A sold sign in the neighbourhood of Westboro in Ottawa.
Dave Chan/The Globe and Mail
Natalie Sauve gets emotional talking about her childhood home. It’s about 20 minutes from Ottawa’s downtown on a cul-de-sac with a pool and a big backyard that backs onto a park, just steps from a school. She had hoped she would raise her own children in the house some day.
But when it was time for Ms. Sauve’s mother, Liliane, to move, they decided to test the market. Immediately, they realized the offers were too good to pass up.
After a coat of paint and some minor repairs, the home went on the market on May 21. Five days later, it sold. There were 61 showings and 18 offers – all over asking. The accepted deal was $92,000 over the list price of $514,900.
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“It’s insane,” says Geoff Walker of Re/Max Absolute Walker Realty, the listing agent for the elder Ms. Sauve’s property.
Even as other major markets such as Vancouver and Toronto have begun to bounce back after the pandemic’s devastation, Ottawa has led the pack. Average prices for homes in May, according to the Ottawa Real Estate Board, jumped 11.2 per cent year over year. Condo prices have gone up 15.5 per cent over the same time frame. The year-to-date average sale prices for homes and condos in the city has gone up 13.8 per cent and 17.8 per cent, respectively.
Mr. Walker has worked in Ottawa for 19 years. He says this is the first time he’s seen such a lack of balance in the marketplace, driving places such as Ms. Sauve’s – which, despite her nostalgic connection, is a fairly run-of-the-mill three-bedroom, three-bathroom home, he says – to price points that were previously unheard of.
There is excessive demand in Ottawa, Mr. Walker says, and it’s creating multiple-offer environment. He says he’s seen more homeowners invest money into their own property and stay in their homes instead of trying to buy. Two sellers of his, he says, were on the market and then decided to take their properties off for fear of selling, but then not being able to buy another home.
“Selling is not the issue,” he explains, “finding the correct home [to buy] is.”
According to the Real Estate Investment Network’s COVID-19 special real estate cycle update report, all major real estate markets in British Columbia, Alberta and Ontario are in a steady decline because of the economic impact of the pandemic shutdown, except for one: Ottawa.
Analysts say the resilience of Ottawa’s real estate market has much to do with the makeup of the local economy. Ottawa’s job market is dominated by sectors less affected by the pandemic, including the public service, technology, healthcare and education. Ottawa-Gatineau’s jobless rate increased from less than 5 per cent earlier this year to approximately 7 per cent in May. But even at that, it is still the third-lowest jobless rate of any major metropolitan area in the country, according to Statistics Canada.
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Deb Burgoyne, the president of the Ottawa Real Estate Board, was critical of the Canadian Mortgage and Housing Corporation’s recent forecast for Canada’s housing prices, declaring them “pretty bleak.” The CMHC’s broad-based analysis for the country as a whole does not reflect what is transpiring in Ottawa, she says.
“All we can say with confidence is that your house will sell,” Ms. Burgoyne says, pointing to recent figures from the OREB that show more than 90 per cent of all recent sales are going into multiple offers and above list price.
“[CHMC] has got to put it into perspective. Ottawa, for over three years, has been in this feeding frenzy and we had a supply problem before we went into this. We were geared up for a very strong market.”
Mr. Walker says Ottawa’s market is out of sync, in terms of supply and demand.
The long-time agent says the current market is unhealthy, but he’s hopeful for a resurgence of inventory to help balance it out, especially as Ottawa’s economy shows no sign or letting up.
While the numbers show homes in the Ottawa area are costing more, the process to find a home has become a bit easier, according to recent house hunter Matt Harris.
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Mr. Harris, a radio producer, and his partner had been casually pondering the idea of buying a home when they found themselves expecting their first child. With a baby on the way, the search was on, and fast.
With a budget of about $600,000, Mr. Harris says they put in an offer on a detached home, about 25 minutes east of Ottawa’s downtown, without stepping foot in it.
“There was always a ‘but’ with the other places we looked at, but we found this place that ticked all the boxes. As much as it’s not the same as going in to view a home and see it, you get a sense on the virtual tours,” says Mr. Harris, who nonetheless insisted on seeing the house in person before signing the deal.
Buying was easy, Mr. Harris says. Moving has been the hard, with the long lineups and restrictions at supply store complicating the process.
“Buying a house “virtually” in Ottawa was easier than shopping for moving supplies,” he says.
