Members of the Ottawa Real Estate Board sold 1,421 residential properties in February through the Board’s Multiple Listing Service® System, compared with 1,385 in February 2021, an increase of 3 per cent. February’s sales included 1,095 in the residential-property class, up 7 per cent from a year ago, and 326 in the condominium-property category, a decrease of 10 per cent from February 2021. The five-year average for total unit sales in February is 1,184.

“Although February’s resales were only 3% higher than last year at this time, we saw a 52% increase in the number of transactions compared to January’s figures (936). While a month-to-month increase is typical for this time of year, the gradation of this increase is higher than previous years, which could be an indication that our spring market may ramp up earlier this year,” states the Ottawa Real Estate Board President.

“Whether this has to do with the easing of government pandemic restrictions and the opening up of the economy or perhaps due to apprehension of the (then) upcoming interest rate increase, which is now in effect, we can’t entirely be sure. We are watching intently to see how the 2022 spring market will play out considering not only the higher interest rates and inflation but also other macro factors in our global environment that could affect our local economy.”
“Undoubtedly, the interest rate increase along with the higher rate of inflation will weaken potential Buyers’ purchasing power. And even though average price growths are not as acute as they were in the past two years, we are still seeing significant increases that are without question a result of the unrelenting high demand and current housing stock scarcity.”

The average sale price for a condominium-class property in February was $466,682, an increase of 15 per cent from 2021, while the average sale price for a residential-class property was $837,517, increasing 17 per cent from a year ago. With year-to-date average sale prices at $812,813 for residential and $458,107 for condominiums, these values represent a 16 per cent increase over February 2021 for both property classes. *

“The number of new listings in February (1,762) offers a slight glimmer of hope for prospective Buyers. At 4% higher than the five-year average and 12% higher than February 2021, it resulted in an almost 10% increase in residential-class property inventory compared to last year at this time. Condominium supply, however, is down 20%. Overall, we are now at a 0.7 month supply of inventory which means that most listings that enter the market are going to be snapped up very quickly, as evidenced by the continuous decline in Days on Market (DOM). We certainly hope this trend of increased new listings will continue to supplement the housing stock going forward.”

“Ottawa is a beautiful city with a healthy, stable economy and is a utopic place to work, live and play. It attracts Canadians from other cities and people from all over the world. But it is deeply entrenched in a Seller’s Market. This means homebuyers need to have all their ducks in a row and are prepared to move expeditiously. A REALTOR® will have the knowledge to ensure you are making your best offer at the optimal time. Sellers also need the experience and resources a REALTOR® brings to ensure they are strategically positioning their homes given the conditions of their neighbourhood and property type. Don’t gamble with what is likely your biggest asset – contact a professional REALTOR® today!”

In addition to residential sales, OREB Members assisted clients with renting 800 properties since the beginning of the year compared to 674 by February 2021.
Source: Ottawa Real Estate Board
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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!

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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

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Vladimir's studies at Tel Aviv University, his career in the home construction and electrical fields have given him extensive experience in the real estate industry. This experience will be a huge asset in assisting buyers and sellers to realize their real estate goals!

Vladimir chose TRU Realty because of its value, training and its adherence to the highest professional standards. Qualities that Vladimir exemplifies. He invites all his past clients, friends, family and future clients to contact him for all their real estate needs in English, Russian, Hebrew or Turkish!

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Members of the Ottawa Real Estate Board sold 862 residential properties in December through the Board’s Multiple Listing Service® System, compared with 997 in December 2020, a decrease of 14 per cent. December’s sales included 601 in the residential-property class, down 15 per cent from a year ago, and 261 in the condominium-property category, a decrease of 10 per cent from December 2020. The five-year average for total unit sales in December is 809.

“December’s resale market performed as it typically does with a marked decrease in sales from November as families turned their attention towards the holiday break. Although slightly above the five-year average, the number of properties exchanging hands was lower than the year before due to the atypical market we experienced in 2020 when peak market activity shifted to later in the year because of the initial spring pandemic lockdown,” states Ottawa Real Estate Board’s 2021 President. “However, while the market normalized in the latter part of the year, looking at the year-end figures, 2021 was still a record-breaking year.” 

The total number of residential and condo units sold throughout 2021 was 20,302, compared with 18,953 in 2020, increasing 7 per cent. Meanwhile, total sales volume in 2021 was approximately $13.1B compared to $10B in 2020.

“This significant increase in sales volume reflects the price acceleration that we have seen over the last year and correlates with average sale price increases for the city.”

“As we have reiterated for the past few years, Ottawa’s housing inventory challenges have been and will continue to place an upward pressure on prices. Reviewing the year-end figures for 2021, the average sale price year to date was $719,605 for residential-class properties and $419,683 for condominium units. These values represent a 24 per cent and 16 percent increase over 2020, respectively.”

The average sale price for a condominium-class property in December was $399,125, an increase of 12 per cent from 2020, and the average sale price for a residential-class property was $709,980, increasing 18 per cent from a year ago.

