condominiums, these values represent a 13 per cent and 12 per cent increase over 2021, respectively.*

“Limited supply and high demand will continue to place upward pressure on prices. And as long as there are buyers willing to pay, average prices will reflect the inventory shortage. However, it is conceivable that price growth may moderate as we do not see the level of price escalations that occurred earlier in the pandemic."

“Although the number of new listings in April (2,846) was down by 11% from 2021, the number of properties that entered the market was still 10% over the 5-year average (2,600), and 214 units more than what was added to the housing stock in March. This has increased Ottawa’s months of inventory to just under a month’s supply. In March, it was just over two weeks. This is good news for potential buyers as they will have more options and more opportunities to enter the market.”

“In fact, the condominium market may be performing slightly better than residential property classes due to the fact that they are the most affordable price point to enter the market and could possibly now be considered the new entry-level property type.”

“We have also noticed a marked increase in the number of rental properties listed on the MLS® System. Since the beginning of the year, OREB Members assisted clients with renting 1,786 properties compared to 1,458 last year at this time. An increase of 23% and almost double the quantity recorded in pre-pandemic years. As for lease prices, the average cost for a 1-bdrm is approximately $1,850, and a 2-bdrm is $2,200 for rentals listed on the MLS® System. These values are roughly 3-4% higher than this time in 2021. Ottawa REALTORS® are an excellent resource when it comes to finding a rental property or vetting tenants – contact one today!”

Courtesy of the Ottawa Real Estate Board

We are very excited to welcome Julie Jamieson to TRU Realty!

For over 15 years, Julie has built her real estate career one happy client at a time! Those clients have in turn recommended Julie to their friends and family and during that time period, Julie has assisted hundreds of clients in further hundreds of transactions! Many of those satisfied homeowners have become good friends of Julie - a testament to Julie's professionalism, honesty & integrity!

Julie chose TRU Realty because of those same qualities. We are honoured to have Julie join our brokerage and invite all of Julie's past clients, family and friends, to contact her with any and all their real estate needs!

We are very excited to welcome Sean Verma to TRU Realty!

Sean has been licensed to trade in real estate since 2016 after a career in IT. Since then, there has been no looking back as Sean quickly established himself assisting buyers and sellers across Ottawa! Sean has also branched in commercial real estate as well. So no matter what you are looking for, Sean will have the experience, knowledge and work ethic to assist you! Sean balances his real estate career with an equally busy home life as a father and a husband! 

Sean chose TRU Realty because of its support & management and its adherence to the highest professional standards. Qualities that Sean appreciates and exemplifies. We are very honoured to have Sean on the TRU Realty team and invite all of Sean's past clients, family and friends, to contact him with any and all their real estate needs!

We are very excited to welcome Samad Hoveyda to TRU Realty!

Sam has been licensed in real estate for a few years and has put his background in paralegal work to great use by assisting clients with their real estate investment needs. An experienced investor himself, he knows what and what not to do when purchasing or selling real estate. 

Sam chose TRU Realty because of its support, management and its commission plan. He invites all his past clients, friends, family and others to contact him for all their real estate needs!

We are very honoured to welcome Chinwe Iloabachie to TRU Realty!

Chinwe is very well known in the Ottawa area for her 33-year career teaching at the Ottawa Carleton District School Board during which time she touched the lives of hundreds of pupils! Setting the example for her students in education, Chinwe has studied at the University of Nigeria, Nsukka, M.A. Dalhousie, PhD. McGill, B.Ed. uOttawa and most recently at the faculty of Law, uOttawa, just to name a few! These experiences combined with her own personal investments in real estate have given her a unique and valuable advantage in the real estate industry. An advantage that she is eager to teach and share with buyers and sellers to realize their real estate goals!

Chinwe chose TRU Realty because of its support, management and its adherence to the highest professional standards. Qualities that Chinwe appreciates and exemplifies. She invites all her past clients, friends, family and future clients to contact her for all their real estate needs in English, French or Igbo!

We are really excited to announce that Cindy Drozda has joined TRU Realty!

Born in Montreal and living in Quebec City before relocating to Ottawa in 1991 has given Cindy a unique perspective and appreciation for life in the Nation's Capital. Bilingual in French & English, she loves assisting her clients in relocating, acquiring and selling real estate. Cindy shares: "Nothing brings me more satisfaction than making my client's dreams come true."

After a long career in accounting, Cindy became licensed to trade in real estate with a large national brokerage, then a small team before joining TRU Realty. She appreciated TRU's management, commission plan & flexibility and how this support will assist not only her but her client's success. We are very honoured to have her on the TRU Realty team and invite all of Cindy's past clients, family and friends, to contact her with any and all their real estate needs!

We are really excited to announce that Manny Mangibin has joined TRU Realty!

Manny has been licensed to trade in real estate since 2012 and since then has helped hundreds of Ottawa families buy and sell their homes. His experience in property management and as a mortgage broker is invaluable in guiding his clients through the real estate process. His honesty, sincerity and dedication are qualities that his clients appreciate and were items Manny saw in TRU Realty's management and team!

Manny invites all his past clients, friends, family and future clients to contact him for all their real estate needs!

Members of the Ottawa Real Estate Board sold 936 residential properties in January through the Board’s Multiple Listing Service® System, compared with 963 in January 2021, a decrease of 3 per cent. January’s sales included 661 in the residential-property class, down 2 per cent from a year ago, and 275 in the condominium-property category, a decrease of 5 per cent from January 2021. The five-year average for total unit sales in January is 840.

“January’s sales, almost identical to 2021’s, were very strong for a traditionally slower month, especially given the frigid temperatures and increased government Covid-19 restrictions we experienced,” states the Ottawa Real Estate Board President. “This increased activity compared to previous years is not solely a pandemic phenomenon. Yes, the pandemic has accelerated market activity in some ways, but pent-up Buyer demand due to the housing supply shortage has been an ongoing fundamental issue for the Ottawa resale market for well over 5 years now - and the price increases will continue to reflect that until the housing stock grows.” The average sale price for a condominium-class property in January was $447,943, an increase of 18 per cent from 2021, while the average sale price for a residential-class property was $771,739, increasing 14 per cent from a year ago.*

“Average prices continue to rise steadily with the lack of inventory pushing prices to levels previously unseen. We only need to observe the number of homes now selling over $1M for a clear demonstration. In 2020, they represented 3% of residential sales, in 2021, they held 9% of the market’s resales, and now in 2022, that number reflects close to 14% of detached home sales.”

“Meanwhile, the residential-class properties selling within the $650-$900K range represent 47% of all of January’s residential unit sales. In 2021, it was 33%. But we must keep in mind, average prices statistics amalgamate data from the entire city, so while in some areas the increases would be less, other pockets of Ottawa may see more."

“The condo market is also flourishing both in the number of sales and prices. Possibly due to the fact that residential units may be out of reach for some Buyers, they are finding themselves more open to this option and are actually able to find a condominium-class property within their budget.”

“Bad weather, pandemic lockdowns, it doesn’t matter - Ottawa remains a fast-moving, active, and robust market. So, if you are thinking of selling your property, there has never been a better time. Contact a REALTOR® who can explain the various factors that will help you get the best price for your home today.”

In addition to residential sales, OREB Members assisted clients with renting 410 properties in January 2022 compared to 333 in 2021.

Source: Ottawa Real Estate Board