Members of the Ottawa Real Estate Board sold 1,020 residential properties in November through the Board's Multiple Listing Service® system compared with 940 in November 2010, an increase of 8.5 per cent. The five-year average for November sales is 881.
Of those 1,020 sales, 244 were in the condominium property class, while 776 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.
"Last month was the best November on record for resale home sales in Ottawa. The last time we saw sales numbers anywhere close to that number was in 2001. It speaks well for the stability of our market that even in the quieter months of the year, our market is still thriving," said Board Past President Joanne Tibbles. "The number of properties available for sale is higher than at this time last year, indicating that homeowners are confident that it's a good time to put their home on the market, and based on these great sales numbers, buyers are also confident, especially as interest rates remain stable," she added.
The average sale price of residential properties, including condominiums, sold in November in the Ottawa area was $347,795, an increase of 7.3 per cent over November 2010. The average sale price for a condominium-class property was $265,800, nearly unchanged from November 2010. The average sale price of a residential-class property was $373,577, an increase of 9.2 per cent over November 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.
courtesty of the Ottawa Real Estate Board
Showing posts with label home ownership. Show all posts
Showing posts with label home ownership. Show all posts
Monday, December 5, 2011
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.
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.
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