Members of the Ottawa Real Estate Board sold 1,009 residential properties in February through the Board's Multiple Listing Service® system compared with 940 in February 2011, an increase of 7.3 per cent. The five-year average for February sales is 949.
February's sales included 244 in the condominium property class, and 765 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.
"This month's results indicate a steady incline in resale housing in the Ottawa area," said Past President Joanne Tibbles. "The number of sales increased since January, and the inventory of properties for sale is back to a normal rate, still offering plenty of options for buyers, and this indicates a healthy balanced market as we head into spring."
The average sale price of residential properties, including condominiums, sold in February in the Ottawa area was $350,046, an increase of 3.2 per cent over February 2011. The average sale price for a condominium-class property was $273,464, an increase of 4.6 per cent over February 2011. The average sale price of a residential-class property $374,472, an increase of 3.4 per cent over February 2011. The Board cautions that average sale price information 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 average sale price is calculated based on the total dollar volume of all properties sold.
Courtesy of the Ottawa Real Estate Board.
Showing posts with label Ottawa real estate. Show all posts
Showing posts with label Ottawa real estate. Show all posts
Thursday, March 8, 2012
Tuesday, January 10, 2012
Market Update Ottawa: Just another average month in the nation's capital
2011 a typical year for home sales in Ottawa
Members of the Ottawa Real Estate Board sold 699 residential properties in December through the Board's Multiple Listing Service® system compared with 618 in December 2010, an increase of 13.1 per cent. The five-year average for December sales is 611. The total number of homes sold through the Board's MLS® system in 2011 was 14,412, an increase of 1.7 per cent over 2010. The average price for 2011 was $343,701, an increase of 5.2 per cent over 2010.
Of December's sales, 177 were in the condominium property class, while 522 were in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.), which is registered as a condominium, as well as properties, which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.
"Resale home sales in 2011 were slightly above the five-year average of 14,326, and that's really the story for the year. The market started off the year quietly, but gained momentum as we headed into spring and summer, losing very little steam during the fall and posting the best November on record, which leaves us with a very solid balance sheet for 2011," said Past President Joanne Tibbles. "In many ways, it epitomized Ottawa's real estate market: no dizzying highs, no dramatic lows, just slow and steady growth over the long term," she added.
The average sale price of residential properties, including condominiums, sold in December in the Ottawa area was $332,527, an increase of 2.6 per cent over December 2010. The average sale price for a condominium-class property was $262,514, an increase of 3 per cent over December 2010. The average sale price of a residential-class property was $356,267, an increase of 0.2 per cent over December 2010. The Board cautions that average sale price information 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 average sale price is calculated based on the total dollar volume of all properties sold.
courtesy of the Ottawa real estate board
Members of the Ottawa Real Estate Board sold 699 residential properties in December through the Board's Multiple Listing Service® system compared with 618 in December 2010, an increase of 13.1 per cent. The five-year average for December sales is 611. The total number of homes sold through the Board's MLS® system in 2011 was 14,412, an increase of 1.7 per cent over 2010. The average price for 2011 was $343,701, an increase of 5.2 per cent over 2010.
Of December's sales, 177 were in the condominium property class, while 522 were in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.), which is registered as a condominium, as well as properties, which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.
"Resale home sales in 2011 were slightly above the five-year average of 14,326, and that's really the story for the year. The market started off the year quietly, but gained momentum as we headed into spring and summer, losing very little steam during the fall and posting the best November on record, which leaves us with a very solid balance sheet for 2011," said Past President Joanne Tibbles. "In many ways, it epitomized Ottawa's real estate market: no dizzying highs, no dramatic lows, just slow and steady growth over the long term," she added.
The average sale price of residential properties, including condominiums, sold in December in the Ottawa area was $332,527, an increase of 2.6 per cent over December 2010. The average sale price for a condominium-class property was $262,514, an increase of 3 per cent over December 2010. The average sale price of a residential-class property was $356,267, an increase of 0.2 per cent over December 2010. The Board cautions that average sale price information 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 average sale price is calculated based on the total dollar volume of all properties sold.
courtesy of the Ottawa real estate board
Thursday, October 6, 2011
Market Update: Another strong month for Ottawa home owners!
