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September 2022 - monthly market snapshot
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Good morning everyone,

It's time for back to school and back to stats! After a little August break, the monthly market snapshot is back, with a supersized stats section for your reading pleasure!

In this month's back to school edition:
  • We'll take a look at the past TWO months of stats in the Ottawa real estate market.
  • Next we'll get into the much dreaded mortgage rate update, as the Bank of Canada was at it again...
  • I've got a beautiful featured listing AND upcoming listing to highlight this month!
  • Finally, as usual, we'll wrap up with a photo of the month.
July 2022 Sales Stats
  • In July 2022, members of the Ottawa Real Estate Board sold 1,110 residential properties, a decrease of 35.4% compared to July 2021.
  • There were 2,338 new properties listed for sale in July, leaving the total number of residential properties for sale at 3,126, an increase of 44.9% from the end of July 2021.
  • At the close of July, there was 2.8 months of Inventory on the market and a new listing sales rate of 47.5%.
  • It took an average of 26 days for properties of all types to sell in July, which is 6 days longer than July 2021.
August 2022 Sales Stats
  • In August 2022, members of the Ottawa Real Estate Board sold 1,137 residential properties, a decrease of 27.3% compared to August 2021.  Year to date 11,817 homes & condos have sold, 19.6% less than the January-August of 2021.
  • There were 2,093 new properties listed for sale in August, leaving the total number of residential properties for sale at 3,073 an increase of 45.5% from the end of August 2021.
  • There is currently 2.7 Month of Inventory on the market and a new listing sales rate of 54.3%.
  • It took an average of 36 days for properties of all types to sell in August, which is 12 days longer than August 2021.

There are currently 2,432 freehold homes and 641 condos for sale in Ottawa, representing 2.9 and 2.5 months of inventory respectively. This represents a  strong move back to a balance real estate market in Ottawa, with 3 months of inventory often used as the benchmark to signify balance between buyers and sellers.

Freehold Houses: Sales stats for the past 12 months
*click to enlarge*
  • Of the 1,5110 sales in July, 840 were freehold houses.
  • The average sales price for a freehold house sold in July  2022 was $716,354, showing an increase of 4.5% over July 2021. 
  • As for August, there were 850 freehold homes sold, with the average price rising 5% from last year to $707,712. It took an average of 36 days for these homes to sell, 14 days longer than the average in August last year.

Condominiums: Sales stats for the past 12 months
*click to enlarge*
  • Of the 1,5110 sales in July, 270 were condominiums.
  • The average sales price for a condominium sold in July  2022 was $425,694, showing an increase of 1.4% over July 2021.
  • As for August, 287 condos were sold for an average price of $421,966, an increase of 3.7% over last year. The average time to sell in August was 36 days, 8 days longer than this time in 2021.
Mortgage Rates
Yesterday, the Bank of Canada once again increased the policy interest rate by 75 basis points, resulting in many lenders adjusting their mortgage rates in the hours that followed, with some adjustments yet to come. According to ratehub.ca, here are where the big bank mortgage rates sit currently (time of writing is 5:00pm, September 7th - click the link above to view any changes that might have occurred since).
While the purpose of these rate increases by the Bank of Canada is more generally to ease inflation, the coinciding increase in mortgage rates lessens buyer's borrowing power and thus has a cooling effect on the housing market. Historically these rates are still very low, but for anyone that entered the housing market in the last decade, they are certainly perceived to be getting up there!

If you are considering buying a home in the near future I recommend getting in touch with an experienced mortgage broker! And of course, let me know how I can help :)
Featured Listing : 318 Everest Private, Suite D
This condo is bright and welcoming, with natural light filling every room, gleaming hardwood floors throughout and all the updates you need to simply move in and enjoy, including updated bathrooms and a brand new washer and dryer. Your open concept kitchen and living space is ideal for entertaining or just to spend time preparing a meal, with plenty of prep space and a show on in the background! Enjoy sitting out on your private balcony overlooking a quiet courtyard, the perfect place to start or finish a busy day.
Getting around town is easy from this central location, located walking distance to all amenities (Trainyards, Elmvale Acres), one exit away from the downtown core, a 5 minute drive to CHEO and the General Hospital, and along major bus routes for easy access to public transit.
Coming Soon : 31 Springfield Road, Suite C
This stunning condo townhouse evokes the NYC brownstone aesthetic and the inside will not disappoint! Set on the two upper levels, this two bedroom town boasts two balconies with eastern exposure, a huge principal bedroom with custom built in closets, and an open concept living space perfect for entertaining. With high end finishes, fixtures and appliances throughout, this home is fit for the most discerning buyer.

Located just steps from the shops, restaurants and cafes of Beechwood Village, the beautiful paths along the Rideau River and the pristine green spaces of Rockliffe Park, this location cannot be beat.

Coming soon to MLS, for more information, you know where to reach me!
Photo of the Month

A dramatic sky and the many greens of late summer,
along the Rideau River in Old Ottawa East
.
That's all for this month friends!

As always, if you, your friends or your family have any real estate related questions or needs, please don't hesitate to reach out to me, it would be my pleasure to help however I can,
 
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Kayla Meyer, Sales Representative · REMAX Hallmark Realty Group, Brokerage Independently Owned and Operated · 610 Bronson Avenue · Ottawa, On K1S 4E6 · Canada

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