GH Team Remax Hallmark Ottawa

09/16/2024

09/08/2024

Ottawa’s Hot Summer Market Expected to Extend into Fall

The number of homes sold through the MLS® System of the Ottawa Real Estate Board (OREB) totaled 1,100 units in August 2024. This was a 10.2% increase from August 2023.

Home sales were 11.4% below the five year average and 14.1% below the 10-year average for the month of August.

On a year-to-date basis, home sales totaled 9,444 units in August 2024 — an increase of 6.0% from the same period in 2023.
“Being a seasonal market, it’s very encouraging to see sustained levels of activity throughout the whole summer,” says OREB President-elect Paul Czan. “And coupled with a third consecutive interest rate drop from the Bank of Canada, we are anticipating a heated market in the fall.”

“REALTORS® know firsthand how affordability remains a top concern for most buyers. With a stream of new listings hitting
the market and prices holding steady, buyers are not moving with urgency. They are still using caution and taking their time to find the right property for their needs and budget. As such, sellers need to be patient and work with a REALTOR® who can use the latest neighbourhood-level data and insights to properly price their property and build a selling strategy.”

By the Numbers – Prices:

• The average price of homes sold in August 2024 was $660,341 increasing 0.3% from August 2023. The more comprehensive year-to-date average price was $678,327, increasing by 0.9% from August 2023.
• The dollar volume of all home sales in August 2024 was $726.3 million, up 10.5% from August 2023.

By the Numbers – Inventory & New Listings

• The number of new listings saw an increase of 0.2% from August 2023.
There were 1,907 new residential listings in August 2024. New listings were 0.2% above the five-year average and 0.9% above the 10-year average for the month of August.

• Active residential listings numbered 3,324 units on the market at the end of August 2024, a gain of 25.8% from August 2023. Active listings were 46.5% above the five-year average and 1.3% below the 10-year average for the month of August.

• Months of inventory numbered 3.0 at the end of August 2024, up from 2.6 in August 2023. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

09/04/2024

Bank of Canada reduces interest rate for the 3 Rd time by 25 basis points to 4.25%

08/08/2024

Ottawa real estate market update

07/24/2024

The Bank of Canada cut its benchmark interest rate by a quarter of a percentage point on Wednesday, the second straight reduction in the central bank’s easing cycle.

The Bank of Canada’s policy rate, which broadly informs the cost of borrowing across the country, now stands at 4.5 per cent.

07/05/2024

Ottawa’s MLS® Activity Builds After Recovering from Prior Slowdown

The number of homes sold through the MLS® System of the Ottawa Real Estate Board (OREB) totaled 1,439 units in June 2024. This was a marginal increase of 0.1% from June 2023.

Home sales were 7.5% below the five-year average and 13.2% below the 10-year average for the month of June.

On a year-to-date basis, home sales totaled 7,109 units over the first half of the year — an increase of 4.2% from the same period in 2023.

“Ottawa continues to see steady activity as we head into the summer market,” says OREB President Curtis Fillier. “Unlike recent years, buyers have more room to wait, evaluate and be selective when searching for the right property at the right price, leading to a slight uptick in the days on market. Sellers are making moves as evidenced by the inventory and listings. After recovering from last year’s slowdown, Ottawa’s market performance is nearly back on par and continues to make gains.

By the Numbers – Prices:

The average price of homes sold in June 2024 was $686,535 increasing 0.5% from June 2023.
The more comprehensive year-to-date average price was $681,345, increasing by 1.6% from the first six months of 2023.

OREB cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Prices will vary from neighbourhood to neighbourhood.

By the Numbers – Inventory & New Listings

The number of new listings saw an increase of 4.7% from June 2023. There were 2,469 new residential listings in June 2024. New listings were 0.8% below the five-year average and 1% below the 10-year average for the month of June.

Active residential listings numbered 3,585 units on the market at the end of June 2024, a gain of 45.5% from June 2023. Active listings were 57.8% above the five-year average and 1.9% below the 10-year average for the month of June.

Months of inventory numbered 2.5 at the end of June 2024, up from 1.7 in June 2023. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

07/01/2024

Happy Canada Day! May the spirit of unity and inclusivity continue to guide us as we strive to build a better tomorrow. Wishing you a day filled with pride, gratitude, and the warm embrace of loved ones. Happy Canada Day!

06/16/2024

To the dad who does it all and still makes it look effortless, Happy Father's Day! You are truly appreciated.

06/16/2024

May the spirit of Eid bring you closer to your loved ones and fill your heart with peace and joy. Eid Mubarak from: George & Hoda!

06/07/2024

May MLS® Home Sales stats in Ottawa

The number of homes sold through the MLS® System of the Ottawa Real Estate Board (OREB) totaled 1,545 units in May 2024. This was a decrease of 9.2% from May 2023.