Market Update: Another strong month for Ottawa home owners!
Members of the Ottawa Real Estate Board sold 1,202 residential properties in September through the Board's Multiple Listing Service® system compared with 1,071 in September 2010, an increase of 12.2 per cent. The five-year average for September sales is 1,160.
Of those sales, 280 were in the condominium property class, while 922 were in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.), which is registered as a condominium, as well as properties, which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.
"Not much has changed in the Ottawa resale housing market since last month. Sales remain slightly above average, prices continue to appreciate at a moderate rate, and homes are taking about the same amount of time to sell," said Board President Joanne Tibbles. "The stability and affordability of our housing market, coupled with low interest rates, is still appealing for investors and for home buyers who want to make Ottawa the best place to call home," she added.
The average sale price of residential properties, including condominiums, sold in September in the Ottawa area was $335,765, an increase of 3.4 per cent over September 2010. The average sale price for a condominium-class property was $254,864, an increase of 5.9 per cent over September 2010. The average sale price of a residential-class property was $360,334, an increase of 3.2 per cent over September 2010. The Board cautions that average sale price information 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 average sale price is calculated based on the total dollar volume of all properties sold.
Courtesy of the Ottawa Real Estate Board.
Members of the Ottawa Real Estate Board sold 1,202 residential properties in September through the Board's Multiple Listing Service® system compared with 1,071 in September 2010, an increase of 12.2 per cent. The five-year average for September sales is 1,160.
Of those sales, 280 were in the condominium property class, while 922 were in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.), which is registered as a condominium, as well as properties, which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.
"Not much has changed in the Ottawa resale housing market since last month. Sales remain slightly above average, prices continue to appreciate at a moderate rate, and homes are taking about the same amount of time to sell," said Board President Joanne Tibbles. "The stability and affordability of our housing market, coupled with low interest rates, is still appealing for investors and for home buyers who want to make Ottawa the best place to call home," she added.
The average sale price of residential properties, including condominiums, sold in September in the Ottawa area was $335,765, an increase of 3.4 per cent over September 2010. The average sale price for a condominium-class property was $254,864, an increase of 5.9 per cent over September 2010. The average sale price of a residential-class property was $360,334, an increase of 3.2 per cent over September 2010. The Board cautions that average sale price information 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 average sale price is calculated based on the total dollar volume of all properties sold.
Courtesy of the Ottawa Real Estate Board.
Wednesday, September 7, 2011
Market Update: Above-average home sales in August
Members of the Ottawa Real Estate Board sold 1,329 residential properties in August through the Board's Multiple Listing Service® system compared with 1,099 in August 2010, an increase of 20.9 per cent. The five-year average for August sales is 1,225.
Of those sales, 285 were in the condominium property class, while 1,044 were in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.), which is registered as a condominium, as well as properties, which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.
"Through the summer, the resale housing market has picked up some momentum and made up for the quiet start to 2011; this year's unit sales to date are now within a percentage point of the number of homes sold by this time last year. However, we are seeing that homes are taking slightly longer to sell than they did in July," said Board President Joanne Tibbles. "Interest rates are still low, which continues to motivate many buyers and sellers, but a more balanced market means more properties for buyers to choose from, which often leads to a longer selling time," she added.
The average sale price of residential properties, including condominiums, sold in August in the Ottawa area was $337,372, an increase of 6.2 per cent over August 2010. The average sale price for a condominium-class property was $252,999, an increase of 3.1 per cent over August 2010. The average sale price of a residential-class property was $360,405, an increase of 6.3 per cent over August 2010. The Board cautions that average sale price information 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 average sale price is calculated based on the total dollar volume of all properties sold.
Courtesy of the Ottawa Real Estate Board
Of those sales, 285 were in the condominium property class, while 1,044 were in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.), which is registered as a condominium, as well as properties, which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.
"Through the summer, the resale housing market has picked up some momentum and made up for the quiet start to 2011; this year's unit sales to date are now within a percentage point of the number of homes sold by this time last year. However, we are seeing that homes are taking slightly longer to sell than they did in July," said Board President Joanne Tibbles. "Interest rates are still low, which continues to motivate many buyers and sellers, but a more balanced market means more properties for buyers to choose from, which often leads to a longer selling time," she added.
