Tuesday, August 6, 2013
Ottawa Real Estate Market Update: Steady as she goes. No major fluctuations for Ottawa resales.
Members of the Ottawa Real Estate Board sold 1,339 residential properties in July through the Board's Multiple Listing Service® system, compared with 1,376 in July 2012, a decrease of 2.7 per cent. July's sales are just below the five-year average of 1,347.
"Although the number of residential properties, including condominiums, is down since last year, residential-class units sold increased 0.5 per cent from this time last year," says Tim Lee, President of the Ottawa Real Estate Board. "The market has definitely cooled down since last year, as a result of the introduction of new mortgage rules by the Government. However, Ottawa remains balanced, and we are not seeing major fluctuations that other large Canadian cities sometimes experience."
July's sales included 273 in the condominium property class, and 1,066 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, townhouse, 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.
The average sale price of residential properties, including condominiums, sold in July in the Ottawa area was $359,551, an increase of 6.6 per cent over July 2012. The average sale price for a condominium-class property was $275,189, an increase of 3.7 per cent over July 2012. The average sale price of a residential-class property was $381,156, an increase of 6.3 per cent over July 2012. 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.
"In July, there were 14 properties sold over $1 million," says Lee. "This is an 80 per cent increase in this price range over July 2012. The fact that this many properties were sold over $1 million in July definitely increases the average sale price."
There is now a better way in which REALTORS® can determine price trends in the housing market - the MLS® Home Price Index (HPI). Similar to Canada's Consumer Price Index, the HPI measures housing asset price inflation (or deflation).
"The HPI has been designed to offer a much more accurate and reliable indication of changes in house value over time," says Lee. "Many of the inconsistencies and inaccuracies of previous models did not allow for true comparison of "apples" to "apples," but this model certainly does. The HPI will be a valuable tool that REALTORS® can add to their toolkit. Buying and selling a home is one of the biggest decisions a person will make in their life, and the HPI can be used to help you get the right price. Contact an Ottawa-area REALTOR® today to help you with buying or selling your house."
Courtesy of the Ottawa Real Estate Board.
Sunday, May 5, 2013
An upswing in sales for the April market
Members of the Ottawa Real Estate Board sold 1,573 residential properties in April through the Board's Multiple Listing Service® system, compared with 1,568 in April 2012, an increase of 0.3 per cent.
"The Ottawa market is doing well, and gaining ground back since the "cool-down" of the market for the past five months," says Tim Lee, President of the Ottawa Real Estate Board. "We are on par with the strong sales of last April, and the resale market is up 34.9 per cent since last month. With the late onset of warmer weather, the traditional "spring market" saw its upswing a little later this year. With interest rates continuing to be low, Ottawa remains a healthy, stable market."
April's sales included 302 in the condominium property class, and 1,271 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.
The average sale price of residential properties, including condominiums, sold in April in the Ottawa area was $371,565, an increase of 2.1 per cent over April 2012. The average sale price for a condominium-class property was $266,596, a decrease of 2.3 per cent over April 2012. The average sale price of a residential-class property was $396,507, an increase of 2.9 per cent over April 2012. 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.
The Ottawa Real Estate Board is an industry association of over 2,900 sales representatives and brokers in the Ottawa area. Members of the Board are also members of the Canadian Real Estate Association.
Courtesy of the Ottawa Real Estate Board.
Saturday, April 6, 2013
Ottawa Real Estate Market Update: Spring market shows moderating trend
Members of the Ottawa Real Estate Board sold 1,167 residential properties in March through the Board's Multiple Listing Service® system, compared with 1,388 in March 2012, a decrease of 15.9 per cent.
"The Ottawa market has been described as steady and stable for the past few years. It's not going up drastically, and it's not going down drastically," says Tim Lee, President of the Ottawa Real Estate Board. "The market was forecasted to slow down in 2013 as a result of recent mortgage changes, and indeed it has."
"According to chief economists at the Canadian Real Estate Association (CREA) and intelligence garnered from large mortgage lenders, large mortgage brokers, and large real estate brokers, the most recent changes to mortgage rules and guidelines has largely impacted first-time buyers by forcing them to focus on more affordably priced homes. They were, to a much lesser extent, priced out of the market," explains Mr. Lee. "When the changes were first announced, those who were actively shopping had to re-evaluate how much home they could afford to finance. Another factor for the slow-down of the Ottawa market could be the role of public service employment cuts in the local economy. "
March's sales included 253 in the condominium property class, and 914 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.
