..read more

The number of homes sold through the MLS® System of the Ottawa Real Estate Board totaled 816 units in October 2023. This was a small reduction of 2.7% from October 2022. Home sales were 36.4% below the five-year average and 30.8% below the 10-year average for the month of October. On a year-to-date basis, home sales totaled 10,700 units over the first 10 months of the year. This was a substantial decline of 12.3% from the same period in 2022. “Life is expensive these days, which likely has both buyers and sellers staying put,” says Ken Dekker, OREB President. “We’re seeing a slow decline in sa ..read more

The number of homes sold through the MLS® System of the Ottawa Real Estate Board (OREB) totaled 946 units in September 2023. This was unchanged from September 2022. Home sales were 29.6% below the five-year average and 23.6% below the 10-year average for the month of September. On a year-to-date basis, home sales totaled 9,889 units over the first nine months of the year. This was a large decline of 13% from the same period in 2022. “Sales activity came in right on par with where it stood at the same time last year but was still running well below typical levels for a September,” said Ken ..read more

OTTAWA, September 8, 2023 - Members of the Ottawa Real Estate Board (OREB) sold 1,196 residential properties in August through the Board’s Multiple Listing Service® (MLS®) System, compared with 1,130 in August 2022, an increase of 6%. August’s sales included 903 in the freehold-property class, up 7% from a year ago, and 293 in the condominium property category, a 2% increase from August 2022. The five-year average for total unit sales in August is 1,525. “Sales activity was up marginally on a year-over-year basis in August but remained well below the historical average for this time of year ..read more

Some homeowners have been waiting for months to put their house on the market because they don’t think people are buying homes right now. If that’s you, know that even though the housing market has slowed compared to the frenzy of a couple of years ago, it isn’t at a standstill. Contrary to what you may believe, buyers are still active and plenty of homes are selling right now. According to the Canadian Real Estate Association (CREA), based on the pace of sales right now, just over 473,616 homes will sell this year. With some simple let’s break down what ..read more

Members of the Ottawa Real Estate Board (OREB) sold 1,263 residential properties in July through the Board’s Multiple Listing Service® (MLS®) System, compared with 1,102 in July 2022, an increase of 15%. July’s sales included 979 in the freehold-property class, up 18% from a year ago, and 284 in the condominium-property category, a 6% increase from July 2022. The five-year average for total unit sales in July is 1,621. “Both transactions and average prices are up from last July indicating consumers remain confident in the market notwithstanding the two recent quarter-percent interest rate hike ..read more

Not all insurance products are created equal. It is important to understand all the different insurance products to ensure you have proper coverage. Below are the main insurance product options you will encounter with homeownership, and what they mean:  Default Insurance: This insurance is mandatory for homes where the buyer puts less than 20% down. In fact, default insurance is the reason that lenders accept lower down payments, such as 5% minimum, and actually helps these buyers access comparable interest rates typically offered with larger down payments. This insurance typically r ..read more

Before banks or lending institutions can consider loaning money for a property, they need to know the current market value of that property. The job of an appraiser is to check the general condition of your home and determine a comparable market value based on other homes in your area. This is required for any buy or sell situation. To help make the appraisal as smooth as possible and ensure you are getting top market value, check out the tips below: Clean Up: The appraiser is basing the value of your property on how good it looks. A good rule of thumb is to treat the appraisal like an op ..read more

Members of the Ottawa Real Estate Board (OREB) sold 1,658 residential properties in June through the Board’s Multiple Listing Service® (MLS®) System, compared with 1,493 in June 2022, an increase of 11%. June’s sales included 1,234 in the freehold-property class, up 10% from a year ago, and 424 in the condominium-property category, a 16% increase from June 2022. The five-year average for total unit sales in June is 1,881. “Although June’s transactions surpassed last year’s, the number of sales, average prices, and new listings declined on a week-to-week basis over the course of the month. Comp ..read more

Ottawa Resale Market Heats up in May June 5, 2023 Sales increase for the first time since February 2022 Members of the Ottawa Real Estate Board (OREB) sold 1,939 residential properties in May through the Board’s Multiple Listing Service® (MLS®) System, compared with 1,830 in May 2022, an increase of 6%. May’s sales included 1,477 in the freehold-property class, up 8% from a year ago, and 462 in the condominium-property category, a 1% increase from May 2022. The five-year average for total unit sales in May is 1,961. “Typically the highest-selling month, May’s transactions did not disappoint ..read more