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July 2022 - monthly market snapshot
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Good morning everyone,

I'm making up for a slightly tardy monthly market snapshot with a supersized edition! So let's get right to it...

In this month's edition:
  • While I would hope you all know me at this point, I'll kick off this month with a new "about me" video that I would love for you to check out! An extended version will be coming later this year...
  • As always, we'll take a look back at the past month of stats in the Ottawa real estate market.
  • Now, also becoming an "as always" item, we'll take a look at where mortgage rates stand after the big move this week by the Bank of Canada.
  • I've got a beautiful featured listing and recent sale to highlight this month.
  • I have an extended question of the month video for you, featuring other members of The Tulip Team! This month it's all about how to prepare your home to sell. You might recognize my portion from last month's sneak peak ;)
  • Finally, as usual, we'll wrap up with a photo of the month, today it's a summery scene from my porch.
A little bit about me!
June 2022 Sales Stats
  • Last month, in June 2022, members of the Ottawa Real Estate Board sold 1,508 residential properties, a decrease of 28.9% compared to June 2021!
  • Year to date, 9,589 homes and condos have been sold in Ottawa, which is 16.1% fewer than the first six months of 2021.
  • There were 3,213 new properties listed for sale in June, leaving the total number of residential properties for sale at 2,796, an increase of 31.8% from the end of June 2021.
  • There is currently 1.9 months of Inventory on the market and a new listing-to-sales rate of 46.9%. 
  • It took an average of 20 days for properties of all types to sell in June, which is 6 days longer than June 2021 and last month.

We are seeing the normalization of the real estate market in Ottawa as it returns to pre-pandemic inventory and sales, while prices are fluctuating by neighbourhood. As with last month, we are still technically in a seller's market in Ottawa, with less than two months of inventory, however depending on the neighbourhood, price range and property type there are certainly a lot of opportunities out there for buyers to begin negotiating and including conditions in offers. We certainly appear to be headed toward an officially balanced market, and I think next month we will see proof of this in the numbers.


Freehold Houses: Sales stats for the past 12 months
*click to enlarge*
  • Of these 1,508 sales, 1,138 were freehold houses.
  • The average sales price for a freehold house sold in June  2022 was $772,861 showing an increase of 6.4% over June 2021.
  • While the chart above doesn't tell the story of interest rates, you can see that right around the time these increases begun, inventory (the blue bar) began to tick up, ultimately overtaking sales (the red bar) in May and, inversely, prices began to tick down. This results in the desired "cooling effect" the Bank of Canada is looking for.

Condominiums: Sales stats for the past 12 months
*click to enlarge*
  • Of these 1,508 sales, 370 were condominiums.
  • The average sales price for a condominium sold in June  2022 was $438,977 showing an increase of 0.8% over June 2021.
Mortgage Rates
According to ratehub.ca here are where the big bank mortgage rates sit currently, which is very similar to last month. It's likely that the recent increase has yet to make it's full impact shown, I expect next month we will see these rates tick up again. If you are at all considering buying and prefer a fixed rate mortgage to variable, I recommend getting a locked in pre-approval ASAP to protect you from rate increases in the near term.
Featured Listing : 16 Melville Drive
This month I'm highlighting one of my team's listings, a stunning newly built home in the Pheasant Run neighbourhood of Barrhaven! This is a great opportunity for someone looking for a modern design home in a more traditional suburban community. Follow the link for more photos and info!
Just SOLD : 429 Kent Street - Suite #327
The market might be slowing, but well presented properties are still selling quickly and painlessly! With 5 listings in the building, we were the only one to get scooped up this month - thanks to my client making the condo look it's very best, captured by our professional phography / videography and extensive marketing. A new buyer is going to be very happy here :)
Question of the Month :

How to prepare your house to sell... with The Tulip Team!
Photo of the Month
Some pops of colour on the porch!
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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