June 2021 – Ottawa Real Estate Board

Ottawa REALTORS® Urge Municipal Leaders to Address Senior Housing Issues

The findings in newly released surveys of Ottawa residents and REALTORS® affirm the urgent need for municipal policies to address the increasing demand for a range of affordable and attainable housing options for the elderly residents of our City within the next five years. The Ottawa Real Estate Board (OREB) recently collaborated with the Ontario Real Estate Association (OREA) and Nanos Research to conduct this public research. In addition to views on the current housing market’s challenges, the surveys also sought to assess the necessity of creating additional housing options for seniors.

Both Ottawa Resident & REALTOR® Nanos Surveys Affirm Urgent Need for Affordable and Attainable Housing Options for Seniors.

The Ottawa Real Estate Board (OREB) recently collaborated with the Ontario Real Estate Association (OREA) and Nanos Research to conduct this public research. In addition to views on the current housing market’s challenges, the surveys also sought to assess the necessity of creating additional housing options for seniors.

OREB was particularly interested in perceptions and responses surrounding the need for a range of senior housing options in light of the deadly and devastating impact Covid-19 has had in long-term care homes and senior residences.

“As REALTORS®, we heard from our clients that many seniors would prefer to stay in their homes for as long as possible, and many families would choose to have their parents live with them or on their property for as long as feasible,” states Ottawa Real Estate Board President, Debra Wright.

“However, we also know from experience that there are little to no options which currently exist within the real estate market for this goal to be realized, and that clients are repeatedly asking REALTORS® to locate affordable senior-friendly options,” she adds.

Designed by Nanos Research, a random phone survey of Ottawa residents and an online survey of OREB Members found, amongst other key results, that:

80% of Ottawa residents surveyed are concerned or somewhat concerned about the affordability, and 72% are concerned or somewhat concerned about the availability of adequate housing for seniors in Ottawa.
Just over one-third of Ottawa residents surveyed (35%) said they (or the seniors they make decisions on behalf of) would require a senior-friendly home within the next five years.
56% of the REALTORS® surveyed said they had difficulty meeting the needs of senior housing (mean score of 7.2 out of 10).

When residents were asked how urgent a priority for the City of Ottawa is it to ensure seniors have adequate housing options on a scale of 1 – 10, with 10 being very urgent, 73% of respondents rated it urgent (mean score of 7.7 out of 10).

In the survey, residents supported easing restrictions for secondary suites and coach houses, and REALTORS® made several recommendations to municipal leaders to make it easier to meet the needs of their clients, which included:

Be more flexible with construction regulations/permits (additions, separate entrances, main floor in-law suites)
Ease up permit fees/provide funding/incentives/grants
Make permits/application process faster/easier
Tax incentives/breaks
Build/allow coach houses

“The City is going to have to get creative. Our seniors deserve to live their golden years in a manner that respects their privacy, independence, and allows them to enjoy a lifestyle that befits their many years contributing to our communities.”

“We hope this research will assist in educating and mobilizing our community leaders on key issues surrounding housing strategies for our seniors in our region and will lead to informed decision making and existing policy improvement,” Wright concludes.

View full survey results on the Nanos Research website by clicking the buttons below:

OREB REALTOR® Survey

OREB Public Survey

Ottawa Real Estate Board provides $19,837 to support four local Charities.

As the third wave of the pandemic continues to put pressure on the province’s already stretched shelter system, the Ottawa Real Estate Board is supporting four charities in our local community by providing each $4959 in funding to assist with service continuity.

Ontario REALTORS® Donate $1 million to Shelter-Based Charities as Pandemic Continues to Challenge Shelters and Food Banks.

This funding is part of the Ontario Real Estate Association’s (OREA) larger donation of $520,000 to Ontario shelters and food banks, which is on top of the $480,000 donation made one year ago. The funds will be distributed through the Ontario REALTORS Care® Foundation to nearly 100 shelters and food banks across Ontario.

