Ottawa real estate: How much more is your home worth? - CTV Edmonton | Canada News Media
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Ottawa real estate: How much more is your home worth? – CTV Edmonton

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OTTAWA —
Only a month into the new year, real estate stats in the capital are already staggering.

The average price of a home in the Ottawa region is a whopping $677,197, a more than 30 per cent increase since last January.

“It’s important to keep in mind that a lot has changed since January 2020. Inventory levels hit historical lows, interest rates dropped as well, and the lockdowns have made us all reassess our living situations,” says Taylor Bennett of Bennett Property Shop Realty.

Bennett says the Ottawa real estate market is incredibly large, and the areas seeing ‘out of this world growth’, are outside of the city limits.

“For one of the first times everm we saw more sales in the outer parts than the inner part of Ottawa’s real estate district. Normally the inner part of Ottawa sees 65 to 75 per centof the total monthly sales, but thanks to bungalows in the outer area representing 22 per cent of all the sales in January 2021, we saw the demand in the outer area outpace its inner counterpart.”

Homes outside of the city are, on average, $250,000 less expensive.

Bennett says many styles of properties are selling for under $500,000, attracting retirees or young people who feel they have been priced out of the city’s core.

Within the last two weeks one of his colleagues experienced a surprising ‘real estate first’ in the town of Carleton Place.

“The asking price for a townhome in Carleton Place was $579,000.  It sold for $625,000 within four days.  To give perspective, a townhouse next to the General Hospital in Ottawa sold in early 2020 for $610,000, and that was a record-setting price for there at that time.”

He says if you are thinking of retiring to a small town, start shopping now.

“As we enter 2021, many homebuyers and sellers wondered if the market would continue along with this trend or would we see a slowdown,” he said. “While one month certainly doesn’t make a trend, the market numbers showed no signs of slowing down.”

When the whole world seemingly came to a halt back in March 2020, Bennett says the real estate market was no exception – both sales and new listings stopped overnight. But prices and values were unaffected.

“After a few weeks, as people adjusted to the ‘new normal’, we saw the sales activity and listing levels in June increase to levels we normally experience in March – essentially would-be buyers in the spring were forced to buy in the summer.”

And due to the low inventory, many of those buyers were pushed into the fall. 

In short, Bennett says, the lockdowns created a log-jam of buyers.

“When the lockdowns were first implementedm many people predicted the Ottawa real estate market would crash and prices would drop – back in March 2020, it was anyone’s guess what would happen,” he said. “But Ottawa’s market is showing no signs of slowing down.”

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Greater Toronto home sales jump in October after Bank of Canada rate cuts: board

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TORONTO – The Toronto Regional Real Estate Board says home sales in October surged as buyers continued moving off the sidelines amid lower interest rates.

The board said 6,658 homes changed hands last month in the Greater Toronto Area, up 44.4 per cent compared with 4,611 in the same month last year. Sales were up 14 per cent from September on a seasonally adjusted basis.

The average selling price was up 1.1 per cent compared with a year earlier at $1,135,215. The composite benchmark price, meant to represent the typical home, was down 3.3 per cent year-over-year.

“While we are still early in the Bank of Canada’s rate cutting cycle, it definitely does appear that an increasing number of buyers moved off the sidelines and back into the marketplace in October,” said TRREB president Jennifer Pearce in a news release.

“The positive affordability picture brought about by lower borrowing costs and relatively flat home prices prompted this improvement in market activity.”

The Bank of Canada has slashed its key interest rate four times since June, including a half-percentage point cut on Oct. 23. The rate now stands at 3.75 per cent, down from the high of five per cent that deterred many would-be buyers from the housing market.

New listings last month totalled 15,328, up 4.3 per cent from a year earlier.

In the City of Toronto, there were 2,509 sales last month, a 37.6 per cent jump from October 2023. Throughout the rest of the GTA, home sales rose 48.9 per cent to 4,149.

The sales uptick is encouraging, said Cameron Forbes, general manager and broker for Re/Max Realtron Realty Inc., who added the figures for October were stronger than he anticipated.

“I thought they’d be up for sure, but not necessarily that much,” said Forbes.

“Obviously, the 50 basis points was certainly a great move in the right direction. I just thought it would take more to get things going.”

He said it shows confidence in the market is returning faster than expected, especially among existing homeowners looking for a new property.

“The average consumer who’s employed and may have been able to get some increases in their wages over the last little bit to make up some ground with inflation, I think they’re confident, so they’re looking in the market.

“The conditions are nice because you’ve got a little more time, you’ve got more choice, you’ve got fewer other buyers to compete against.”

All property types saw more sales in October compared with a year ago throughout the GTA.

Townhouses led the surge with 56.8 per cent more sales, followed by detached homes at 46.6 per cent and semi-detached homes at 44 per cent. There were 33.4 per cent more condos that changed hands year-over-year.

“Market conditions did tighten in October, but there is still a lot of inventory and therefore choice for homebuyers,” said TRREB chief market analyst Jason Mercer.

“This choice will keep home price growth moderate over the next few months. However, as inventory is absorbed and home construction continues to lag population growth, selling price growth will accelerate, likely as we move through the spring of 2025.”

This report by The Canadian Press was first published Nov. 6, 2024.

The Canadian Press. All rights reserved.

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Homelessness: Tiny home village to open next week in Halifax suburb

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HALIFAX – A village of tiny homes is set to open next month in a Halifax suburb, the latest project by the provincial government to address homelessness.

Located in Lower Sackville, N.S., the tiny home community will house up to 34 people when the first 26 units open Nov. 4.

Another 35 people are scheduled to move in when construction on another 29 units should be complete in December, under a partnership between the province, the Halifax Regional Municipality, United Way Halifax, The Shaw Group and Dexter Construction.

The province invested $9.4 million to build the village and will contribute $935,000 annually for operating costs.

Residents have been chosen from a list of people experiencing homelessness maintained by the Affordable Housing Association of Nova Scotia.

They will pay rent that is tied to their income for a unit that is fully furnished with a private bathroom, shower and a kitchen equipped with a cooktop, small fridge and microwave.

The Atlantic Community Shelters Society will also provide support to residents, ranging from counselling and mental health supports to employment and educational services.

This report by The Canadian Press was first published Oct. 24, 2024.

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Here are some facts about British Columbia’s housing market

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Housing affordability is a key issue in the provincial election campaign in British Columbia, particularly in major centres.

Here are some statistics about housing in B.C. from the Canada Mortgage and Housing Corporation’s 2024 Rental Market Report, issued in January, and the B.C. Real Estate Association’s August 2024 report.

Average residential home price in B.C.: $938,500

Average price in greater Vancouver (2024 year to date): $1,304,438

Average price in greater Victoria (2024 year to date): $979,103

Average price in the Okanagan (2024 year to date): $748,015

Average two-bedroom purpose-built rental in Vancouver: $2,181

Average two-bedroom purpose-built rental in Victoria: $1,839

Average two-bedroom purpose-built rental in Canada: $1,359

Rental vacancy rate in Vancouver: 0.9 per cent

How much more do new renters in Vancouver pay compared with renters who have occupied their home for at least a year: 27 per cent

This report by The Canadian Press was first published Oct. 17, 2024.

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