Month: December 2022

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Ottawa REALTORS® Give $113,377 to 18 Shelter-Related Charities

Members of the Ottawa Real Estate Board (OREB) raised over $113,000 for the Ontario REALTORS Care® Foundation (ORCF) in 2022 and provided grants to 18 shelter-related charities in Ottawa and the surrounding areas.

Members of the Ottawa Real Estate Board (OREB) raised over $113,000 for the Ontario REALTORS Care® Foundation (ORCF) in 2022 and provided grants to 18 shelter-related charities in Ottawa and the surrounding areas.

Each year, OREB Members contribute funds to the Ontario REALTORS Care® Foundation (ORCF) through our $2 per member per month donations. These funds are combined with the proceeds from our Annual Charity Golf Tournament, which took place this past August and raised over $17,000.

These charities assist local area residents who may not have adequate shelter, along with those who may be dealing with homelessness, addiction, mental or physical illness, spousal or familial abuse, disabilities, poverty, or ageing.

The 2022 Ottawa-area grant recipients are:

  • Ancoura
  • Big Brothers Big Sisters of Lanark County
  • Bruce House
  • Chrysalis House
  • Eastern Ottawa Resource Centre
  • Habitat for Humanity Greater Ottawa
  • Hospice Care Ottawa
  • Innercity Ministries
  • Interval House
  • Jericho Road Christian Ministries
  • Lanark Highlands Youth Centre
  • Nelson House
  • Ottawa-Carleton Association for Persons with Developmental Disabilities
  • Ottawa-Carleton Lifeskills
  • Perley Health Foundation
  • Restoring Hope Ministries
  • The Table
  • Youth Services Bureau

We truly appreciate our Members who endorsed these charities and continue to provide ongoing support to them. We thank all of you for your contributions to the REALTORS Care® Foundation in 2022. We look forward to raising even more funds to donate to Ottawa and area shelter-based charities in 2023!

The Ontario REALTORS Care® Foundation (ORCF) is operated by the Ontario Real Estate Association (OREA) and provides grants to Ontario shelter-related charities. The REALTORS Care® Foundation is supported by Ontario Real Estate Boards and Associations and their REALTOR® Members. 

November Residential Resales: Expectedly Low

Members of the Ottawa Real Estate Board (OREB) sold 846 residential properties in November through the Board’s Multiple Listing Service® (MLS®) System, compared with 1,456 in November 2021, a decrease of 42%. November’s sales included 658 in the residential-property class, down 39% from a year ago, and 188 in the condominium-property category, a decrease of 50% from November 2021. The five-year average for total unit sales in November is 1,270.

Members of the Ottawa Real Estate Board (OREB) sold 846 residential properties in November through the Board’s Multiple Listing Service® (MLS®) System, compared with 1,456 in November 2021, a decrease of 42%. November’s sales included 658 in the residential-property class, down 39% from a year ago, and 188 in the condominium-property category, a decrease of 50% from November 2021. The five-year average for total unit sales in November is 1,270.

“November’s sales were expectedly low given the typical slowdown this time of year but they also reflect today’s economic conditions,” says Penny Torontow, OREB’s 2022 President. “This is not isolated to our local market. Globally, we’re still adjusting to the post-pandemic world and that affects demand, pricing, interest rates, cost of living, supply chain disruptions and more. As a result, those who can, are waiting and watching.”

By the Numbers – Average Prices*:

  • The average sale price for a condominium-class property in November was $415,533, a decrease of 4% from 2021.
  • The average sale price for a residential-class property was $680,031, decreasing 5% from a year ago.
  • With year-to-date average sale prices at $774,422 for residential units and $454,436 for condominiums, these values represent an 8% increase over 2021 for both property classes.

“What’s concerning about the current market is the impact on first-time homebuyers,” says Torontow. “The marked decrease in condo sales, for example, signals that even entry-level properties are being affected. Fluctuating markets, paired with the stress test, are keeping first-time buyers on the sidelines in a tight rental market—with MLS® rentals increasing 27% this year over last.”

By the Numbers – Inventory & New Listings:

  • Months of Inventory for the residential-class properties has increased to 3.5 months from 0.9 months in 2021.
  • Months of Inventory for condominium-class properties has increased to 3.4 months from 1.1 months in 2021.
  • November’s new listings (1,598) were 12% higher than 2021 (1,429) and down 22% from October 2022 (2,046). The 5-year average for new listings in November is 1,398.

“With nearly four months of inventory and an average 30 days on market, Ottawa now has a balanced resale market, slightly tipping toward the buyers,” says Torontow. “Sellers are well-advised to work with a REALTOR® who has hyper-local knowledge about specific neighbourhoods, appropriate price points and ideal timing. Prices are adjusting but real estate is a long-term investment. It’s the same reason I tell buyers to marry the house and date the rate.”

* OREB cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Price will vary from neighbourhood to neighbourhood.