Home sales were 3.7% below the five-year average and 13.2% below the 10-year average for the month of May.

On a year-to-date basis, home sales totaled 5,673 units over the first five months of the year — an increase of 5.2% from the same period in 2023.

The average price of homes sold in May 2024 was $690,683 increasing 0.8% from May 2023. The more comprehensive year-to-date average price was $679,862, increasing by 1.8% from the first five months of 2023.

By the Numbers – Inventory & New Listings

The number of new listings saw an increase of 26.2% from May 2023. There were 3,034 new residential listings in May 2024. New listings were 23.2% above the five-year average and 10.2% above the 10-year average for the month of May.
Active residential listings numbered 3,552 units on the market at the end of May 2024, a gain of 59.4% from May 2023. Active listings were 72.2% above the five-year average and 2.9% below the 10-year average for the month of May.
Months of inventory numbered 2.3 at the end of May 2024, up from 1.3 in May 2023. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

OREB cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Prices will vary from neighbourhood to neighbourhood.

If you have any questions related to buying or selling a home, we are here to help.

06/05/2024

The Prime Rate declines to 6.95%, as the Bank of Canada reduces the policy rate by 25 basis points to 4.75%.
Inflation reached 2.7% in April 2024 from a multi-decade high of 8.1% in June 2022. It is still higher than the 2% target of the Bank of Canada (BoC) but is heading in the right direction. Therefore BoC starts the process of bringing its policy rate toward the neutral rate.

The Bank of Canada started lowering its policy rate:

The prime rate rose from 2.45% in March 2022 to 7.2%, its highest level over the past 22 years. After almost 1 year at 7.2% prime went down to 6.95%. As inflation is heading to the target and as the largest contribution to inflation is shelter whose shortage cannot be resolved by monetary policy. The Prime Rate just started its long awaited decline.

05/26/2024

New Listing

Indulge in the luxury of this END UNIT townhome nestled in desirable Riverside South. Natural light floods the whole house through large windows, illuminating the separate living and dining areas, perfect for family gatherings. The spacious kitchen boasts stainless steel appliances, ample granite counters, abundant cabinet space and a breakfast area overlooking the private south facing backyard featuring a huge 2-tier deck and no rear neighbours. Upstairs, discover three bedrooms and a pristine 3-piece main bath. The Primary bedroom features a walk-in closet and luxurious 4-piece Ensuite including a double tub, with the convenience of a large second-floor laundry room. The bright finished basement boasts newly installed vinyl flooring, pot lights as well as an additional second Laundry. Ample storage options abound. Situated on a deep lot, near the future LRT and within walking distance from shopping, parks, schools and more, this home offers both comfort and convenience.

05/26/2024

Prime Business Location Available for Lease

Central Location: Start your business in this recently renovated industrial space, available immediately.

Ground Floor:

Ideal for warehousing, light manufacturing, and storage
Features a garage door for easy loading
Wide open space for versatile use
Approximately 1,000 sq ft
Second Floor:

Three updated offices and a reception area
Equipped with security cameras for added safety
Approximately 600 sq ft
Amenities:

One washroom
Kitchenette
Flexibility: Tenants have the option to rent the first floor only or both floors.

Location:
2285 St. Laurent Boulevard, Unit

Contact:
For inquiries, please contact the listing agent, George Tadros.

05/18/2024

Let's celebrate with food, fireworks, and music! Happy Victoria Day!

05/11/2024

Happy Mother's Day! Wishing you a day filled with love, joy, and cherished moments with your loved ones.

05/08/2024

Modest Gains Across Ottawa’s MLS® Market a Sign of Shared Confidence
The number of homes sold through the MLS® System of the Ottawa Real Estate Board (OREB) totaled 1,456 units in April 2024. This was an increase of 8.9% from April 2023.

Home sales were 2% below the five-year average and 6.9% below the 10-year average for the month of April.

On a year-to-date basis, home sales totaled 4,132 units over the first four months of the year — an increase of 11.5% from the same period in 2023.

“It’s a typical spring in Ottawa’s real estate market,” says OREB President Curtis Fillier. “What sets it apart from recent springs is a restored mutual confidence among both buyers and sellers. Buoyed by recent sales activity, sellers are more confident that they can move their property as evidenced by the uptick in listings. For buyers, the pressure of the pandemic market has eased and they’re comfortable taking the time to find the property that best suits their needs. The pace is still conservative while the economy is holding some back, but overall Ottawa’s market is strong and stable, and that’s a win-win.”

“The real story is in the details,” says Fillier. “Looking more closely at what’s selling and for how much suggests the demographic of buyer is changing. While most of Ottawa’s market is in balanced territory, townhomes have shifted to the seller’s market side as supply shrinks. Single-family homes are the most active market, which is inflating the average sale price. The next few months will be both telling and interesting as people continue to redefine their post-pandemic normal amid an upcoming federal election and back-to-work mandate for government workers. The detailed insights and data that REALTORS® have unique access to will be invaluable in helping buyers fine-tune their strategy for their specific neighbourhood and property type.”