The average sale price of residential properties, including condominiums, sold in August in the Ottawa area was $337,372, an increase of 6.2 per cent over August 2010. The average sale price for a condominium-class property was $252,999, an increase of 3.1 per cent over August 2010. The average sale price of a residential-class property was $360,405, an increase of 6.3 per cent over August 2010. The Board cautions that average sale price information 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 average sale price is calculated based on the total dollar volume of all properties sold.
Courtesy of the Ottawa Real Estate Board
Wednesday, July 6, 2011
Market Update: Another strong month for Ottawa homeowners!
Members of the Ottawa Real Estate Board sold 1,712 residential properties in June through the Board's Multiple Listing Service® system compared with 1,543 in June 2010, an increase of 11 per cent. The five-year average for June sales is 1,695.
Of those sales, 378 were in the condominium property class, while 1,334 were in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.), which is registered as a condominium, as well as properties, which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.
"It's obvious that the dream of home ownership is alive and well in Ottawa, with solid sales numbers like these. First-time buyers are out in the market in a big way, due to continued low interest rates, and after last year's HST-affected spring, we're seeing a return to what the June resale market usually looks like in Ottawa," said Board President Joanne Tibbles.
The average sale price of residential properties, including condominiums, sold in June in the Ottawa area was $353,560, an increase of 8 per cent over June 2010. The average sale price for a condominium-class property was $275,996, an increase of 9.6 per cent over June 2010. The average sale price of a residential-class property was $375,539, an increase of 7.3 per cent over June 2010. The Board cautions that average sale price information 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 average sale price is calculated based on the total dollar volume of all properties sold.
courtesy of the Ottawa Real Estate Board
Of those sales, 378 were in the condominium property class, while 1,334 were in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.), which is registered as a condominium, as well as properties, which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.
"It's obvious that the dream of home ownership is alive and well in Ottawa, with solid sales numbers like these. First-time buyers are out in the market in a big way, due to continued low interest rates, and after last year's HST-affected spring, we're seeing a return to what the June resale market usually looks like in Ottawa," said Board President Joanne Tibbles.
The average sale price of residential properties, including condominiums, sold in June in the Ottawa area was $353,560, an increase of 8 per cent over June 2010. The average sale price for a condominium-class property was $275,996, an increase of 9.6 per cent over June 2010. The average sale price of a residential-class property was $375,539, an increase of 7.3 per cent over June 2010. The Board cautions that average sale price information 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 average sale price is calculated based on the total dollar volume of all properties sold.
courtesy of the Ottawa Real Estate Board
Wednesday, May 4, 2011
Ottawa Real Estate Market Update: April sales return to pre-HST levels
Members of the Ottawa Real Estate Board sold 1,536 residential properties in April through the Board's Multiple Listing Service® system compared with 1,814 in April 2010, a decrease of 15.3 per cent. The five-year average for home sales in April is 1,612.
Of those sales, 316 were in the condominium property class, while 1,220 were in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.), which is registered as a condominium, as well as properties, which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.
"Sales in April 2010 soared well above average in advance of the implementation of the Harmonized Sales Tax in Ontario last July. Normally in Ottawa, we see a brisker sales period beginning at the end of April or early May, but last year's spring market started earlier by about three months due to the HST. That surge in sales pushed April's five-year average up significantly; it's not out of the ordinary for about 1,500 homes to be sold in April in our market," said Board President Joanne Tibbles.
"Home prices still continued to rise at the usual moderate rate last month, demonstrating a solid demand for resale homes in Ottawa. Re-sale housing inventory is up 17.2 per cent from this time last year, indicating that Ottawa is clearly in a healthy, balanced market," Tibbles added.
The average sale price of residential properties, including condominiums, sold in April in the Ottawa area was $351,226, an increase of 5.4 per cent over April 2010. The average sale price for a condominium-class property was $255,232, an increase of 2.1 per cent over April 2010. The average sale price of a residential-class property was $376,090, an increase of 5.4 per cent over April 2010. The Board cautions that average sale price information 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 average sale price is calculated based on the total dollar volume of all properties sold.