“Six hundred new listings entered the housing stock in December, which represents a 58% decrease from November and down 15% from the 5-year average. At less than one month’s supply of units in both the residential and condominium property classes, we are firmly entrenched in a strong Seller’s market and will continue to be in this state until our inventory increases to a 3-4 month’s supply for a balanced market to be achieved.”

When asked for a forecast, Ottawa Real Estate Board’s new 2022 President suggests, “January through March are usually slower months. With the macro factors that are currently at play in the resale market, it is difficult to predict what the effects will be going forward. We are entering yet another pandemic wave, Buyers are fatigued, parents are focusing on remote learning, interest rate hikes are looming - I don’t expect we will see the first quarter increases as we did in 2021.”

“We are unlikely to see the true outcome of these macro factors until the spring. Presumably, we will see more of the same with the market performing as well as it can with the current housing stock. Unfortunately for homebuyers, it will sustain itself as a Seller’s market for quite some time until our inventory issues are remedied.

Whether you are buying or selling a home right now, the experience and knowledge of a REALTOR® is essential in this current challenging market.”

OREB Members also assisted clients with renting 4,813 properties since the beginning of the year compared to 3,364 in 2020.

Source: Ottawa Real Estate Board

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We are really thrilled to welcome Paul McAllister to TRU Realty! Paul brings a wealth of past experience in real estate in both Ottawa and across Ontario. As a young, professional, full-time Realtor©, Paul takes great pride in always giving his all to his clients to ensure that they have a positive Real Estate experience. His dedication, integrity and commitment are qualities that make him a TRU Pro & qualities that Paul saw in TRU Realty's management and team.

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






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Members of the Ottawa Real Estate Board sold 1,459 residential properties in November through the Board’s Multiple Listing Service® System, compared with 1,605 in November 2020, a decrease of 9 per cent. November’s sales included 1,086 in the residential-property class, down 10 per cent from a year ago, and 373 in the condominium-property category, a decrease of 7 per cent from November 2020. The five-year average for total unit sales in November is 1,348.

“Although the resale transactions in November were down compared to a year ago, this is because 2020’s peak market activity shifted to later in the year due to the initial pandemic lockdown. In reality, November’s unit sales tracked 14% higher than 2019 (1,284), a more relevant base year for comparison,” states the Ottawa Real Estate Board President.

“Furthermore, the number of properties that changed hands in November was 8% higher than the five-year average. And we also see an 8% increase in year-to-date sales over 2020, so it is fair to say that the resale market remains active and brisk.”

The average sale price for a condominium-class property in November was $432,099, an increase of 19 per cent from 2020, and the average sale price for a residential-class property was $716,992, also increasing 19 per cent from a year ago. With year-to-date average sale prices at $719,956 for residential and $420,762 for condominiums, these values represent a 24 per cent and 16 percent increase over 2020, respectively.

“Despite significant increases in average prices over November 2020, month-to-month price accelerations have tapered off slightly, with average prices for residential units on par with October’s and condo average prices increasing by 7%. This is a far better situation than the monthly price escalations we had seen in the first quarter of 2021. However, there is no question that supply constraints will continue to place upward pressure on prices until that is remedied.”

“While the drop in volume of new listings is typical for November, our inventory, at one month’s supply, is much lower than it should be. 1,430 new listings entered the market last month, a 27% decrease from October (1,960) and 13% less than last November (1,635). While still 30 or so units over the five-year listing average, this is simply not sustainable and is taking us further away from the balanced market that will bring much-needed relief to potential Buyers.” 

“Whether you are on the buying or selling side of the transaction, this is not the occasion to go at it alone and hope for the best. An experienced REALTOR® is vital in navigating the challenges of this complex market to ensure you are making the optimal choices for what may be the most critical contract you will sign and remain obligated to for the next 20 to 30 years.”

OREB Members also assisted clients with renting 4,458 properties since the beginning of the year compared to 3,120 at this time last year.

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The City of Ottawa just announced that the Better Homes Ottawa - Loan Program has now launched!

Through the Better Homes Ottawa - Loan Program, homeowners can get a zero-interest loan of up to the lesser of $125,000 or 10 per cent of the current value of their home to cover the cost of home energy improvements.

Measures eligible for financing through the program include:
  • Basement, attic and exterior wall insulation
  • Air sealing (such as weather stripping or caulking)
  • Window and door replacements
  • Air and ground source heat pumps
  • Solar hot water systems
  • Solar photovoltaic systems
  • Battery storage
  • Electric vehicle charging stations (level 2)
  • Additional dwellings such as granny suites or basement apartments (up to 30 per cent of the total loan amount)
You can combine the Better Homes Ottawa - Loan Program with other available energy efficiency rebates and incentives.