By the Numbers – Prices:

The average price of homes sold in April 2024 was $705,117 increasing 1.2% from April 2023. The more comprehensive year-to-date average price was $675,817, increasing by 2.4% from the first four months of 2023.

By the Numbers – Inventory & New Listings

The number of new listings saw an increase of 40.5% from April 2023. There were 2,597 new residential listings in April 2024. New listings were 19.7% above the five-year average and 4.6% above the 10-year average for the month of April.

Active residential listings numbered 2,966 units on the market at the end of April 2024, a gain of 36.6% from April 2023. Active listings were 62.6% above the five-year average and 13.7% below the 10-year average for the month of April.

Months of inventory numbered 2 at the end of April 2024, up only slightly from 1.6 in April 2023. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

05/04/2024

Warm Wishes for a Blessed Orthodox Resurrection Day

On this sacred occasion of Orthodox Resurrection Day, We extend our warmest wishes to you and your family. May the joy of Christ's Resurrection inspire hope and renewal in all aspects of your life.

Wishing you a peaceful and blessed celebration.

04/28/2024

Happy Orthodox Palm Sunday

04/23/2024

May this Passover bring you renewal and growth, and may you find freedom in every part of your life.

04/10/2024

Eid Mubarak! May you and your family be blessed with peace and joy.

عيد سعيد! أصدق أمنيات السلام والفرح للجميع.

04/07/2024

Ottawa MLS® Market Shows Early Signs of a Buzzing Spring Market

The number of homes sold through the MLS® System of the Ottawa Real Estate Board totaled 1,165 units in March 2024. This was an increase of 10% from March 2023. Home sales were 21.5% below the five-year average and 15% below the 10-year average for the month of March. On a year-to-date basis, home sales totaled 2,678 units over the first three months of the year — an increase of 13.1% from the same period in 2023. “Ottawa’s real estate market is overall healthy, providing fertile ground for an active spring and summer ahead,” says OREB President Curtis Fillier. “The increases in new and active listings indicate that sellers are feeling more confident, boosted by the rise in showing activity. Buyers, however, aren’t acting as quickly as they perhaps should be — likely because affordability and supply are still roadblocks.”

“Something is around the corner in this market, though,” says Fillier. “People have adjusted to post-pandemic life and that means revisiting their housing needs. Some are downsizing or moving in from the city’s outskirts. Others are looking at more suitable properties that better meet all their needs, which weren’t accessible to them in the peak pandemic market. That’s creating pressure from multiple angles on the mid-range property market, which we know is tight to begin with in Ottawa. Just because you’re in the real estate market, doesn’t mean you’re safe from the market. If you’re a buyer or seller looking to make a move, I wouldn’t wait too long.”

By the Numbers – The average price of homes sold in March 2024 was $682,078 increasing 5.1% from March 2023. The more comprehensive year-to-date average price was $659,828, increasing by 3.2% from the first three months of 2023. • The dollar volume of all home sales in March 2024 was $794.6 million, up 15.6% from the same month in 2023.

By the Numbers – Inventory & New Listings • The number of new listings saw an increase of 13.5% from March 2023. There were 2,074 new residential listings in March 2024. New listings were 2.3% below the five-year average and 11.1% below the 10-year average for the month of March. • Active residential listings numbered 2,543 units on the market at the end of March 2024, a gain of 18.3% from March 2023. Active listings were 58.6% above the five-year average and 17.7% below the 10-year average for the month of March. Active listings haven't been this high in the month of March in more than five years. • Months of inventory numbered 2.2 at the end of March 2024, up only slight from 2 in March 2023 and below the long-run average of 2.6 months for this time of year. The number of months of inventory is the number of months it would take to sell current inventories at the current rate of sales activity.

03/30/2024

Wishing a joyful Easter to all our cherished clients and their families!

03/24/2024

Happy Palm Sunday to all who observe it! May this day bring you peace, joy, and blessings. Wishing you a blessed and meaningful Palm Sunday!

03/21/2024

Enjoy Spring

03/19/2024

Canada's inflation rate slowed to 2.8% in February, beating expectations for 2nd month in a row..

03/19/2024

Happy Nowruz! May this New Year bring you peace, happiness, and prosperity. Wishing you and your loved ones a season filled with light, joy, and the freshness of spring.

03/09/2024

Ramadan Mubarak! Wishing you and your family abundant blessings during this special month.

03/08/2024

On International Women's Day, let's celebrate the incredible achievements of women worldwide. Let's honor their resilience, courage, and contributions to every facet of society. Together, let's continue striving for gender equality and empowerment for all women, today and every day.