Members of the Ottawa Real Estate Board (OREB) are welcoming a new Board of Directors slate who have been elected to represent more than 3,900 REALTORS® for 2023. The new board will be comprised of 2023 President Ken Dekker, Past President Penny Torontow, President-Elect Curtis Fillier, and Vice-President Paul Czan. Joining them are directors Fred Crouch, Tami Eades, Laura Finlay, Eric Kalbfleisch, Michael Lewicki, Tony McDermott, Jake Prescott, Matt Richling and Ralph Shaw.
Members of the Ottawa Real Estate Board (OREB) are welcoming a new Board of Directors slate who have been elected to represent more than 3,900 REALTORS® for 2023.
The new board will be comprised of 2023 President Ken Dekker, Past President Penny Torontow, President-Elect Curtis Fillier, and Vice-President Paul Czan. Joining them are directors Fred Crouch, Tami Eades, Laura Finlay, Eric Kalbfleisch, Michael Lewicki, Tony McDermott, Jake Prescott, Matt Richling and Ralph Shaw.
“No matter what’s happening in the market, there are consumers who need to buy or sell a home, rent a property, or buy, lease or sell a commercial space or business,” says President Ken Dekker. “And now more than ever, consumers need an experienced and expert REALTOR® to help them navigate these fluctuating markets. I’m excited to work with OREB to be the leading authority on real estate matters and represent our dynamic real estate professionals. It also comes with great responsibility to advocate for better consumer protections, enhanced regulatory oversight and elevated standards for the profession.”
Ken Dekker, 2023 OREB President
A real estate professional for nearly 30 years, Ken founded his own brokerage and is a published author. Ken has been volunteering with OREB since 2008, lending his time and enthusiasm to the board of directors and several committees including arbitration, government and community relations, and finance and audit.
“REALTORS® are leaders in our community and this year will be pivotal,” says Ken. “Another element of our consumer advocacy efforts is driving better housing policy. Ottawa has a housing crisis. We must be loud, engaged and innovative about the chronic insufficiency of supply, affordability and sustainability. I look forward to working with and supporting our Members as we help build a better community for all.”
Back row: Paul Czan, Tami Eades, Fred Crouch, Michael Lewicki, Eric Kalbfleisch Middle row: Jake Prescott, Laura Finlay, Ralph Shaw, Tony McDermott, Matt Richling Front row: Curtis Fillier, Ken Dekker, Penny Torontow
Members of the Ottawa Real Estate Board (OREB) sold 601 residential properties in December through the Board’s Multiple Listing Service® (MLS®) System, compared with 857 in December 2021, a decrease of 30%. December’s sales included 466 in the residential-property class, down 22% from a year ago, and 135 in the condominium-property category, a decrease of 48% from December 2021. The five-year average for total unit sales in December is 775.
Members of the Ottawa Real Estate Board (OREB) sold 601 residential properties in December through the Board’s Multiple Listing Service® (MLS®) System, compared with 857 in December 2021, a decrease of 30%. December’s sales included 466 in the residential-property class, down 22% from a year ago, and 135 in the condominium-property category, a decrease of 48% from December 2021. The five-year average for total unit sales in December is 775.
2022 in Review Residential and condo resales in 2022 totaled 15,288, compared with 20,289 in 2021, decreasing 25%. Total sales volume in 2022 was approximately $10.5B compared to $13B in 2021.
“Even with the normal seasonal slowdown, December’s performance was in stark contrast to the very active resale market that opened 2022,” says Ken Dekker, OREB’s newly installed 2023 President. “As interest rates and inflation both climbed, buyers retreated to the sidelines and began taking a wait and see approach. However, while it’s quieter than the frantic pace we experienced in 2021, it is now a balanced market.”
By the Numbers – Average Prices*:
The average sale price for a condominium-class property in December was $434,973, an increase of 9% from 2021.
The average sale price for a residential-class property was $655,839, decreasing 7% from a year ago.
With year-to-date average sale prices at $769,623 for residential units and $453,770 for condominiums, these values represent a 7% increase over 2021 for residential-class properties and an 8% increase for condominium-class properties.
“Although market activity tapered off in later 2022, there was an immense amount of activity in the spring at high prices,” says Dekker. “This will be an important caveat to consider as we begin comparing 2023 numbers to the previous year.”
By the Numbers – Inventory & New Listings:
Months of Inventory for the residential-class properties has increased to 3.7 months from 0.9 months in December 2021.
Months of Inventory for condominium-class properties has increased to 3.9 months from 0.9 months in December 2021.
December’s new listings (699) were 17% higher than 2021 (600) and down 56% from November 2022 (1,598). The 5-year average for new listings in December is 662.
“The leading economic force behind Ottawa’s rapid appreciation in the past five years is chronic supply insufficiency,” says Dekker. “It intensified during the pandemic as prospective purchasers capitalized on incredibly low interest rates. Today’s higher rates are slowing down building projects, which exacerbates the low supply issue.”
2023 Lookahead “Since Ottawa is made up of hyper-local markets, it is a difficult ecosystem to forecast,” says Dekker. “Plus, there are a multitude of factors influencing a changing economic environment these days that will dictate how much activity the resale market will see in 2023. REALTORS® have access to expert insights and industry resources that can help buyers and sellers navigate the complexities.”
REALTORS® also help with finding rentals and vetting potential tenants. OREB Members have assisted clients with renting 6,105 properties this past year compared to 4,813 in 2021.
* 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.