The average sale price of residential properties, including condominiums, sold in March in the Ottawa area was $358,102, an increase of one per cent over March 2012. The average sale price for a condominium-class property was $267,604, a decrease of 4.1 per cent over March 2012. The average sale price of a residential-class property was $386,197, an increase of 2.7 per cent over March 2012. 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.
The Ottawa Real Estate Board is an industry association of over 2,900 sales representatives and brokers in the Ottawa area. Members of the Board are also members of the Canadian Real Estate Association.
"The Ottawa market has been described as steady and stable for the past few years. It's not going up drastically, and it's not going down drastically," says Tim Lee, President of the Ottawa Real Estate Board. "The market was forecasted to slow down in 2013 as a result of recent mortgage changes, and indeed it has."
"According to chief economists at the Canadian Real Estate Association (CREA) and intelligence garnered from large mortgage lenders, large mortgage brokers, and large real estate brokers, the most recent changes to mortgage rules and guidelines has largely impacted first-time buyers by forcing them to focus on more affordably priced homes. They were, to a much lesser extent, priced out of the market," explains Mr. Lee. "When the changes were first announced, those who were actively shopping had to re-evaluate how much home they could afford to finance. Another factor for the slow-down of the Ottawa market could be the role of public service employment cuts in the local economy. "
March's sales included 253 in the condominium property class, and 914 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.
The average sale price of residential properties, including condominiums, sold in March in the Ottawa area was $358,102, an increase of one per cent over March 2012. The average sale price for a condominium-class property was $267,604, a decrease of 4.1 per cent over March 2012. The average sale price of a residential-class property was $386,197, an increase of 2.7 per cent over March 2012. 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.
The Ottawa Real Estate Board is an industry association of over 2,900 sales representatives and brokers in the Ottawa area. Members of the Board are also members of the Canadian Real Estate Association.
Courtesy of the Ottawa Real Estate Board.
Wednesday, March 13, 2013
Ottawa Real Estate Market Update: Market up from January but down from February 2012.
Members of the Ottawa Real Estate Board sold 914 residential properties in February through the Board's Multiple Listing Service® system, compared with 1,008 in February 2012, a decrease of 9.3 per cent.
"It is clear that the Ottawa resale market has slowed down in comparison to this time last year," says Tim Lee, President of the Ottawa Real Estate Board. "The government was successful in its quest to "cool down" the market. However, if we look at this month's sales, in comparison to last month's sales, the market seems to be picking back up as we approach the busy spring season - 315 more homes were sold in February, over January, even with three fewer days."
February's sales included 224 in the condominium property class, and 690 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.
The average sale price of residential properties, including condominiums, sold in February in the Ottawa area was $346,774, a slight decrease of 1.1 per cent over February 2012. The average sale price for a condominium-class property was $264,953, a decrease of 3.1 per cent over February 2012. The average sale price of a residential-class property was $373,337 a slight decrease of 0.6 per cent over February 2012. 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.
"Even with the slight decline in sales year-over-year, Ottawa continues to be a great place to buy and/or sell your home," says Lee. Talk to an Ottawa area REALTOR® for more information about the housing market outlook where you live, or want to live.
"It is clear that the Ottawa resale market has slowed down in comparison to this time last year," says Tim Lee, President of the Ottawa Real Estate Board. "The government was successful in its quest to "cool down" the market. However, if we look at this month's sales, in comparison to last month's sales, the market seems to be picking back up as we approach the busy spring season - 315 more homes were sold in February, over January, even with three fewer days."
February's sales included 224 in the condominium property class, and 690 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.
The average sale price of residential properties, including condominiums, sold in February in the Ottawa area was $346,774, a slight decrease of 1.1 per cent over February 2012. The average sale price for a condominium-class property was $264,953, a decrease of 3.1 per cent over February 2012. The average sale price of a residential-class property was $373,337 a slight decrease of 0.6 per cent over February 2012. 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.
"Even with the slight decline in sales year-over-year, Ottawa continues to be a great place to buy and/or sell your home," says Lee. Talk to an Ottawa area REALTOR® for more information about the housing market outlook where you live, or want to live.
courtesy of the Ottawa Real Estate Board.
Friday, March 1, 2013
Ottawa Real Estate Market Update:January Sales Drop 11.7% from 2012
Members of the Ottawa Real Estate Board sold 602 residential properties in January through the Board’s Multiple Listing Service® system, compared with 682 in January 2012, a decrease of 11.7 per cent.
“The Ottawa resale market, which started to flatten out in November and December - potentially as a result of the governments’ aim to “cool down” the market – maintained its steadiness into January,” says Tim Lee, President of the Ottawa Real Estate Board.
