Written by: Marcus Noel

Sales Representative / Investor

COMING SOON TO MLS!! We are excited to share that we have two freehold townhomes in Orleans coming to MLS in the upcoming weeks! The first townhome is located at 2189 Mondavi Street and offers 3 bedrooms, 3 bathrooms, beautiful hardwood flooring, tall 9’ ceilings, large windows, a fully finished lower level, a one-car garage, and no rear neighbours! The second property is located at 1120 Ballantyne Drive and features 2 bedrooms, 2 bathrooms, a one-car garage, a fully finished lower level, and a large fenced-in backyard with a deck! Stay tuned for more information! If you would like to schedule a private showing of the properties before they go on MLS, please reach out!

If you have any questions or if you, your family, or your friends are thinking of making a real estate move, I would love the opportunity to help. Curious about what your home is worth in this market? I am offering FREE home evaluations! To schedule, please give me a call at 613-864-6635 or send me an email at [email protected]. I look forward to helping you with your real estate goals.

Thank you for reading!

Marcus Noel

Written by: Marcus Noel

Sales Representative / Investor

Due to the limited housing inventory, we are currently in a strong seller’s market with a noticeable rise in multiple-offer scenarios. That being said, there are still plenty of opportunities for prospective buyers to enter the market. Whichever side of the transaction you are on, it is important to work with a realtor who has up-to-the-minute market data to help you make the most informed decisions. As always, if you have any questions or if you, your family, or your friends are thinking of making a real estate move, I would love the opportunity to help. Additionally, if you are curious about what your home is worth in this market, I would be happy to provide a FREE home evaluation! To schedule, please give me a call at 613-864-6635 or send me an email at [email protected]. I look forward to helping you with your real estate goals.

Thank you for reading!
Marcus Noel

Written by: Marcus Noel

Sales Representative / Investor

Can you believe it’s already June?! I hope you all had a great May and that you are enjoying the warmer weather that we’ve been getting. I had the opportunity to take my dog Queso to the cottage a couple of times last month and he has absolutely been loving it! He loves getting to swim in the lake and soaking up all the sun. I'm really looking forward to taking him to the cottage more this summer!

Just like June has been heating up, so has Ottawa’s real estate market! Throughout this newsletter, we will take a deep dive into the most up-to-date real estate stats and market shifts, share valuable mortgage insights courtesy of our friend Paul over at Paul Stevenson Mortgages, as well as offer summer-ready tips and tricks for prospective buyers and sellers!

May is typically the highest-selling month and this May was no exception. In May, members of the Ottawa Real Estate Board (OREB) sold 1,939 residential properties through the Boards MLS System, which represents a 6% increase over May 2022 when 1,830 properties were sold. May’s sales included 1,477 in the freehold class and 462 in the condominium class, an increase of 8% and 1% respectively over May 2022. The five-year average for total unit sales in May was 1,961.

The average sale price for freehold properties was $745,902, which is on par with April 2023 prices; meanwhile, the average sale price for condos was $442,859, representing a 2% gain over April 2023. When comparing May’s average sale prices to the beginning of this year, the average sale price of freehold and condo properties has increased by a WHOPPING 10% and 7% respectively! Year-to-date average sale prices are at $727,728 for freeholds and $428,394 for condos. Furthermore, days on market (DOM) has decreased from 27 to 23 days for freehold properties and from 33 to 26 days for condos.

According to Ken Dekker, the Ottawa Real Estate Board President, in May “we saw the first year-over-year unit sales volume increase since February 2022.” Ken further states that he believes that 2023 will be a “promising year for sellers, barring any interest rate adjustments.” 

Throughout May, we saw 2,822 new listings, which is an increase of 32% from April 2023. Despite the increase in new listings, we’re sitting at 1.5 months of inventory for freehold properties and 1.3 months of inventory for condos. As stated by Ken Dekker, “With only five to six weeks of inventory, we are in a strong seller’s market. With the pent-up high demand and sales volume increasing, we are likely to see upward pressure on prices as demand continues to outstrip supply.” With average prices slightly down from last month, prospective buyers should consider entering the market sooner rather than later, as prices are expected to increase in the latter half of 2023.

Be sure to check out the tables below that show month-over-month data for both freehold and condominium properties.

As a result of the lower housing inventory, multiple offers are becoming a reality again in some neighbourhoods. Working with a realtor who has up-to-the-minute market data is key. As always, if you have any questions regarding the real estate market or if you, your family, or your friends are thinking of making a real estate move, I would love the opportunity to help you navigate this evolving competitive resale market.

Thank you for reading!

Marcus Noel 

Written by: Marcus Noel

Sales Representative / Investor

Ottawa's real estate market is in full swing this Spring! As we kick off the month of May, let's take a closer look at the latest trends and opportunities in Ottawa’s housing market. We will dive into the latest real estate stats and market shifts, provide you with mortgage insights from our friend Paul over at Paul Stevenson Mortgages, as well as offer tips and tricks for buyers and sellers looking to make a move this spring!

March and April typically mark the beginning of a busy season for real estate, and this year is no exception. Throughout April, members of the Ottawa Real Estate Board (OREB) sold 1,488 residential properties through the Boards MLS System, which is an increase over each month of Q1 of 2023! Of the 1,488 residential properties, 1,156 were in the freehold-property class and 332 were in the condominium-property class. 

In just FOUR MONTHS, average house prices have increased by a whopping 13.9%! In April, the average sale price for freehold properties was $747,123, marking a 5% increase over March 2023; meanwhile, the average sale price for condos was $435,875, representing a 4% gain. As of year-to-date, the average sale price for freeholds and condos stands at $718,633 and $421,722, respectively. 

