Check out our latest podcast episode: Insider Insights: Changes to Market Statistics & Market Outlook.
This week on the REAL Collective Podcast, hosts Sean Tasse (Real Estate Broker) and Kyle Miller (Mortgage Agent) break down the intricacies of the Ottawa real estate scene. In this episode, we dive into the differences between OREB and CREA Market Statistics, shedding light on the factors shaping our understanding of market trends and the changes that are currently happening. We also shed some light on the importance of distinguishing between ownership types and how your REALTOR® can extract important insights from the regional data.
Midway through, we touch on bank appraisals and anticipate future developments. Despite a dip in sales activity, we identify resilient price trends, presenting opportunities in the market. Our hosts also discuss seasonal rhythm of the real estate market and why the current conditions favor buyers. Mindset shifts around the holidays and why December may be the ideal time to make your move is explained.
Our hosts also point out the option of an extended closing date explain how to strategically leverage market seasonality. We conclude with a forward-looking discussion on planning for 2024 mortgage renewals.
Join us on this insightful journey through the diverse facets of Canadian real estate. Subscribe, like, and share to stay informed and empowered in navigating the ever-changing real estate landscape. Let's embark on this real estate journey together!
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To watch Sean's Market Update for November 2023, visit: https://youtu.be/_ONcp6LbvBM
Download our FREE SELLER GUIDE here: https://realcollective.remaxhallmarkottawa.com/ask/13f2716214954bf649ac6a4e84a3314b
Are you buying or selling? Book a meeting with Sean or Kyle today!
Sean: https://calendly.com/seanrealcollective
Kyle: https://calendly.com/kmmortgage/phone-connect
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The discrepancy between OREB and CREA Market Statistics: (0:57)
Changes to Canadian real estate market statistics: (2:45)
Real Estate statistics are now consistent across the country: (6:00)
Data from the financing perspective – national vs regional real estate: (6:25)
Why the distinction between ownership type is important: (8:15)
Nuggets of Truth vs the Story of Big Data: (9:18)
How your REALTOR® can still dig down to the specifics in the data: (9:57)
The danger of leaving money on the table in a hot market: (13:15)
The importance of appraisals: (14:40)
Half-Time: (17:14)
Bank Appraisals: What’s going to happen in the next 6 weeks: (18:30)
Sales activity is down but sales prices are not: Opportunity in the market: (21:42)
Seasonality of the Market: (22:57)
Why the conditions are here to buy: A look at the mortgage numbers: (23:30)
Mindset changes around the Holidays: (27:15)
Why the time to buy is December: (28:00)
The option of an extended closing date: (28:35)
How to take advantage of market seasonality: (29:33)
2024 Mortgage Renewals – The importance of planning: (31:05)
Outro: (32:53)