While Mr. Harris seemed to have sailed through his home buying experience, Ms. Sauve found the pace of the action somewhat more exhilarating.
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“Our house went straight from ‘Coming Soon’ to ‘Sold,’ ” Ms. Sauve says. “It was a little closer to chaos.”
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MONTREAL – Two Quebec real estate brokers are facing fines and years-long suspensions for submitting bogus offers on homes to drive up prices during the COVID-19 pandemic.
Christine Girouard has been suspended for 14 years and her business partner, Jonathan Dauphinais-Fortin, has been suspended for nine years after Quebec’s authority of real estate brokerage found they used fake bids to get buyers to raise their offers.
Girouard is a well-known broker who previously starred on a Quebec reality show that follows top real estate agents in the province.
She is facing a fine of $50,000, while Dauphinais-Fortin has been fined $10,000.
The two brokers were suspended in May 2023 after La Presse published an article about their practices.
One buyer ended up paying $40,000 more than his initial offer in 2022 after Girouard and Dauphinais-Fortin concocted a second bid on the house he wanted to buy.
This report by The Canadian Press was first published Sept. 11, 2024.
MONTREAL – The Quebec Professional Association of Real Estate Brokers says Montreal-area home sales rose 9.3 per cent in August compared with the same month last year, with levels slightly higher than the historical average for this time of year.
The association says home sales in the region totalled 2,991 for the month, up from 2,737 in August 2023.
The median price for all housing types was up year-over-year, led by a six per cent increase for the price of a plex at $763,000 last month.
The median price for a single-family home rose 5.2 per cent to $590,000 and the median price for a condominium rose 4.4 per cent to $407,100.
QPAREB market analysis director Charles Brant says the strength of the Montreal resale market contrasts with declines in many other Canadian cities struggling with higher levels of household debt, lower savings and diminishing purchasing power.
Active listings for August jumped 18 per cent compared with a year earlier to 17,200, while new listings rose 1.7 per cent to 4,840.
This report by The Canadian Press was first published Sept. 6, 2024.
In the quest to find cities where renters can enjoy the best of all worlds, a recent study analyzed 24 metrics across three key categories—Housing & Economy, Quality of Life, and Community. The study ranked the 100 largest cities in Canada to determine which ones offer the most to their renters.
Here are the top 10 cities that emerged as the best for renters in 2024:
St. John’s, NL
St. John’s, Newfoundland and Labrador, stand out as the top city for renters in Canada for 2024. Known for its vibrant cultural scene, stunning natural beauty, and welcoming community, St. John’s offers an exceptional quality of life. The city boasts affordable housing, a robust economy, and low unemployment rates, making it an attractive option for those seeking a balanced and enriching living experience. Its rich history, picturesque harbour, and dynamic arts scene further enhance its appeal, ensuring that renters can enjoy both comfort and excitement in this charming coastal city.
Sherbrooke, QC
Sherbrooke, Quebec, emerges as a leading city for renters in Canada for 2024, offering a blend of affordability and quality of life. Nestled in the heart of the Eastern Townships, Sherbrooke is known for its picturesque landscapes, vibrant cultural scene, and strong community spirit. The city provides affordable rental options, low living costs, and a thriving local economy, making it an ideal destination for those seeking both comfort and economic stability. With its rich history, numerous parks, and dynamic arts and education sectors, Sherbrooke presents an inviting environment for renters looking for a well-rounded lifestyle.
Québec City, QC
Québec City, the capital of Quebec, stands out as a premier destination for renters in Canada for 2024. Known for its rich history, stunning architecture, and vibrant cultural heritage, this city offers an exceptional quality of life. Renters benefit from affordable housing, excellent public services, and a robust economy. The city’s charming streets, historic sites, and diverse culinary scene provide a unique living experience. With top-notch education institutions, numerous parks, and a strong sense of community, Québec City is an ideal choice for those seeking a dynamic and fulfilling lifestyle.
Trois-Rivières, QC
Trois-Rivières, nestled between Montreal and Quebec City, emerges as a top choice for renters in Canada. This historic city, known for its picturesque riverside views and rich cultural scene, offers an appealing blend of affordability and quality of life. Renters in Trois-Rivières enjoy reasonable housing costs, a low unemployment rate, and a vibrant community atmosphere. The city’s well-preserved historic sites, bustling arts community, and excellent educational institutions make it an attractive destination for those seeking a balanced and enriching lifestyle.