In April there were 2,144 new listings, which is up 3% over March 2023, when we saw 2,090 new listings. The 5-year average for new listings in April is 2,575. Months of inventory for freehold properties have increased to 1.9 months from 0.9 months in April 2022, however, it has decreased from the 2.3 months that we saw in March. Months of inventory for condos are also sitting at 1.9 months, an increase from 0.8 months this time last year, but down from 2.3 months in March. It is considered a balanced real estate market when we reach at least four months of supply. Compared to last month, days on the market (DOM) for freehold properties decreased from 34 to 27 days and from 39 to 33 days for condos. 

According to Ken Dekker, the President of the Ottawa Real Estate Board, “The resale market in Ottawa is consistently improving month to month. Nonetheless, as new listings are not keeping up with the demand, the supply of available housing is decreasing. This means that the market has shifted towards being more favorable to sellers.” That being said, there are still plenty of great opportunities for prospective buyers. Working with a realtor that you trust, who understands the quick shifts in the market, and who has great negotiation skills is key to finding a home that you will love at a great price.

Be sure to check out the tables below that show month-over-month data for both freehold and condominium properties. 

Month-over-Month Data for Freehold Properties:

Month-over-Month Data for Condominium Properties:

If you have any questions regarding the real estate market or if you, your family, or your friends are thinking of making a real estate move, I would love the opportunity to help! 

Thank you for reading! 

Marcus Noel

Written by: Marcus Noel

Sales Representative / Investor

Spring has arrived, and with it comes the promise of new beginnings and fresh starts. As we welcome the warmer weather, there is no better time to take a fresh look at Ottawa’s real estate market! In this month's newsletter, we will explore the latest trends and opportunities in the housing market, as well as offer tips for buyers and sellers looking to make a move this spring. With Easter just around the corner, we also wanted to wish you, your family, and your friends a safe and happy Easter. We hope your Easter long weekend is filled with joy, love, rest, and plenty of chocolate eggs!

Springtime has traditionally been a busy season in the real estate market, and March was no exception to this trend! Throughout March, members of the Ottawa Real Estate Board (OREB) sold 1,194 residential properties through the Boards MLS System, which is an increase from both January and February when 606 and 855 residential properties were sold respectively. Of the 1,194 residential properties, 893 were in the freehold-property class; meanwhile, 301 were in the condominium-property category. Looking at the numbers from Q1 of 2023, March’s sales transactions skyrocketed by a whopping 40% over February and almost 100% compared to January!

The average sale price for a freehold-class property in March was $710,070, marking a 0.2% increase over February and a 5% increase over January. Average freehold prices have climbed approximately 8% during Q1 2023 over December 2022. Condominium-class properties saw a 2% increase in the last two months with the average sale price rising to $418,670. Year-to-date averages are sitting at $701,837 for freeholds and $414,698 for condos.

Months of inventory for freehold properties has increased to 2.3 months from 0.6 months in March 2022, whereas months of inventory for condos has increased to 2.8 months from 0.6 months this time last year. A market is considered balanced with at least four months of supply, so we are well on our way! Days on market decreased from 37 to 34 days for freeholds and 43 to 39 days for condos compared to last month.

Ottawa’s real estate market is stabilizing, and the recent surge in freehold prices is proof of that. Meanwhile, condos have remained consistent due to their more affordable price point, and with interest rates at a more favorable level, this presents GREAT opportunities for both buyers and sellers!

Prepared homes that are properly priced are selling. Working with a real estate agent that you trust is key. For sellers, I use current stats for accurate market positioning; meanwhile, buyers will benefit from data and my negotiation skills to secure the best value. If you have been thinking of buying or selling, I would love the opportunity to help!

Thank you for reading!

Marcus Noel

Written by: Marcus Noel

Sales Representative / Investor

As we embrace the lucky vibes of March, we're thrilled to share some good news for Ottawa's real estate market. Just like the pot of gold at the end of the rainbow, the market has been shining bright with promising developments, making it an opportunistic time for both buyers and sellers. Prospective homebuyers can take comfort in the Bank of Canada's decision to maintain steady interest rates. This gives buyers greater financial stability and certainty as we enter the spring market. On the other hand, for sellers, days on the market (DOM) for freehold properties decreased from 43 to 37 days. Meanwhile, for condos, days on the market decreased from 47 to 43 days. Working with a realtor who is familiar with your neighbourhood is so important, as they can help you determine the ideal listing price for your property. This will make your property more attractive to potential buyers, which can lead to a quicker sale and reduced days on the market.

Throughout February, members of the Ottawa Real Estate Board (OREB) sold 855 residential properties through the Boards MLS System, which is an increase from last month when 606 residential properties were sold. Of the 855 residential properties, 633 were freeholds and 222 were condominiums. The average sale price for freehold properties in February was $708,968, which marks a 5% increase over January 2023. Meanwhile, the average sale price for condominium properties was $410,927, which represents a 3% decrease over last month.

Months of inventory for freehold properties have increased to 2.8 months from 0.7 months in February 2022, whereas months of inventory for condominiums have increased to 2.5 months from 0.7 months this time last year, which means more options for BUYERS! Furthermore, February saw 1,366 new listings, which is up 3% over January 2023. The 5-year average for new listings in February is 1,632.

As always, if you, your family, or your friends are thinking of making a real estate move or you have any questions regarding the current real estate market, we would love the opportunity to help!

Thank you for taking the time to read our newsletter and for your ongoing support!

Marcus Noel