The City is working with EnviroCentre, an Ottawa-based non-profit organization to administer the program. Find out more about the Better Homes Ottawa - Loan Program and apply at betterhomesottawa.ca.
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Members of the Ottawa Real Estate Board sold 1,677 residential properties in October through the Board’s Multiple Listing Service® System, compared with 2,132 in October 2020, a decrease of 21 per cent. October’s sales included 1,263 in the residential-property class, down 24 per cent from a year ago, and 414 in the condominium-property category, a decrease of 14 per cent from October 2020. The five-year average for total unit sales in October is 1,605.

“October’s resale market was active, busy, and stable – and followed the typical (pre-pandemic) ebb and flow that we commonly see as we enter the fall season,” states Ottawa Real Estate Board President. “The number of transactions increased slightly over September (1,607) as well as the 5-year average. The only reason we see a year-over-year decrease in comparison to last October is because 2020’s sales peak had shifted from the spring months to September/ October due to the initial Covid-19 lockdown.”

The average sale price for a condominium-class property in October was $404,760, an increase of 10 per cent from 2020, while the average sale price for a residential-class property was $716,378, an increase of 19 per cent from a year ago. With year-to-date average sale prices at $720,150 for residential and $419,515 for condominiums, these values represent a 24 per cent and 16 per cent increase over 2020, respectively.

“While the number of units sold followed the traditional trajectory, the lack of supply continues to put upward pressure on prices, which are holding strong and steadily increasing. Although there were 1,960 new listings in October, falling just under the 5-year average (1,974), it’s simply not enough. Inventory remains at a one-month supply for residential properties and 1.2 months for condominiums. The only way we will find balance in Ottawa’s market is to increase the housing stock exponentially.”

“Low inventory and a lack of suitable housing options restrict movement along the housing spectrum. Move-up buyers and downsizers have nowhere to go, so they stay in place, but we need that exchange of properties in the marketplace to free up supply for entry-level homebuyers.”

“Additionally, we have noticed a substantial increase in the number of rental transactions through the MLS® System, which could suggest that some of the properties have been purchased or held on to for investment purposes. This active rental market may be another contributing factor as to why there aren’t more properties coming onto the market for sale.”

OREB Members assisted clients with renting 4,012 properties since the beginning of the year compared to 2,829 at this time last year. 
Source: Ottawa Real Estate Board.
TRU Realty cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. For an estimate of what your home is worth contact TRU Realty! 
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Members of the Ottawa Real Estate Board sold 1,607 residential properties in September through the Board’s Multiple Listing Service® System, compared with 2,314 in September 2020, a decrease of 31 per cent. September’s sales included 1,244 in the residential-property class, down 29 per cent from a year ago, and 363 in the condominium-property category, a decrease of 36 per cent from September 2020. The five-year average for total unit sales in September is 1,648.

“As per usual, the resale market in the early part of the month moved slowly due to the Labour Day holiday weekend and parents settling their children back into their school routines. Activity began to accelerate towards the end of the month, which is behaviour typical of the market in September,” states Ottawa Real Estate Board President.

“Although the statistics are showing a considerable year-over-year decrease in transactions, this anomaly is due to the shift of the 2020 market’s peak activity to the summer and fall months as a result of the initial Covid-19 lockdown last spring. If we look beyond the comparison to last year, the number of transactions in September was 4% higher than in 2019 (1,547) and 16% higher than 2018 (1,387).”

September’s average sale price for a condominium-class property was $425,362, an increase of 14 per cent from last year, while the average sale price for a residential-class property was $702,155, an increase of 13 per cent from a year ago. With year-to-date average sale prices at $720,492 for residential and $421,062 for condominiums, these values represent a 25 per cent and 17 percent increase over 2020, respectively.

“House values are holding steady with a slight month-to-month increase (4-5%) in September and year-to-date average prices remaining strong for both residential and condo properties. Of course, these price escalations that we saw in the first quarter of 2021 and now recurring in September are inevitable given the supply challenges we have been experiencing for several years now combined with the unrelenting high demand.”

“While inventory has improved slightly from the pre-pandemic years (2017-2019), it is still the principal cause for concern with just over one month’s supply in the housing stock at this time. There were 2,252 new listings in September, an increase of 216 units over August; however, the number still falls beneath the five-year average and is much lower than this month in September 2020 (2,906).”

“With the election behind us, we hope the government will now concentrate on addressing supply issues and developing first-time homebuyer assistance touted in their reelection platform. Together with our REALTOR® Members and our provincial and federal counterparts, we will continue to advocate for availability and affordability in the Ottawa housing market and implore all three levels of government to implement effective measures to help all Canadians turn their homeownership dreams into reality.”

OREB Members also assisted clients with renting 3,598 properties since the beginning of the year compared to 2,536 at this time last year.

Ottawa Real Estate Board

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The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are member’s of CREA. The trademarks MLS®, Multiple Listing Service® and the associated logos are owned by CREA and identify the quality of services provided by real estate professionals who are members of CREA. Used under license.