Saguenay, QC
Saguenay, located in the stunning Saguenay–Lac-Saint-Jean region of Quebec, is a prime destination for renters seeking affordable living amidst breathtaking natural beauty. Known for its picturesque fjords and vibrant cultural scene, Saguenay offers residents a high quality of life with lower housing costs compared to major urban centers. The city boasts a strong sense of community, excellent recreational opportunities, and a growing economy. For those looking to combine affordability with a rich cultural and natural environment, Saguenay stands out as an ideal choice.
Granby, QC
Granby, nestled in the heart of Quebec’s Eastern Townships, offers renters a delightful blend of small-town charm and ample opportunities. Known for its beautiful parks, vibrant cultural scene, and family-friendly environment, Granby provides an exceptional quality of life. The city’s affordable housing market and strong sense of community make it an attractive option for those seeking a peaceful yet dynamic place to live. With its renowned zoo, bustling downtown, and numerous outdoor activities, Granby is a hidden gem that caters to a diverse range of lifestyles.
Fredericton, NB
Fredericton, the capital city of New Brunswick, offers renters a harmonious blend of historical charm and modern amenities. Known for its vibrant arts scene, beautiful riverfront, and welcoming community, Fredericton provides an excellent quality of life. The city boasts affordable housing options, scenic parks, and a strong educational presence with institutions like the University of New Brunswick. Its rich cultural heritage, coupled with a thriving local economy, makes Fredericton an attractive destination for those seeking a balanced and fulfilling lifestyle.
Saint John, NB
Saint John, New Brunswick’s largest city, is a coastal gem known for its stunning waterfront and rich heritage. Nestled on the Bay of Fundy, it offers renters an affordable cost of living with a unique blend of historic architecture and modern conveniences. The city’s vibrant uptown area is bustling with shops, restaurants, and cultural attractions, while its scenic parks and outdoor spaces provide ample opportunities for recreation. Saint John’s strong sense of community and economic growth make it an inviting place for those looking to enjoy both urban and natural beauty.
Saint-Hyacinthe, QC
Saint-Hyacinthe, located in the Montérégie region of Quebec, is a vibrant city known for its strong agricultural roots and innovative spirit. Often referred to as the “Agricultural Technopolis,” it is home to numerous research centers and educational institutions. Renters in Saint-Hyacinthe benefit from a high quality of life with access to excellent local amenities, including parks, cultural events, and a thriving local food scene. The city’s affordable housing and close-knit community atmosphere make it an attractive option for those seeking a balanced and enriching lifestyle.
Lévis, QC
Lévis, located on the southern shore of the St. Lawrence River across from Quebec City, offers a unique blend of historical charm and modern conveniences. Known for its picturesque views and well-preserved heritage sites, Lévis is a city where history meets contemporary living. Residents enjoy a high quality of life with excellent public services, green spaces, and cultural activities. The city’s affordable housing options and strong sense of community make it a desirable place for renters looking for both tranquility and easy access to urban amenities.
This category looked at factors such as average rent, housing costs, rental availability, and unemployment rates. Québec stood out with 10 cities ranking at the top, demonstrating strong economic stability and affordable housing options, which are critical for renters looking for cost-effective living conditions.
Québec again led the pack in this category, with five cities in the top 10. Ontario followed closely with three cities. British Columbia excelled in walkability, with four cities achieving the highest walk scores, while Caledon topped the list for its extensive green spaces. These factors contribute significantly to the overall quality of life, making these cities attractive for renters.
Victoria, BC, emerged as the leader in this category due to its rich array of restaurants, museums, and educational institutions, offering a vibrant community life. St. John’s, NL, and Vancouver, BC, also ranked highly. Québec City, QC, and Lévis, QC, scored the highest in life satisfaction, reflecting a strong sense of community and well-being. Additionally, Saskatoon, SK, and Oshawa, ON, were noted for having residents with lower stress levels.
For a comprehensive view of the rankings and detailed interactive visuals, you can visit the full study by Point2Homes.
While no city can provide a perfect living experience for every renter, the cities highlighted in this study come remarkably close by excelling in key areas such as housing affordability, quality of life, and community engagement. These findings offer valuable insights for renters seeking the best places to live in Canada in 2024.
