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Elisabeth & Jim Hamilton
THE MARKET INSIDER
Market Trends – Housing Catches its Breath
A More Walkable City | It’s a Funny Business!
A More Walkable City
Ottawa’s draft official plan forecasts that Ottawa neighbourhoods will grow by 50% in the coming 25 years prompting people to ask “how will all the new people fit in?”
Since the 1950s, cities have been designed primarily for automobiles. Unfortunately, this takes up public space and reduces the “livability” of urban environments. Walkable Ottawa seeks to address this by advocating for:
The overall goal is to create a streetscape that is not dedicated to cars and large retail, but people with wide sidewalks, bike lanes, street trees and furniture, all of which makes walking more interesting and accessible.
It's a Funny Business
While much of Real Estate is serious business (after all, it is the largest investment most people make in their lifetime), it also has some genuinely funny moments. Just for fun, we’d like to periodically share a few with you:
While showing a recreational property this winter, the gravel road in was very hilly and snowy. As my clients and I were leaving we encountered a car coming down a long icy hill. Unable to back up, the driver tried to pass on the right and immediately got stuck in the snow-filled ditch. No sooner had we gotten this car out of the ditch did another car appear at the top of the hill who sure enough also got stuck. As we were getting this car unstuck, a third car appeared at the top of the hill and a fourth behind it. Envisioning a pile of cars stuck at the bottom of the hill until spring, we ran up the hill yelling “stop!” preventing more cars from coming down the road. While we buy recreational properties for their remote locations, it was also a good reminder of some of the challenges they come with, particularly in winter!
Housing Catches its Breath
Life is trending towards normal post-pandemic and Ottawa’s housing market is following suit. Year-to-date sales are tracking 48% higher than this time last year, but in June we saw house prices relaxing without both the dramatic increases seen earlier in the year, or a significant drop.
Inventory is also increasing compared to earlier in the year, with levels not seen since 2017. That said, there is still room for improvement with only one month supply in the market as a result of continued strong demand.
The average residential and condominium price in June was $725,970 and $435,198 respectively, down from historic highs for residential in March at $758,802 and up slightly for condominiums at $437,071.
“Properties are not moving as quickly as they were. Inventory has picked up; there is less scarcity and more choices – consequently, less upward pressure on prices. Additionally, we are noticing fewer of the multiple offer frenzy situations. Of course, many properties do still have multiple offers, but our REALTORS® are noticing that there are less of them on offer day.” said Ottawa Real Estate Board President Debra Wright.
This levelling out is good news for the industry as a whole, but particularly for buyers, many of whom have had to endure months of frustration in numerous unsuccessful multiple offer situations. Sellers on the other hand will have to adjust to a market not so heavily slanted in their favour and be more strategic in how they position their properties. As Realtors and champions for our city, we welcome a return to list prices more closely aligned with market value, removing a significant amount of uncertainty and risk for both the buyer and seller in the sales process.
OREB | Rina@oreb.ca
A Note from Us
We all work hard and summer is a good time to take a well-deserved break. Whether you are relaxing by the lake or enjoying one of Ottawa’s great patios, we hope you take full advantage of our fantastic Canadian summer with family and friends.
(P.S. – we’ve been hard at work on our website in June – be sure to check it out at www.elisabethhamilton.ca)
(613) 276-1675 | Elisabeth@ElisabethHamilton.ca
(613) 867-1675 | Jim@ElisabethHamilton.ca
Our Clients Say the Nicest Things!
“Jim has been very patient in listening to my needs for a house and what I like… I would not have been able to make such a good purchase without his help.” Abhinav
Elisabeth & Jim Hamilton
Innovation Realty, LTD.
376 Churchill Ave N Unit 101
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