Ottawa Real Estate Market Update | July 2024 | WTF Ottawa?
ฝัง
- เผยแพร่เมื่อ 20 ส.ค. 2024
- 🔍 Is Ottawa's real estate market finally stabilizing?
Join us as we dive into the latest market trends, from the surprising 6% dip in freehold sales to the staggering 17% drop in condo sales-June 2024 had it all! With inventory levels rising and average prices holding steady, what does this mean for buyers and sellers?
📉 Freehold Market Insight (from 1:25):
Sales: 1,244 units, a 6% decline
Inventory: Slight increase to 2.8 months
Average Sale Price: Stable at ~$748,000
🏢 Condo Market Breakdown (from 12:25):
Sales: 354 units, a 17% decline
Inventory: Matches freeholds at 2.8 months
Average Sale Price: Around $441,000
🚨 The Rant (from 17:24):
The city’s hike in development fees, inefficiencies, and bureaucratic hurdles are making new homes pricier. Is Ottawa shooting itself in the foot? 🦶
Stay tuned as we unpack the factors shaping Ottawa’s real estate market and what it means for you! 📈🏡
Love the content! Local updates are very helpful
@@MarlChugs thank you! Glad you’re enjoying our updates!!
How do you know what's a fair price for a property? The sold prices for comparable properties in my area are all over the map.
Very good question! First, it's important to keep in mind that a home's value is always a range, not a set price. The higher you move up in price, the larger the range gets. So, for example, the range on a 500k home could be plus or minus 2-3% whereas the range on a 2 million dollar home would be plus or minus 10%. Sometimes when you see a difference in sale price between 2 similar properties, it can be explained by the fact that one seller had a very good agent and the other not so much.
That being said, there are also a ton of factors to consider when pricing properties. Two properties may look to be very similar from a macro level (same neighborhood, similar age, size, etc.) but there can often be a number of important, less obvious, differences between the two that impact their values.
If you'd like my opinion on your home's value, feel free to send me a private message with some details and I'd be happy to give you my initial thoughts :)
Thanks for this. What's the best bang for your buck freehold areas in Ottawa?
Awesome question. My answer might vary from person to person depending on their budget and what they're looking for in terms of lifestyle. That being said, 2 areas where I'm seeing really good value in general right now are Orleans and Hawthorne Meadows. Orleans costs less than the other suburbs while offering all the same benefits and better public transit. In Hawthorne Meadows, you'd get all the benefits of nearby central-ish areas like Alta Vista and Elmvale Acres, also for a much better price in comparison. Both of those areas are also safe, clean and good for young families.
Oh, we tried to find rental for my family-in-law this July. Conclusion: it’s easier to buy house then rent some for fair price
Right now, you're 100% right. The rental market in Ottawa is similar to the resale market of 2021 only the best offer doesn't always win. I recently had a medical doctor with great credit and reference lose out on a rental they offered on because the Seller preferred another applicant (offers were the same price). If you're not an A+ tenant you're in for a VERY tough time finding a rental. There are far better opportunities in the resale market right now for those who can afford that option.
@@SergePapineauRealEstateexactly! Main problem for us was tight budget and that their are newcomers for Canada but we managed to find place. Not perfect but the best from what we can find. Some realtors also mentioned that homeowners can ask for up to one year of rent (technically illegal but who cares) even if you make 100k per year 🫠
@@maks_bond I'm glad you managed to find something for them. It's incredibly hard to get landlords to accept newcomers (even though they often make for better tenants). A lot of landlords are asking for rent upfront but you're right, it's against the Residential Tenancies Act and a tenant can just turn around and require the landlord to return the upfront rent once the lease is signed. Never a good idea to operate outside the rules if you're a landlord, you're setting yourself up to lose should you ever wind up in a hearing.