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 properties for sale. Show all posts
Showing posts with label properties for sale. 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
Monday, December 5, 2011
Market Update: Ottawa resale housing market posts record sales in November
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
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
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.
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.
Subscribe to:
Posts (Atom)