Members of the Ottawa Real Estate Board sold 1,525 residential properties in March through the Board’s Multiple Listing Service® System, compared with 1,507 in March 2019, an increase of only 1.2 per cent.
March’s sales included 1,170 in the residential-property class, up 3.3 per cent from a year ago, and 355 in the condominium-property category, a decrease of 5.1 per cent from March 2019. The five-year average for March unit sales is 1,465.
“Our results show that the Ottawa real estate market seems to have withstood the pressure of a worldwide economic event in March, however in context with our market’s performance up to this point, we can see the underlying effect," reports Deborah Burgoyne, Ottawa Real Estate Board President.
"Before the pandemic, monthly unit sales were increasing between 10-16% from 2019, while March’s sales were just on par with a year ago. This is an indicator that there has been a slowdown in the real estate market due to COVID-19.”
“Much of March’s activity likely began in the first two weeks of the month before the State of Emergency order was put into place. In fact, we had a head start on the spring market that was heating up earlier than expected, but activity seemed to fall off as physical distancing measures took effect,” she adds.
“Once the Ontario State of Emergency began, our Members and Brokerages rightly began to make all adjustments necessary for the health and wellbeing of our clients and customers. We welcomed the government’s declaration of real estate as an essential service so that transactions in progress could be completed."
"However, it was not and is not business as usual for our Members. They are heeding government and public health authority warnings and advice and are being diligent in taking extra safety precautions. All this, while still doing their best to help their clients successfully conclude or close real estate transactions that were already in progress,” Burgoyne acknowledges.
March’s average sale price for a condominium-class property was $369,311, an increase of 27.3 per cent from this time last year while the average sale price of a residential-class property was $559,739, an increase of 16.5 per cent from a year ago. Year to date figures show an 18.8 per cent and a 23.2 per cent increase in average sale prices for residential and condominiums, respectively.
“Our Members are evolving and adapting their business practices by leveraging the use of technology with virtual tours, live streaming, social media, and becoming more creative in their methods to facilitate the needs of their clients who may need to buy or sell right now because of their circumstances.”
“However, for those buyers and sellers who are not in that urgent position, our Members recognize the health and safety of our community is paramount. They are consulting with these clients on a case by case basis and may advise that they should delay the listing of their home or a purchase. They are doing what’s best for their clients in the context of government advisories,” affirms Burgoyne.
When asked about the impact of COVID-19 on the number of new listings on the market, Burgoyne speculates, “The shortage of inventory has driven down the number of new listings for the past several years, so we cannot accurately state that the decrease in March was due to COVID-19 where we saw 1,579 new residential listings and 469 for condos. The 5-year average is 2,217 and 665, respectively. I believe that April’s number will provide a truer and more legitimate reflection of the impact of COVID-19 on our local real estate market.”
“In closing, I would like to say that we are grateful to have been granted the essential service designation and are working closely with all levels of government and our provincial and national associations to ensure that we implement the necessary steps and protocols to flatten the curve and remain the trusted advisors that the public have come to expect from the REALTOR® profession.”
In addition to residential and condominium sales, OREB Members assisted clients with renting 746 properties since the beginning of the year compared to 550 at this time last year. |
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It’s truly amazing to see how our community continues to come together to help each other out during these unprecedented times. Here are a few local resources related to COVID-19 that you may find useful.
First off, the City of Ottawa has created a page specific to COVID-19 that posts health updates, changes to city services such as waste collection, a list of businesses that are open/closed, as well a variety of community support systems for those in need.
The Ottawa Food Bank is working hard to make sure no one goes hungry but it’s been a real challenge for them lately with physical distancing restrictions. Financial donations are therefore critical at the moment, so if you can, please donate online so that they can then purchase food items that are in high demand.
Finally, there’s a local Facebook group dedicated to connecting those in need with those who can help. For instance, you can put out an offer to help someone pick up their groceries or you can simply share local resources with one another. It’s a great way to help out and feel connected!
Everyone is struggling to some degree at the moment, but it’s nice to know that we can still rely on one another for support. Things will get better but in the meantime, please take care of yourself and don’t forget to check in on your neighbours.
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We’re spending so much time cooped up in our homes, so it’s important that our living space makes us feel relaxed and positive. Here are a few ways to create a more calming atmosphere:
The Right Routine
Building a solid routine into your day will help create a sense of control and normality. Start the moment you wake up by making your bed as it’ll set a positive tone for the rest of the day.
Lighten Up
Natural light is a proven antidepressant so open up your room as much as possible to natural sunlight. Pull back the curtains, clean the windows and then open them up to let the fresh air flow!
Picture Perfect
Now’s the perfect time to surround yourself with items that boost your happiness so display more art and photographs around your home that remind you of happy memories.
Clear the Clutter
Clutter causes people to feel overwhelmed so now’s the perfect time to go through everything, room by room, closet by closet, and either donate or toss any items that you no longer need.
Organize Everything
Creating organizational systems in your home will help give you more control over your environment and it’s also a great way to get the whole family involved in a project.
Get Gardening
Studies have shown that gardening can reduce symptoms of depression. If you have limited space, consider planting a vertical garden and if you don’t have any outdoor space, grow seeds for indoor pots.
Sleep Soundly
Getting enough sleep is critical when it comes to maintaining strong mental health so keep your bedroom comfortable and tidy, stick to a solid sleep routine and don’t bring in any electronic devices.
The last few weeks have been an adjustment, to say the least, but we will get through this and come out stronger than ever! In the meantime, I hope these ideas will help you create a space where you can feel happier and more relaxed. |
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Outdoor events and activities are currently postponed, but there are still plenty of creative ways to have a fun day in. For example, you can now take a virtual trip to the amusement park!
Canada’s Wonderland has set up a way for you to virtually ride 16 of their most popular roller coasters including the Yukon Striker, which stands 68 metres tall before diving below water at a speed of 130 kilometres per hour!
You’ll be able to feel every jolting turn and terrifying twist from the comfort of your living room and you won’t even have to pay for parking or wait in any lines! The best part is that there won’t be any height restrictions for the kids to worry about!
To help get everyone in the spirit, plan this event a few days in advance so you can build up the anticipation and excitement, just as you would for a regular day out.
You can even prepare some fun, amusement style treats such as ice cream sandwiches. If you really want to set the stage, consider setting up some amusement park ambience in the background!
When the big day finally arrives, set up some space in front of your TV with a few rows of chairs and place laundry baskets in front for the little ones. Grab your tickets now and plan your trip in for a great time out! |
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It’s now more important than ever to find ways to stay connected with friends and family. You’re probably familiar with Zoom or Skype for video calling, but have you heard of Houseparty?
It’s a video calling app that allows users to connect with up to 8 people at a time. When you open the app, you can join a “room” where you can chat with friends and family.
The best part is that users are able to play games against each other such as Trivia, Chips and Guac, Heads Up and Quick Draw.
Privacy is important so if you’re only interested in chatting with certain people, you can lock the room to prevent uninvited guests from just popping in or you can set up a private group where members need to be invited.
During times like these, we sometimes need to get creative in the ways that we connect with our friends and family. Social distancing is what we need to do right now but that doesn’t mean we can’t socialize from a distance. |
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P.S. Please let me know if you'd ever like a hand finding your dream home or even if you're just curious about what the house down the street sold for. I'm always happy to help ?
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