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Monthly Overviews

November, 2016

Condo sales lead the way to best October on record


Members of the Ottawa Real Estate Board sold 1,214 residential properties in October through the Board’s Multiple Listing Service® System, compared with 1,159 in October 2015, an increase of 4.7 per cent. The five-year average for October sales is 1,130.

“October’s sales continued the record-breaking resale trend for the third straight month,” says Shane Silva, President of the Ottawa Real Estate Board. “While residential sales are identical to that of October 2015, condominium sales have soared – up by 27.2 per cent over last year. Lower inventory levels, combined with adjusting prices, may be creating these higher than normal activity levels in the condo property class.”

October’s sales included 257 in the condominium property class, and 957 in the residential property class.

“The new mortgage rules announced at the beginning of October have yet to have an effect on the Ottawa market, as the announcement only came two weeks prior to implementation,” says Silva. “It’s too early to tell what kind of impact the new mortgage rules will have on the Ottawa market going forward. We know that right now Ottawa continues to be a desirable city to live and work, and consumer confidence and job growth remain positive.”

The average sale price of a residential-class property sold in October in the Ottawa area was $392,579, an increase of 3.3 per cent over October 2015. The average sale price for a condominium-class property was $251,465, an increase of .01 per cent over October 2015.

“The hottest segments in our market for October continue to be two-storey and bungalow residential homes in the $300,000 to $400,000 price range, followed by one-level and two-storey condos in the $200,000 to $300,000 price range” says Silva.

Type October Sales Vol. % Change Average Sale % Change
Condo apartment (1 level) 125 21.4% $276,474 1.1%
Condo townhome (2 storey) 104 26.8% $222,435 -0.1%
Residential home (2 storey) 517 -8.2% $409,571 2.7%
Residential home (bungalow) 252 15.1% $365,874 1.0%

Please talk to me if you are thinking of buying or selling a home or condo. I am always at your service and happy to share my knowledge and experience with you..


October 2016

No fall(ing) back in Ottawa’s resale market

 Members of the Ottawa Real Estate Board sold 1,371 residential properties in September through the Multiple Listing Service® System, compared with 1,241 in September 2015, an increase of 10.5 per cent. The five-year average for September sales is 1,171.

“Again this month, we have broken the record for residential and condominium units sold, with 200 more units sold than the 5-year average for September,” says Shane Silva, President of the Ottawa Real Estate Board. “With average sale prices remaining virtually unchanged since the beginning of the year, this could be an indication that prices have adjusted to market expectations and sales have rebounded as a result.”

September’s sales included 269 in the condominium class and 1,102 in the residential class.

“Units listed in both residential and condominium classes continue to decline,” indicates Silva. “From 2,076 listed in September 2015 to 1,822 listed in September 2016 for residential properties, and from 637 condos listed in September 2015 to 588 listed in September 2016.” says Silva. “With fewer listings coming onto the market, combined with recent higher unit sales, overall inventory is declining. The basic economics of supply and demand will continue to have an impact on the Ottawa resale market.”

The average sale price of a residential-class property sold in September in the Ottawa area was $383,793, a decrease of 0.1 per cent over September 2015. The average sale price for a condominium-class property was $252,136, a decrease of 2 per cent over September 2015.

 

Type Sept. Sales Vol. % Change Average Sale % Change
Condo apartment (1 level) 141 18.5% $261,488 -8.3%
Condo townhome (2 storey) 101 20.2% $241,245 8.7%
Residential home (2 storey) 602 9.1% $403,703 -1.2%
Residential home (bungalow) 303 12.2% $353,998 -0.4%

September, 2016

Record-breaking year for Ottawa resales

 Members of the Ottawa Real Estate Board sold 1,484 residential properties in August through the Multiple Listing Service® System, compared with 1,276 in August 2015, an increase of 16.3 per cent. The five-year average for August sales is 1265.

“To date, this is a record-breaking year for the number of units sold,” says Shane Silva, President of the Ottawa Real Estate Board. “The year started off a little sluggish, but as soon as April hit we were either breaking records or out-pacing the year before considerably. Not only are we up 16.3 per cent over last year, this has been the best August on record ever for OREB member, blowing the average for August sales out of the water. This is a-typical of August when units sold normally start to decline as we approach fall. Units listed in both residential and condominium classes continue to decline, as well as active listings at the end of the month,” says Silva. “These numbers suggest that buyers have less option when looking to purchase, with the potential of entering into a sellers’ market soon.”