Courtesy of the Ottawa Real Estate Board
Of those sales, 316 were in the condominium property class, while 1,220 were in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.), which is registered as a condominium, as well as properties, which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.
"Sales in April 2010 soared well above average in advance of the implementation of the Harmonized Sales Tax in Ontario last July. Normally in Ottawa, we see a brisker sales period beginning at the end of April or early May, but last year's spring market started earlier by about three months due to the HST. That surge in sales pushed April's five-year average up significantly; it's not out of the ordinary for about 1,500 homes to be sold in April in our market," said Board President Joanne Tibbles.
"Home prices still continued to rise at the usual moderate rate last month, demonstrating a solid demand for resale homes in Ottawa. Re-sale housing inventory is up 17.2 per cent from this time last year, indicating that Ottawa is clearly in a healthy, balanced market," Tibbles added.
The average sale price of residential properties, including condominiums, sold in April in the Ottawa area was $351,226, an increase of 5.4 per cent over April 2010. The average sale price for a condominium-class property was $255,232, an increase of 2.1 per cent over April 2010. The average sale price of a residential-class property was $376,090, an increase of 5.4 per cent over April 2010. The Board cautions that average sale price information 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 average sale price is calculated based on the total dollar volume of all properties sold.
Courtesy of the Ottawa Real Estate Board
Monday, March 7, 2011
Market Update:Resale homes sold more quickly in February
Members of the Ottawa Real Estate Board sold 936 residential properties in February through the Board's Multiple Listing Service® system compared with 1,030 in February 2010, a decrease of 9.1 per cent.
Of those sales, 213 were in the condominium property class, while 723 were in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.) which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.
"Once again we're seeing sales numbers very close to the five-year average for February, which is 962 sales. It's important to note that the homes that sold last month did so far more quickly than in January, spending an average of just 33 days on the market. As well, prices rose slightly more than they had in the previous two months which indicate we still have a very steady market here in Ottawa," said Board President Joanne Tibbles. "This tells us that there is a demand for resale homes in Ottawa, and that when buyers see the home they want, they're going after it, perhaps even going up against other bidders," Tibbles added.
The average sale price of residential properties, including condominiums, sold in February in the Ottawa area was $338,408, an increase of 6.7 per cent over February 2010. The average sale price for a condominium-class property was $260,112, an increase of 6 per cent over February 2010. The average sale price of a residential-class property was $361,475, an increase of 6.9 per cent over February 2010. The Board cautions that average sale price information 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 average sale price is calculated based on the total dollar volume of all properties sold.
courtesy of the Ottawa Real Estate Board.
Of those sales, 213 were in the condominium property class, while 723 were in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.) which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.
"Once again we're seeing sales numbers very close to the five-year average for February, which is 962 sales. It's important to note that the homes that sold last month did so far more quickly than in January, spending an average of just 33 days on the market. As well, prices rose slightly more than they had in the previous two months which indicate we still have a very steady market here in Ottawa," said Board President Joanne Tibbles. "This tells us that there is a demand for resale homes in Ottawa, and that when buyers see the home they want, they're going after it, perhaps even going up against other bidders," Tibbles added.
The average sale price of residential properties, including condominiums, sold in February in the Ottawa area was $338,408, an increase of 6.7 per cent over February 2010. The average sale price for a condominium-class property was $260,112, an increase of 6 per cent over February 2010. The average sale price of a residential-class property was $361,475, an increase of 6.9 per cent over February 2010. The Board cautions that average sale price information 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 average sale price is calculated based on the total dollar volume of all properties sold.
courtesy of the Ottawa Real Estate Board.
Monday, February 28, 2011
Hunt Club/Greenboro Property Report: This place works for everyone.
Hunt Club/Greenboro is an area that is perfect for everyone families and young professionals alike. With a variety of properties available from condo apartments to large luxury single family homes Hunt Club/Greenboro should appeal to all types of buyers. This area has all the park space you could ask for so if you are a dog lover, have young kids, play an outdoor sport whether it be hockey, baseball or football you can find a spot for all of these. Dog lovers will love taking there “best friends” to Conroy pit for a run in the off leash part of the park. You can also find all types of shopping whether it is retail or groceries. If you or your children need public transportation there is plenty including access to the O-Train.