“Vulnerable populations around the world continue to be disproportionately affected by the impact of Covid-19, and we are thrilled to be able to support four of our local charitable organizations,” states Debra Wright, Ottawa Real Estate Board President. “Undoubtedly, the demand for their services and client base has amplified along with their operational expenses due to increased safety measures. These needs are compounded by a decrease in fundraising opportunities and donations, making their objectives exponentially more difficult to achieve. We hope that these donations will help them offer continued support to those in our communities that rely on them.”

The four Ottawa-area charities are:

• Ancoura

• Eastern Ottawa Resource Centre

• Jericho Road Ministries

• Ottawa-Carleton Association for Persons with Developmental Disabilities

All charities receiving funding are listed on RealHeart.ca, a recently launched initiative with a mission to support Ontario Realtors in their work to build stronger communities across Ontario. In 2020 alone, the Foundation raised more than $1.1 million for shelter-based organizations. Today’s donation is part of OREA’s and ORCF’s longstanding commitment to helping families in need of emergency and permanent housing.

“The impact of this pandemic on our local communities has been devastating,” said Heather Arnott, President, Ontario REALTORS Care® Foundation. “We hope this donation will help our community organizations continue the incredibly important work they do to help those going through tough times. I’d like to thank the OREA Board of Directors for their continued support of the Foundation and their work in responding to the current COVID crisis. This funding is consistent with the socially responsible leadership that OREA, its 37 Member Boards and its Realtor Members provide to the Ontario communities they serve.”

To donate to the Ontario REALTORS Care® Foundation, go to www.RealtorsCareOntario.ca.

Residential Resale Market: A Tale of Two May Lockdowns

Members of the Ottawa Real Estate Board sold 2,296 residential properties in May through the Board’s Multiple Listing Service® System, compared with 1,342 in May 2020, an increase of 71 per cent. May’s sales included 1,779 in the residential-property class, up 67 per cent from a year ago, and 517 in the condominium-property category, an increase of 85 per cent from May 2020. The five-year average for total unit sales in May is 2,123.

“Although Ontario was in a lockdown in both May 2020 and May 2021, the impact they had on Ottawa’s resale market was quite different – with this year’s number of transactions being well over the five-year average. Undoubtedly, enhanced safety measures and vaccine adoption rates have enabled potential Buyers and Sellers to feel more protected and comfortable in their home buying and selling process,” states Ottawa Real Estate Board President, Debra Wright.

“Additionally, twice the number of new listings entered the market in May 2021, compared to last year at this time, with 2,386 residential properties and 727 condos added to inventory. This is approximately 50 units more than the five-year average for new listings,” she adds.

May’s average sale price for a condominium-class property was $424,843, an increase of 24 per cent from last year, while the average sale price for a residential-class property was $741,206, an increase of 35 per cent from a year ago.With year-to-date average sale prices at $736,241 for residential and $420,074 for condominiums, these values represent a 35 per cent and 21 percent increase over 2020, respectively.*

“With the number of condominium sales transactions having increased by 85% in May of 2021, over May of 2020, coupled with the 21% price increase in the same periods, it appears that the condo market has recovered from the declines experienced early in the pandemic.”

“For residential-class properties, price movement is still well above 2020, with 46% selling over $700K compared to 16% of properties last year at this time – these percentages are reflected in the sales data for both May and year-to-date. We observe that month-over-month average price increases for April and May are not as high as the jumps in value in the first quarter of 2021. While it is still too early to predict, this may be a sign that the rapid price acceleration we have been experiencing is easing in the market.”

“As we come out of this lockdown, we will closely monitor other market factors including the effects of the increased stress test measures combined with the average five-year fixed mortgage rates climbing back over two per cent since the beginning of 2021, and whether pent-up supply will decrease our supply shortage and eventually bring Ottawa’s real estate market to a more balanced state,” Wright concludes.

OREB Members also assisted clients with renting 1,837 properties since the beginning of the year compared to 1,207 at this time last year.

* 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.