Do you know that Orleans is one of the hottest real estate markets in Ontario? The number of sales is soaring, and the prices of condos are rising. The average price of houses for sale is slightly lower than what it was last year in September. What makes Orleans unique when it comes to investment?
Our experts have dug out all the statistics to understand the real estate market trends. This blog post will explore the intricate details of the real estate market report in Orleans, Ottawa. We will also give a home price forecast and some recommendations for the buyers and sellers of real estate in Orleans, Ontario.
There were 136 home sales in Orleans in September 2023, which was around a 3.6% increase as compared to the last year. The average price of houses for sale in Orleans in October 2023 is $679,889, which is 1.8% less than the average price in October 2022. However, it is slightly more as compared to the average price in the last month, i.e. $615,451.
The average price of a condo in Orleans in September was $ 414,327, which was a 2.5% increase compared to the price last year. These statistics signify the growing demand. The number of listings and sales are increasing. The reasons for the increase in demand are economic stability and population growth.
As more and more families are looking forward to moving to Orleans, Ottawa, the competition for the available properties has become intense. This phenomenon has resulted in multiple offer situations.
As mentioned earlier, the average house price in October is slightly lower than what it was last year. However, it is slightly more than what it was last month. This trend is resulting in a hike in demand in favourite neighbourhoods like Fallingbrook and Chapel Hill.
According to the Orleans real estate market update, investors and homeowners have been quite interested in bungalows, stacked condos, and townhouses. Bungalows have seen a 23.8% increase in price, whereas the prices of condos and townhouses have increased by 3.8% and 2.1%, respectively.
|Type of home||Avg. Price||% Change|
|Residential Townhome & Semi||$576,689||-3.0%|
|Detached Single Family||$773,533||2.1%|
|Condominium Townhome & Semi||$430,156||2.1%|
|Apartment or Stacked Condo||$399,429||3.8%|
Here’s an overview of some of the favourite types of houses in Orlean, Ontario.
Bungalows are one of the most popular types of homes in Orleans, Ontario. It is a detached house with your living room, dining room, kitchen, and bedroom contained to one floor. Some bungalows do have a basement.
There is a good inventory of bungalows in Orleans, Ontario. These houses are usually found in established neighbourhoods like Fallingbrook. Prices vary widely, ranging from $270,000 for a two-bedroom home to over $950,000 for a five-bedroom house.
These residential units are typically located in buildings with shared front lobbies, pools, gyms, etc. They are relatively inexpensive and require low maintenance.
Orleans has a variety of condominiums, starting from the mid $300,000s. Prices vary based on the condo’s size, location, and available amenities, making condos an affordable entry point into the Orleans real estate market.
It is a unit in a row of houses, all attached to one another. The residents pay a condominium fee that covers the shared monthly expenses for the upkeep of the facility.
They are for individuals who desire a blend of modern living and community. They offer efficiency and open-concept layouts, with prices typically starting in the mid $300,000s and going up to the mid $500,000s, depending on factors like location and features. Chapel Hill is a notable neighbourhood for townhomes.
It is a house not attached to any other dwelling. It has an open space on all sides. A mobile home fixed to a permanent foundation can also be called a single-family home.
The average home price in Orleans remains around $635,000, which is quite affordable compared to the prices in expensive neighbourhoods like downtown Ottawa. The monthly data for 2023 shows price fluctuations influenced by economic conditions and supply-demand dynamics. Additionally, various property types in Orleans exhibit distinct price trends, hinting at evolving housing preferences within the market.
|Month 2023||Avg. Price||% Change|
The data for the chart has been adapted from the agents in Ottawa.
The real estate market in Orleans has shown remarkable growth and adaptability over the decades. While yearly fluctuations in percentage change are evident, including the exceptional 36.3% increase in 2021, the -7.4% decrease in 2022 suggests a possible correction phase influenced by external factors or changing buyer behaviours.
The following graph and table highlight the resilience of the Orleans real estate market, underscoring the importance of continuous monitoring and adaptation. The graphs below show the benchmark or average prices of homes sold in the area.
|YEAR||AVERAGE PRICE||% Change|
Locations can play a great role in determining the cost of a house in Orleans, Ottawa. The following table compares the average house prices in the three most popular areas of Orleans, Ottawa.
|Feature||Orleans North||Orleans South||Orleans East|
|Oldest House Built in||1950||1914||1945|
|Average House Age||Most houses were built between 1965 and 1985.||Most houses were built in 1960 and continue to be built.||Most houses were started in 1984, and homes continue to be built.|
|Detached Homes Percentage||67%||84%||60%|
|Row and Semi-detached Homes Percentage||20%||16%||40%|
|Detached Homes Prices Range|
$300,000 to $1,450,000
67% under $400,000.
$250,000 to $700,000
10% under $300,000, and 65% under $400,000.
$300,000 to $775,000
35% under $400,000.
|Semi-detached and Row Houses’ Prices Range|
$250,000 to $335,000
65% under $300,000.
$275,000 to $400,000,
35% under $300,000.
$250,000 to $425,000,
44% under $300,000.