Property values in this area continue to rise at a steady rate and offer a great compromise instead of moving out to Orleans, Kanata or Barrhaven you have all that the suburbs offer for comparable prices. Last year Hunt Club/Greenboro saw 204 properties change hands. Of these properties 124 of them were residential properties and 60 being of the condo class. The average price for residential properties in Hunt Club/Greenboro is $321,733 and the average days on market is 17. The average price for condo class properties is $195,141 with the average days on market is 15. For both types of the property sold on average for 98% of asking price.
All this being said if you are an outdoors person or if you want to be fairly close to the city Hunt Club/Greenboro is an area that would work great for you.
Property values in this area continue to rise at a steady rate and offer a great compromise instead of moving out to Orleans, Kanata or Barrhaven you have all that the suburbs offer for comparable prices. Last year Hunt Club/Greenboro saw 204 properties change hands. Of these properties 124 of them were residential properties and 60 being of the condo class. The average price for residential properties in Hunt Club/Greenboro is $321,733 and the average days on market is 17. The average price for condo class properties is $195,141 with the average days on market is 15. For both types of the property sold on average for 98% of asking price.
All this being said if you are an outdoors person or if you want to be fairly close to the city Hunt Club/Greenboro is an area that would work great for you.
Tuesday, February 15, 2011
Renting vs. Buying, Which is better?
Are you a renter who is thinking of buying a home? It is the great dream, but many renters don't really understand its potential impact on their lifestyle and finances. Buying a house can be the most rewarding purchase you ever make. Is it better to buy a home or to rent? You could compare buying to renting to see the advantages of both. But before you decide which is better for you, you need to answer the following:
1. How often do you expect to move in the future?
You should only consider buying a house if you don't expect to be moving a lot.
2. How stable is you employment situation?
You should only consider buying a home if your employment is indeed stable. Home ownership requires a number of regular payments like the mortgage, property taxes, maintenance, insurance, etc.
3. How much can you afford to pay for housing?
To answer this question you need to prepare a detailed monthly household budgeting plan. You need to look at how much rent are you paying now? And what is the maximum amount you are willing to pay?
4. Are you able to save money every month?
If you buy a home its important to have some money set aside for emergencies.
5. Is it important to you to own your home?
Some would argue that this is the first question you should ask yourself. Home ownership, like everything else, is a matter of choice. Only you can decide whether or not home ownership is important to you. If it is then you may want to re-assess how you spend your money every month.
6. The math
Although, it might seem that you will be spending more money on buying a house than renting, you need to consider your options and priorities. There are many more advantages of purchasing a home over renting.
Housing costs can be divided into shelter costs and investment costs. When you rent, you pay your shelter costs, and the landlord pays the investment costs. When you buy, you pay both, which is usually more. Ten years later when you sell the house, you will find that your investment did well and you saved a lot of money by buying. Buying a house is an investment, and for many people it is a good one. You can purchase insurance to help you manage any potential risks like fire, earthquakes, and thefts. Remember to take your buying/selling costs into account when considering selling your home; the strength of the real estate market in your area will determine how long it takes to recoup your costs.
One of the greatest joys of ownership for many people is setting down roots. When you buy a house, you have your own land, your own house, and a sense of becoming part of a community; meeting and sharing with your neighbours, and getting involved in local issues. This lifestyle can be very attractive, especially if you have children who will enjoy the stability a home can provide.
You can expect that your initial mortgage payments will be higher than your current rental costs.
However, there are factors that make the decision to buy less painful like tax savings and other factors including building equity that offsets the additional monthly expense.
Buying a house is usually a sound long term investment as it helps you in the following ways:
Building equity vs. throwing your hard-earned money away as rent Real estate generally appreciates; a house bought today is worth more a few years down the road. In most cases there is no capital gains tax payable on the profit on a primary residence. In some cases mortgage interest is tax deductible. Please contact your accountant for advice.To find out more about the positive aspects of home ownership and if you qualify to make the transition from a renter to a homeowner, contact your real estate agent. Real Estate agents will be more than happy to provide you with a consultation to see if you are a candidate to purchase a home.
1. How often do you expect to move in the future?
You should only consider buying a house if you don't expect to be moving a lot.