August’s sales included 295 in the condominium class and 1,189 in the residential class.

“Average sale prices have been keeping steady all year,” says Silva. “This past month however, there were six more properties sold in the $1 million plus range over last year, a possible explanation for the bump in average sale prices for both residential properties and condos.” says Silva. “Prices have remained quite steady in comparison to last year, with the increased number of units sold nudging the total sales volume up for the year,”

The average sale price of a residential-class property sold in August in the Ottawa area was $389,786, an increase of 2.5per cent over August 2015. The average sale price for a condominium-class property was $272,166, an increase of 11.1 per cent over August 2015.

Type August Sales Vol. % Change Average Sale % Change
Condo apartment (1 level) 160 28.0% $294,159 10.6%
Condo townhome (2 storey) 107 1.9% $231,919 4.6%
Residential home (2 storey) 660 13.2% $412,539 1.3%
Residential home (bungalow) 331 36.2% $358,995 4.1%

Ottawa’s resale market remains stable in February

Members of the Ottawa Real Estate Board sold 870 residential properties in February through the Board’s Multiple Listing Service® system, compared with 903 in February 2013, a decrease of 3.7 per cent.

“February sales are down slightly year-over-year, despite the less than favourable weather and possible distraction of the Olympics,” says President-Elect of the Ottawa Real Estate Board, David Oickle. “Typical of a burgeoning spring market, Ottawa’s resales gained momentum in February. Looking at this month’s sales in comparison to last month’s, the market has picked up as we approach the busiest time of the year. 282 more homes were sold in February, over January.”

The average sale price of all residential properties, including condominiums, sold in February in the Ottawa area was $353,407, an increase of 2 per cent over February 2013. The average sale price for a condominium property was $257,752, a decrease of 2.3 per cent over February  2013. The average sale price for a residential property was $381,407, an increase of 2.1 per cent over February  2013.

“The hottest segments of our market in February are sales between $175,000 to $225,000 and $275 to $400,000. This could be indicative of first-buyers becoming active,” explains Oickle. “With an increased inventory going into March we could see this momentum transfer to other markets as first-time sellers re-enter the market as buyers and help contribute to continued market stability.”

Single level condominium apartments: February’s figures showed 101 sales for the month, compared with 95 in February 2013. The average price in February 2014 was $285,033, a decrease of 7.7 per cent over the previous year’s February.

Two-storey condominium townhomes: February’s figures showed 78 sales for the month, compared with 109 in February 2013. The average price in February 2014 was $224,085, a decrease of 0.4 per cent over the previous year’s February.

The clock changed on March 9th and even if the weather has not yet shown signs of spring, more daylight will surely brighten our spirits and lead us into brisk real estate activity.


Ottawa’s resale market lands softly in January’s deep freeze

Members of the Ottawa Real Estate Board sold 589 residential properties in January through the Board’s Multiple Listing Service® system, compared with 594 in January 2013.

“Residential sales this January were virtually identical to January 2013. Our members sold five more freehold residential properties and ten fewer residential condominiums. Statistically the difference is less than one per cent,” says President of the Ottawa Real Estate Board, Randy Oickle. “The market activity is encouraging for homeowners considering the deep freeze Ottawa experienced this past month – people being more apt to stay warm inside instead of venturing out to search for a home.”

The average sale price of all residential properties, including condominiums, sold in January in the Ottawa area was $346,744, an increase of 1 per cent over January  2013. The average sale price for a condominium property was $265,775, a decrease of 1.1 per cent over January  2013. The average sale price for a residential property was $368,779, an increase of 0.9 per cent over January  2013.

“The number of properties listed in January more than doubled the amount from the previous month – a normal occurrence at the beginning of the year when people begin to plan for the year ahead,” explains Oickle. “Interest rates continue to be low with some whisperings of rates decreasing, not increasing as had been predicted in the last half of 2013. The Ottawa resale market has remained steady. There have been no major increases or decreases in sales or prices, notwithstanding the government’s intervention in mortgage rules over a year ago.”

Single level condominium apartments, January’s figures showed 75 sales for the month, compared with 65 in January 2013. The average price in January 2013 was $290,935, a decrease of 6.9 per cent over the previous year’s January.