We are likely to start 2024 in a balanced market. According to our estimates, we will have about a four-month housing supply at the beginning of the year. Some areas of Orleans will be in the buyers’ market and others will be in the sellers’ market. In this divided market, you must work with a professional real estate agent, like Labrosse, before buying any property.
The fluctuations in interest rates will affect the supply issues as well as the seller’s market. If the inflation increases, the Bank of Canada might raise the interest rates. These changes might put some buyers on the fence as they wait to see what happens next.
If there’s a drop in interest rate, the first half of 2024 will be in the sellers’ market. Since there is not a huge supply of houses, the drop in interest rate will result in an increase in the prices of houses.
If the interest rates stay the same, the market conditions will be unaffected, by and large. Some areas of Orleans will be in the buyer’s market, and others will be in the seller’s market.
If the interest rates increase, it will result in higher mortgage rates. This will keep the buyers out of the market.
The rental market is likely to be impacted by the increasing interest rates, too. The rent prices are expected to go higher. The supply of rental units will significantly increase as people will not be able to sell those units. Despite an increase in supply, the rental prices will not come down.
We saw a healthy bungalow market and condo market in 2023. There is a huge supply of townhomes in different areas of Orleans. If the prices fall down, people might prefer townhomes instead of condos.
However, if the prices of homes rise in Olreans, more people will be preferring condos. In 2024, we may see several townhomes and condos changing hands.
Orleans has a wide range of neighbourhoods. This suburb caters to people with different lifestyles and preferences. There are certain factors such as lifestyle, commute, and preferred amenities which play an important role when choosing a place to call home in Orleans.
Let’s dig into some of the top neighbourhoods in Orleans.
This neighbourhood in Orleans has a family-friendly ambiance. The place is known for its tranquil environment and strong community spirit. Fallingbrook has well-maintained parks and friendly residents. This place is ideal for families with children as it has lots of parks, community centers, and recreational facilities.
Fallingbrook has mostly single-family homes with spacious yards. This makes it perfect for all those families who love outdoor activities. All the new home buyers in Orleans with children must consider this neighbourhood as it has lots of green spaces and charming houses.
It is a neighbourhood in Orleans with lots of urban conveniences and a strong sense of community. This neighbourhood accommodates a diverse range of residents, from families to professionals, as it offers a mix of single-family homes and townhouses. The standout feature of this neighbourhood is its accessibility to amenities.
These include shopping centers, restaurants, and entertainment options, ensuring residents have all they need. The other important advantage of Chapel Hill is that the people living here can easily commute to other parts of Ottawa as it has access to all the major roadways and public transportation.
If you love modern living spaces and urban lifestyles, Avalon is the best choice. This location offers a wide range of contemporary homes and townhouses. They are specifically designed with modern aesthetics and functionality in mind.
This neighbourhood is very popular amongst young professionals and couples who want to avail themselves of amenities such as shopping centers, fitness facilities, and dining options. Avalon is located near major roadways and facilitates access to other parts of Ottawa. The public transport facility is always readily available in this neighbourhood.
Orleans South West is a unique neighbourhood. It is a blend of natural beauty and suburban comfort. As this neighbourhood is positioned along the Ottawa River, it provides breathtaking waterfront views and access to scenic trails.
This neighbourhood has a mix of single-family homes and townhouses accommodating all kinds of people. The abundance of parks and outdoor spaces appeals to nature lovers. It also has several good schools, shopping centers, and recreational facilities, which ensure a convenient lifestyle in this picturesque neighbourhood.
Whether you’re a prospective homeowner, a seasoned investor, or simply curious about the market, Orleans, Ottawa, offers incredible opportunities in the real estate market. If you are interested in buying a home in Orleans, Labrosse Real Estate can provide expert guidance. Our local expertise and insights will provide you with valuable information on your real estate journey.
There is an increase of 2.9% in the prices of homes in Ottawa as compared to the prices of the previous year, September 2022. In October 2023, the average price of a home ( residential homes and condos) in Ottawa was $672,873. Are you looking for homes for sale in Orleans, Ottawa? Have a look at our new listings to find out the average house price in Orleans, Ottawa.
Orleans’ housing market is quite competitive. According to the real estate listings, the average rent of an apartment was $2,226 per month in Ottawa in August. The rent of a bachelor apartment is around $1,686 per month, and the rent of a two-bedroom apartment, on average, is around $2,535 per month. The rent of a three-bedroom apartment, on average, is around $2,789 per month.
It is a very family-friendly suburb of Ottawa. This place has lots of amenities and recreational facilities. You can also find the houses for sale in Orleans quite affordable. Are you looking for Orleans homes for sale? Contact an expert real estate agent today to find out your Orleans home. Please consult a licensed real estate professional before making a real estate investment decision.
Orleans, Ontario’s real estate market continues to plunge as the number of sales soar and the prices of condos rise. The average price of houses for sale is slightly lower than what it was last year in September. Our experts have dug out all the statistics to understand the real estate market trends. This blog post will explore the intricate details of the real estate market report in Orleans, Ottawa. We will also give a forecast and some recommendations for the buyers and sellers of real estate in Orleans, Ontario.
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