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Elisabeth & Jim Hamilton
THE MARKET INSIDER
Market Trends: Headwinds & Buyer Opportunity
Common DIY Mistakes | Making the Most of Shared Rooms
Common DIY Mistakes
While DIY can seem like a fun and cheaper alternative than hiring a pro, here are some common mistakes you will want to avoid:
Not Doing Enough Research – measure twice and cut once, right? Some solid research at the start will help you avoid common and costly mistakes.
Not Investing in the Right Tools – skimping may save you money up front, but cost you in the long run. For example, it is amazing to see the difference when you paint with quality brushes and rollers.
Knowing How Big a Job Is – not every job can be done over a weekend. Get a good understanding of the time required so you can avoid frustration and give a job the time and attention it deserves.
Not budgeting Enough – DIY jobs almost always end up costing you more than you think. Be sure to budget a 30% cushion to account for the unexpected!
CREA | https://bit.ly/3tlZFw6
Making the Most of Your Kids' Shared Room
As house prices continue to rise, having your children share a bedroom is often a necessity, especially in larger families. Here are some tips to smooth the transition:
Get the Kids Involved – even if they are unhappy with the change, involving them early helps them feel more control and ownership.
Set Them Up for Success – when space is tight, storage is even more important. Options like under bed storage, tall shelves, floating shelves and hooks can really help.
Sibling Rivalry – Help your children foster their own identity by dividing the room in half. This is one case where choosing a side is a good strategy!
Siblings With Similar Ages – twins or children born close together often have similar interests. If so, use economy of scale and see if you can help develop a room loaded with personality. Loft beds with desks are also a great choice for similar ages.
CREA | https://bit.ly/3xgZR0I
Headwinds & Buyer Opportunity
In our last market update, we talked about some significant current headwinds: rising interest rates, inflation, and macroeconomic factors such as the war in Ukraine. These are being felt.
The average residential class sale price in Ottawa fell from $853,615 in March, $829,318 in April and $802,393 in May. Condo class average sale prices have seen less dramatic declines, from $479,405 in March to $472,920 in May, likely buoyed by first time buyers turning to these properties after being priced out of the residential market. Similarly, unit sales numbers have dropped during the same period from 2,285 in March, 1,889 in April and 2,011 in May. At the same time, new listings have been growing from 2,632 in March to 3,120 in May which is a significant change for traditionally supply constrained Ottawa. For additional context, consider that March through May is historically the housing market’s strongest months.
Despite this cold does of reality, Ottawa is still very much a seller’s market, but softened towards a balanced market in the last quarter. To illustrate this point, the average complete days on market (CDOM) for listings has risen from 11 to 14 days from May 2021, whereas a balanced market sees CDOMs of 30-60 days. Additionally, inventory has risen to 1.2 months this month, which is welcome relief from extremely low levels at the beginning of the year, but still quite constrained. For sellers, this continues to be a good market.
So what about buyers? While the market remains competitive, it is not as competitive as it has been. Only 40% of residential class properties held offers in May, and more properties are being sold conditionally, providing an important opportunity for inspections and fulfillment of other conditions. As we head into the summer months, expect to see listings staying longer on the market and less buyers as Canadians turn their attention to vacation and fun outdoors. Now is a good time to buy.
OREB | Rina@oreb.ca
A Note from Us
Like many of you, Elisabeth and I will be taking holidays at the end of August to rest and recharge (our colleagues are always available to help with any pressing matters.) We wish you a fun, safe and restful summer.
(613) 276-1675 | Elisabeth@ElisabethHamilton.ca
(613) 867-1675 | Jim@ElisabethHamilton.ca
Our Clients Say the Nicest Things!
“You showed a genuine interest in helping us, listening, and guiding with thoughtfulness and experience…” Susan and Robert
Elisabeth & Jim Hamilton
Innovation Realty, LTD.
376 Churchill Ave N Unit 101
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