2. How stable is you employment situation?
You should only consider buying a home if your employment is indeed stable. Home ownership requires a number of regular payments like the mortgage, property taxes, maintenance, insurance, etc.
3. How much can you afford to pay for housing?
To answer this question you need to prepare a detailed monthly household budgeting plan. You need to look at how much rent are you paying now? And what is the maximum amount you are willing to pay?
4. Are you able to save money every month?
If you buy a home its important to have some money set aside for emergencies.
5. Is it important to you to own your home?
Some would argue that this is the first question you should ask yourself. Home ownership, like everything else, is a matter of choice. Only you can decide whether or not home ownership is important to you. If it is then you may want to re-assess how you spend your money every month.
6. The math
Although, it might seem that you will be spending more money on buying a house than renting, you need to consider your options and priorities. There are many more advantages of purchasing a home over renting.
Housing costs can be divided into shelter costs and investment costs. When you rent, you pay your shelter costs, and the landlord pays the investment costs. When you buy, you pay both, which is usually more. Ten years later when you sell the house, you will find that your investment did well and you saved a lot of money by buying. Buying a house is an investment, and for many people it is a good one. You can purchase insurance to help you manage any potential risks like fire, earthquakes, and thefts. Remember to take your buying/selling costs into account when considering selling your home; the strength of the real estate market in your area will determine how long it takes to recoup your costs.
One of the greatest joys of ownership for many people is setting down roots. When you buy a house, you have your own land, your own house, and a sense of becoming part of a community; meeting and sharing with your neighbours, and getting involved in local issues. This lifestyle can be very attractive, especially if you have children who will enjoy the stability a home can provide.
You can expect that your initial mortgage payments will be higher than your current rental costs.
However, there are factors that make the decision to buy less painful like tax savings and other factors including building equity that offsets the additional monthly expense.
Buying a house is usually a sound long term investment as it helps you in the following ways:
Building equity vs. throwing your hard-earned money away as rent Real estate generally appreciates; a house bought today is worth more a few years down the road. In most cases there is no capital gains tax payable on the profit on a primary residence. In some cases mortgage interest is tax deductible. Please contact your accountant for advice.To find out more about the positive aspects of home ownership and if you qualify to make the transition from a renter to a homeowner, contact your real estate agent. Real Estate agents will be more than happy to provide you with a consultation to see if you are a candidate to purchase a home.
Friday, February 11, 2011
Market Update: Business as usual for January.
Members of the Ottawa Real Estate Board sold 675 residential properties in January through the Board's Multiple Listing Service® system compared with 719 in January 2010, a decrease of 6.1 per cent.
Of those sales, 135 were in the condominium property class, while 540 were in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.) which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.
"These are normal sales numbers for January in Ottawa - the average number of sales for the previous five Januaries was 662, so we're even a little ahead of that, and prices continued to rise incrementally. Winter is usually a quieter time of year in the resale market and 2011 appears to be no exception," said Board President Joanne Tibbles. "Our market remains balanced, with no significant advantage towards either buyers or sellers, so it's fair game for everyone," she added.
The average sale price of residential properties, including condominiums, sold in January in the Ottawa area was $329,657, an increase of 3 per cent over January 2010. The average sale price for a condominium-class property was $236,065, a decrease of 8.7 per cent over January 2010. The average sale price of a residential-class property was $353,055, an increase of 4.7 per cent over January 2010. The Board cautions that average sale price information 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 average sale price is calculated based on the total dollar volume of all properties sold.
Courtesy of the Ottawa Real estate Board.
Of those sales, 135 were in the condominium property class, while 540 were in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.) which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.
"These are normal sales numbers for January in Ottawa - the average number of sales for the previous five Januaries was 662, so we're even a little ahead of that, and prices continued to rise incrementally. Winter is usually a quieter time of year in the resale market and 2011 appears to be no exception," said Board President Joanne Tibbles. "Our market remains balanced, with no significant advantage towards either buyers or sellers, so it's fair game for everyone," she added.
The average sale price of residential properties, including condominiums, sold in January in the Ottawa area was $329,657, an increase of 3 per cent over January 2010. The average sale price for a condominium-class property was $236,065, a decrease of 8.7 per cent over January 2010. The average sale price of a residential-class property was $353,055, an increase of 4.7 per cent over January 2010. The Board cautions that average sale price information 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 average sale price is calculated based on the total dollar volume of all properties sold.
