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Elisabeth & Jim Hamilton
THE MARKET INSIDER
Market Trends: Temperatures Rise & the Market Chills
Ottawa’s Buried Secrets | Should I Stay or Should I Go?
Ottawa’s Buried Secrets
The past doesn’t stay buried forever, and Mechanicsville’s Laroche Park proves the point.
Buried under the ground is an elaborate concrete septic tank built between 1911 and 1913 in response to deadly typhoid outbreaks. Scrapped before it was even finished over concerns the runoff would end up in the Ottawa River, City Officials converted it into a waste incinerator. In response people began dropping off their dead horses and other animals. If you can imagine a time before cars in Ottawa, disposing of dead horses was a significant problem! Similar to the initial idea, the incinerator was scrapped and the septic tank was covered over, but not before a large number of horses and other animals filled the pit.
A hundred years later and you have very contaminated soil. With plans for a new skating rink at Laroche Park, it may be only a matter of time before bones begin to resurface, proving the adage once again that you can’t bury the past.
Should I Stay or Should I Go?
Many older adults prefer to age at home as long as possible as there are several advantages for doing so: a feeling of belonging, participation in community life, neighbourhood support and better physical and mental health. But what do they do as the care required at home makes this more challenging? Here are a few strategies to consider:
Adapting the home – after a risk assessment, modifications to a home can be very successful in improving the comfort and safety of a home, eliminating the need to move or require additional caregiver support.
Home-sharing – older adults rent out a portion of their home to those in need of affordable housing and willing to help out, a mutually beneficial relationship that provides the older adult with income, support and companionship.
Co-housing – a novel Danish idea that provides individuals with a combination of shared and private housing space. This gives occupants both the autonomy they are seeking and a supportive community.
Temperatures Rise & the Market Chills
As life slowly returns to normal, so too do the seasonal rhythms of Real Estate in Ottawa. Traditionally, July and August are quiet months for the market (and business in general) as Canadians turn from taking care of business to vacations and nice summer weather. This year is no different. While the market takes a breath, it is good to take notice of three key underlying trends.
Sales activity and prices have dropped slightly. Compared to sales in July 2020, sales dropped this July from 2,183 to 1,724. While the average price of a home is up 17% year-over-year, the average price decreased by 4-6% as compared to June. This indicates that the market is returning to established seasonal patterns which were upended by the pandemic, yet prices are largely holding steady.
Housing stock continues to increase. Listings are up 19% for residential properties and 23% for condominium properties compared to 2020. Tempering this growth is a decrease by 700 from June, but still 114 higher than the five year average for July. The market is continuing its move from a strong sellers market to a balanced market. Multiple offers and frenzied bidding wars are no longer the norm, which is a challenge for sellers’ sky high expectations, but better on the whole.
Ottawa’s market is primed for the fall. As the border opens, immigration ramps back up, people move for work again, students return, city communities revive, and our economy roars back to life, expect to see a post-pandemic housing wave as we all adjust again to the new, new normal.
OREB | Rina@oreb.ca
A Note from Us
After a very busy spring market, we will be taking a short break at the end of August. We will still be open for business, but a little slower than usual in our response times. Our colleagues at Innovation Realty will also be available to assist you should you have any urgent needs while we are away. Wishing you all a very pleasant August. 🙂
(613) 276-1675 | Elisabeth@ElisabethHamilton.ca
(613) 867-1675 | Jim@ElisabethHamilton.ca
Our Clients Say the Nicest Things!
“Overall it was a long yet delightful experience… We’re happy to finally have our investment property which was a challenge in itself in this crazy market and wouldn’t have accomplished it without your help.” Preet & Gagan
Elisabeth & Jim Hamilton
Innovation Realty, LTD.
376 Churchill Ave N Unit 101
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