An economic summary of expansion in Ottawa by Shore-Tanner and Associates indicated that the rates of growth in residents over the age of 55, and particularly in the formation of single and two-person households, will continue to rise in the coming years. Consequently, these trends indicate that there will soon be a strong demand for small apartments, condominiums, and retirement homes.
“Within some areas of Ottawa, we are already starting to see condo sales on the rise,” says Lee.
January’s sales included 136 in the condominium property class, and 466 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. The average sale price of residential properties, including condominiums, sold in January in the Ottawa area was $342,458, a slight decrease of 1.8 per cent over January 2012. The average sale price for a condominium-class property was $268,604, an increase of 6.1 per cent over January 2012. The average sale price of a residential class property was $364,011 a decrease of 2.5 per cent over January 2012.
Courtesy of the Ottawa Real Estate Board.
Sunday, January 13, 2013
Ottawa Real Estate Market Update. 2012 steady as she goes.
Members of the Ottawa Real Estate Board sold 618 residential properties in December through the Board’s
Multiple Listing Service® system compared with 695 in December 2011, a decrease of 11.1 per cent.
The five-year average for December sales is 617. The total number of homes sold through the Board’s MLS® system in 2012 was 14,308, only a minor decrease from the 14,389 homes sold in 2011. However, resale home sales in 2012 were slightly above the fiveyear average of 14,274. The average sales price for 2012 was $351,792, an increase of 2.3 per cent over 2011.
“Looking back at the 2012 market, home sales in the first part of the year increased in comparison to the first half of 2011,” said new President of the Ottawa Real Estate Board, Tim Lee. “However, with the introduction of tighter mortgage rules in July, and looming government layoffs, the market seemed to “cool down” for the second half of 2012. Although the government has succeeded in its plan to “cool down”
the market, Ottawa remains steady and balanced, devoid of large fluctuations in resale activity. We are truly fortunate to live and work in such a stable market area, and it seems buyers and sellers agree that Ottawa remains a great place to call home.”
December’s sales included 134 in the condominium property class, and 484 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.
The average sale price of residential properties, including condominiums, sold in December in the Ottawa
area was $336,591, an increase of 1.3 per cent over December 2011. The average sale price for a
condominium-class property was $258,498, a decrease of 1.5 per cent over December 2011.
The average sale price of a residential-class property was $358,211, an increase of 0.6 per cent over December 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.
Thursday, December 6, 2012
Ottawa Real Estate Market Update: Slight drop in sales activity.
With the cooler weather, comes a slight "cool down" in the Ottawa resale market. While the average sale price increased, the number of units sold decreased on a year over year analysis. Members of the Ottawa Real Estate Board sold 931 residential properties in November through the Board's Multiple Listing Service® system, compared with 1,023 in November 2011, a decrease of nine per cent. The five-year average for November sales is 890.
"Last year was the best November on record for resale home sales in Ottawa, while this November the sales have come back down to their normal levels," says Ansel Clarke, President of the Ottawa Real Estate Board. "Sales for the first eleven months of the year are at 13,692."
November's sales included 208 in the condominium property class, and 723 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.
The average sale price of residential properties, including condominiums, sold in November in the Ottawa area was $350,020, an increase of one per cent over November 2011. The average sale price for a condominium-class property was $258,500, a decrease of 2.6 per cent over November 2011. The average sale price of a residential-class property was $376,349, an increase of one per cent over November 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.
"Continue to keep in mind that market fluctuations do occur," explains Clarke. "This is why it is important for buyers and sellers to talk to their Ottawa area REALTOR® for more information about the housing market outlook where they live, or want to live. Ottawa remains a great place to buy and/or sell a home."
"Last year was the best November on record for resale home sales in Ottawa, while this November the sales have come back down to their normal levels," says Ansel Clarke, President of the Ottawa Real Estate Board. "Sales for the first eleven months of the year are at 13,692."
November's sales included 208 in the condominium property class, and 723 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.
The average sale price of residential properties, including condominiums, sold in November in the Ottawa area was $350,020, an increase of one per cent over November 2011. The average sale price for a condominium-class property was $258,500, a decrease of 2.6 per cent over November 2011. The average sale price of a residential-class property was $376,349, an increase of one per cent over November 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.
"Continue to keep in mind that market fluctuations do occur," explains Clarke. "This is why it is important for buyers and sellers to talk to their Ottawa area REALTOR® for more information about the housing market outlook where they live, or want to live. Ottawa remains a great place to buy and/or sell a home."
Courtesy of the Ottawa Real Estate Board.
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