Courtesy of the Ottawa Real estate Board.
Tuesday, February 1, 2011
HST and Investment Properties
Under the Ontario HST regime which came into effect on July 1, 2010, the buyer of a new home that he intends to rent must not only pay the full 5% GST on closing but also the full 8% portion of the old Ontario provincial sales tax. Under the new HST regime, home builders typically include in the purchase price: • 64% of the 5% GST (an effective rate of 3.2% built into the purchase price), and • 25% of the 8% Ontario portion of the HST (an effective rate of 2% built into the purchase price. This means that a buyer who is not an owner-occupant of the new home, must pay, as an adjustment on closing, the following: • 1.8% of the purchase price thereby paying the full 5% GST, plus • 6% of the purchase price (75% of the 8% Ontario portion of the HST) thereby paying the full 8% Ontario portion of the HST.For example, on a purchase of a brand new $300,000 home, (that is $300,000 net of any tax), the additional 7.8% of the purchase price payable on the closing of the purchase by the buyer is an additional $23,400!This excess tax payable by the buyer on closing is fully recoverable by the completion and filing of the Residential Rental Property Rebate Application (Form GST524) and the GST524 Ontario Rebate Schedule together with a copy of the residential lease and the Statement of Adjustments provided by the builder’s lawyer on the closing of the transaction.
courtesy of Ross Talarico,Talarico & Schwisberg Law Offices LLP
courtesy of Ross Talarico,Talarico & Schwisberg Law Offices LLP
Monday, January 10, 2011
Another strong year for Ottawa area home owners!
Members of the Ottawa Real Estate Board sold 620 residential properties in December through the Board's Multiple Listing Service® system compared with 687 in December 2009, a decrease of 9.8 per cent. The total number of residential properties sold through the Board's Multiple Listing Service® system in 2010 was 14,199, down 3.6 per cent from 2009. The average price for 2010 was $327,225, an increase of 7.7 per cent over 2009.
Of December's sales, 192 were in the condominium property class, while 428 were in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.) which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.
"2010 was an interesting year because of the introduction of HST. This, and changes to mortgage regulations affected spring and summer home sales, pushing many buyers and sellers into the market earlier in the year," said Board President Joanne Tibbles. "However, we see from these numbers how stable Ottawa's housing market remained, partly due to our diversified employment base that continues to weather unstable economic conditions with relative ease. Sales may have declined from what was, in fact, a record year in 2009, but prices have continued to rise at a healthy rate, demonstrating continued demand for resale housing in Ottawa," she added. The average sale price of residential properties, including condominiums, sold in December in the Ottawa area was $324,556, an increase of 5.6 per cent over December 2009. The average sale price for a condominium-class property was $254,776, an increase of 3.5 per cent over December 2009.
The average sale price of a residential-class property was $355,860, an increase of 7.8 per cent over December 2009. The Board cautions that average sale price information 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 average sale price is calculated based on the total dollar volume of all properties sold.
courtesy of the Ottawa Real Estate Board.
Of December's sales, 192 were in the condominium property class, while 428 were in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.) which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.
"2010 was an interesting year because of the introduction of HST. This, and changes to mortgage regulations affected spring and summer home sales, pushing many buyers and sellers into the market earlier in the year," said Board President Joanne Tibbles. "However, we see from these numbers how stable Ottawa's housing market remained, partly due to our diversified employment base that continues to weather unstable economic conditions with relative ease. Sales may have declined from what was, in fact, a record year in 2009, but prices have continued to rise at a healthy rate, demonstrating continued demand for resale housing in Ottawa," she added. The average sale price of residential properties, including condominiums, sold in December in the Ottawa area was $324,556, an increase of 5.6 per cent over December 2009. The average sale price for a condominium-class property was $254,776, an increase of 3.5 per cent over December 2009.
The average sale price of a residential-class property was $355,860, an increase of 7.8 per cent over December 2009. The Board cautions that average sale price information 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 average sale price is calculated based on the total dollar volume of all properties sold.
courtesy of the Ottawa Real Estate Board.
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