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

Westboro Condo Living

Westboro Condo living is all about the condo lifestyle. Just lock the doors and go. Everyday can be an adventure free from the stress of driving across the city through construction and rush hour. The concept of living where you work and vice verse spells out why condos have become so popular with people of all ages. So whether you are downsizing or it is the first home for you condo lifestyle in the right area can have a lot to offer.
I am not sure there is a better area in Ottawa to live and work than Westboro, which is what Westboro Condo living is all about. Sure you have to work from 9-5, but the real joy is when you leave work and go for drink on the patio at Trio Wine Bar or when you step out in the middle of the afternoon to grab a cappuccino from Starbucks or Bridgehead. On the weekend maybe you walk over to Fratelli restaurant to share a bottle of wine and an antipasto plate with a few friends. If your lucky enough to have a dog why not spoil them like we all do with treats from Bark & Fitz. Your dog will also love to go for long walks on the Ottawa River bike way. This is just a taste of the options for Westboro condo owners.
When comes to establishing value in the Westboro neighbourhood there is a huge range of possibilities. Condos start in the low $200,000 and go up over $1 million with a variety of choices for location. Developers see this area to be perfect to build condos for all that it has to offer. As we speak there are some really exciting opportunities for both investment and lifestyle. One of those developments slated to be ready in late 2010 or early 2011 is 101 Richmond a condominium building by Ashcroft. It will have amenities like a pet spa, movie theatre, yoga studio and roof top patio with BBQ.
If you are interested in any other new opportunities that will come and go every day just ask me as Westboro condo living will just get better as the neighbourhood continues to grow.