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Elisabeth & Jim Hamilton
THE MARKET INSIDER
Market Trends – Not Enough Houses
Record Tree Giveaway | LRT, Crisis or Opportunity?
Record Tree Giveaway
In fall you notice trees. You may also have noticed this summer that temperatures in the city are slightly higher than in the countryside. This is in large part due to the lack of tree canopy in many urban settings. In addition to creating a greener (this month, colourful), more pleasant city, trees also help cool cities and combat global warming.
Because of this, the City of Ottawa has set a goal of 40% tree canopy as part of the draft Official Plan. Ecology Ottawa, a non-profit volunteer organization dedicated to making the city of Ottawa greener, is digging in (no pun intended) and on track to giveaway 15,000 trees to home owners in 2021. The organization has even bigger plans to beat this record in 2022!
There are many ways you can participate in this important program, from claiming your own free tree to hosting a community giveaway. To learn more, visit: www.ecologyottawa.ca/treecampaign.
LRT, Crisis or Opportunity?
While the LRT has had its share of bad press lately, we wanted to take a more positive look at the Real Estate opportunity brought about by Ottawa’s largest infrastructure project.
Of course, all of this opportunity is dependent on a dependable LRT. In time, we will get there.
Not Enough Houses
Ottawa’s housing market followed traditional patterns with one notable exception – there are not enough houses for sale. The month started slow following the Labour Day holiday weekend, and picked up activity towards the end of the month and saw a modest month-to-month rise in prices (4-5%), which is a normal pattern for September and the start of the smaller fall market. What is not traditional is the ongoing low inventory coupled with continuing strong demand.
“While inventory has improved slightly from the pre-pandemic years (2017-2019), it is still
the principal cause for concern with just over one month’s supply in the housing stock at this time. There were 2,252 new listings in September, an increase of 216 units over August; however, the number still falls beneath the five-year average and is much lower than this month in September 2020 (2,906).” says Ottawa Real Estate Board President Debra Wright.
Action continues to be needed at all three levels of government together with Real Estate professionals to ensure a strong supply of affordable housing for all Canadians. Let’s hope the focus on housing during the election continues into the fall.
September’s average sale price for a condominium-class property was $425,362, an increase of 14 per cent from last year, while the average sale price for a residential-class property was $702,155, an increase of 13 per cent from a year ago. With year-to-date average sale prices at $720,492 for residential and $421,062 for condominiums, these values represent a 25 percent and 17 percent increase over 2020, respectively.
OREB | Rina@oreb.ca
A Note from Us
Fall is one of our favourite times of year, with beautiful colours throughout the nation’s capitol and comfortable temperatures, making it a great time to be outdoors. Add to this unseasonable warm days and you have the makings for a perfect October. It is also a time to take stock and be thankful for all the good things in our lives. Near the top of our long list is you. A client and friend recently said to us “thank you for walking alongside me for a season” – it is our great privilege and pleasure to do so with all of you (and some of you more often!), and for that we are thankful.
(613) 276-1675 | Elisabeth@ElisabethHamilton.ca
(613) 867-1675 | Jim@ElisabethHamilton.ca
Our Clients Say the Nicest Things!
“Even though I was in India, you made the house selection for me so easy. We loved the way you were involved with us and that is why it was super fun to house hunt with you.” Tanvi
Elisabeth & Jim Hamilton
Innovation Realty, LTD.
376 Churchill Ave N Unit 101
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