Fall OTTAWA Market Update 2022 - Greg Hamre - RE/MAX Affiliates Realty LTD
Posted by Leif Olson on Thursday, September 29, 2022 at 1:55 PM
By Leif Olson / September 29, 2022
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When you really want to know what's happening, deal with someone who's in the know
We sell houses every day - We negotiate every day on a 365 day calendar. We have a great sense of the market, the pulse of the market here in Ottawa
My name is Greg Hamre from RE/MAX Affiliates in Ottawa and the Hamre Real Estate Team, and I just wanted to give you a fall update and say....
.....This is what's happening now that the leaves are changing as far as real estate.
The market, unlike the leaves, is not changing. It has changed.
The market has changed. That's the new reality. The change happened in in the middle of May and it carried through till June.
A lot of people, if you're a seller and you haven't realized that, and you haven't adjusted to the new market, and you're probably sitting there with a for sale sign in front of your home, price changes have happened.
We're now back to a 2021 price point.
If you're priced right and you're tracked to the house is clean and presents - We're still seeing multiple offers.
We had relocation clients in for the last two weeks. Some from North America and are looking for homes, and it seemed like all those homes we were looking at were the same homes that other relocation buyers were looking at.
And it's somewhat frustrating when you're trying to tell people that the things have changed and that there's some great buys out there.... but everyone wants the same product.
We're really seeing a shortage in the luxury product. That million dollar plus rural is quite hot and so are the urban centers like the Glebe and the Golden Triangle and Westboro areas.
People thinking about.
"Hey, if I have to work again, I may maybe start looking back downtown, but the suburbs as well, especially that million dollar price point."
They want turn key. They want to just move in, especially if they're relocating it from another country or states or province that they don't want to come in and have to do a lot of renovations when they take over their home.
Active listening's though are down.
If you look at where we're at for the month, we're very close to 2019 and 2021 levels of active listings.
But that's new product coming on board. Active listings in general though, are down 42% this year compared to the last 10 years.
There's less to choose from, and you're not seeing streets littered with for sale signs.
You're seeing very few for sale signs in the communities throughout Ottawa. There's just not a lot of active inventory and what is out there, if it's nice and it's priced right, it's turning quickly.
There is a shortage. We're listing product and that kind of weighs too, that the demand is, down as well.
I get that. We've gone from 120 days ago, we were at a 1.2 months worth of inventory, still a seller's market... into two months worth of inventory about 60 days ago.
We're now at three months worth of inventory. So inventory's building slightly.
For those people that really understand the market and the market conditions and then have a listing realtor that gets it.
We're doing multiple takeovers where we're coming in as the second agent.
The first agent wasn't able to sell the house, and now they need a professional pro realtor that gets it.
We're coming in with, with new communication, a strategy to get their home sold in a reasonable amount of time. At a price point that they're really happy with.
And then mass marketing, including high-definition videos, really detailed pictures that tell the story, the video tells the story as well. Communication daily with our clients so they know exactly what's going on. Mass exposure. If you look at our Google analytics, we are 2000 plus times more exposure than our than our competion.
That's a fact. We're also seeing the city growing quite quickly.
The population here has gone from in the eight hundreds to just over 1.1 million in the last six years. It's definitely a destination city. People are moving here, they're going to universities here and deciding to stay or they're moving here because they're high paying jobs, well paying jobs, very stable economy and in general, they're a lot of people coming in from Southern Ontario, the Toronto GTA.
Coming here because of affordability.
Our homes are half the price of a home in Toronto, so they feel that they can have a home ownership. Home ownership is a luxury and we we're realizing that it is a luxury.
The advantage of home ownership is you have control over your domain.
So you don't have a landlord saying " I'm thinking about selling, or, I don't want to fix the leaky tap, or this, or that."
You have control over your own domain. You, that's your home where you make your memories and you and your traditions are, and you grow, your family grows up in, but also it allows you to, to experience the opportunity to gain equity in your real estate.
Anybody that's been in the business or that owns real estate for the last 10, 20, 40 years has seen their equity grow in the real estate and your own home as tax free.
When you go to sell that right now, that's a tax free. It's tax free. You're not paying taxes on the equity that you build in that home.
If you're renting, you don't participate in that. The landlord takes it all. New construction is not keeping up in Ottawa. We're not. The builders aren't keeping up. They've actually backed off.
There you don't see a lot of cranes in the sky, so all these people coming to Ottawa expected to, we're expected to hit 1.4 million people and there's not enough new homes.
So your home is definitely equity. In order for the market to crash here in Ottawa, we would have to see significant increase in available listings. And we're not seeing that, quite frankly. We're right at a very normal level. The fall time period is always the best time to buy.
You have less buyers to compete with. I'd like to say that you have tons of time, but you don't. In real estate, time is evil, so if you see something, you wanna pounce on it, but it's still in the, in the Fall time period. With less competition, you're able to negotiate.
We can negotiate the conditions of your deal.
Home inspections are now a part of it. Financing you can go back for second showings in a lot of cases, and we're doing open houses where we're seeing a good level of traffic. So we know buyers are out there, we know buyers are thinking about moving. You just have more time to shop at this time of year.
If you're thinking of moving, if you're thinking of selling, if you want to get a feel for the Ottawa market, is this the time, please reach out to me.
My name is Greg Hamre from RE/MAX Affiliates in Ottawa and the Hamre Real Estate Team.
We hope to see you soon take.
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