Two-storey condominium townhomes, January’s figures showed 40 sales for the month, compared with 64 in January 2013. The average price in January 2013 was $220,965 an increase of 1.5 per cent over the previous year’s January.

The market is gearing up for spring and I look forward to being really busy.  Call me for specific information on your own property.


Ottawa remains stable in 2013, devoid of large fluctuations

Members of the Ottawa Real Estate Board sold 610 residential properties in December through the Board’s Multiple Listing Service® system, compared with 615 in December 2012, a decrease of less than 1 per cent.  The five-year average for December sales is 646, with sales from December in 2011 and 2009 increasing that average.

The total number of homes sold through the MLS® system in 2013 was 13,873, compared with 14,326 in 2012, a decrease of 3.2 per cent. The average sale price for residential properties, including condominiums, sold in 2013 was $357,348, an increase of 1.6 per cent over 2012.

“Looking back at the 2013 market, home sales in the first part of the year were, for the most part, down in comparison to the year before,” says new President of the Ottawa Real Estate Board, Randy Oickle. “The introduction of tighter mortgage rules in July 2012 largely affected the market well into 2013. However, as the year progressed the market began to pick up and then levelled out in November and December. Impending mortgage rate increases may have caused the increase in the second half of 2013, as many first-time buyers jumped into the market in advance of these increases.”

The average sale price of all residential properties, including condominiums, sold in December in the Ottawa area was $340,021, an increase of 0.9 per cent over December 2012. The average sale price for a condominium property was $245,349, a decrease of 5.1 per cent over December 2012. The average sale price for a residential property was $369,543, an increase of 3 per cent over December 2012.

“Although the government succeeded in its plan to “cool down” the market over the last year and a half, Ottawa remains steady and balanced, devoid of fluctuations in resale activity,” says Oickle.

Single level condominium apartments, December’s figures showed 74 sales for the month, compared with 63 in December 2012. The average price in December 2013 was $261,618, a decrease of 11.4 per cent over the previous year’s December.

Two storey condominium townhomes, December’s figures showed 61 sales for the month, compared with 60 in December 2012. The average price in December 2013 was $227,130, an increase of 3.3 per cent over the previous year’s December.

It’s a new year with new opportunities ahead. Call me for specific information on your own property.


November resale market on a par with last year’s results

The snowy month of November brought with it a slower than average resale market in Ottawa. Members of the Ottawa Real Estate Board sold 891 residential properties in November through the Board’s Multiple Listing Service® system, compared with 928in November 2012, an increase of four per cent.  The five-year average for November sales is 939.

“The number of residential properties sold in November, excluding condos, was only down by five units compared with this time last year,” says Tim Lee, President of the Ottawa Real Estate Board. “Sales for the first eleven months of the year are at 13,267, just slightly below the year-to-date sales for 2012”

The average sale price of all residential properties, including condominiums, sold in November in the Ottawa area was $356,675, an increase of 1.9 per cent over November 2012. The average sale price for a condominium property was $258,118, no change from November 2012.

The average sale price for a residential property was $380,593, an increase of 1.2 per cent over November 2012.

Single level condominium apartments: November’s figures showed 87 sales for the month, compared with 98 in November 2012. The average price in November 2013 was $284,982, an increase of 5.6 per cent over the previous year’s November.

Two story condominium townhomes: November’s figures showed 71 sales for the month, compared with 87 in November 2012. The average price in November 2013 was $225,094, a decrease of 6.8 per cent over the previous year’s November.

“Keep in mind that market fluctuations do occur, and the Ottawa market remains in stable territory,” explains Lee. “It is important for buyers and sellers to talk to an Ottawa area REALTOR® for more information about the housing outlook in their neighbourhood, or the neighbourhood they want to live in. Ottawa continues to be a great place to buy and/or sell a home.”


October resales comparable to five-year average

Members of the Ottawa Real Estate Board sold 1,090 residential properties in October through the Board’s Multiple Listing Service® system, compared with 1,069 in October 2012, an increase of 2 per cent.  The five-year average for October sales is 1,091.

“Resale units sold in October are right on par compared to the five-year average,” says Ansel Clarke, Past President of the Ottawa Real Estate Board. “This is a welcome change from the first half of 2013, where we saw continuous decreases, albeit small ones, in the number of units sold. We are also seeing average prices beginning to creep back up. The Ottawa market is proving, once again, to be steady and balanced.”

The average sale price of all residential properties, including condominiums, sold in October in the Ottawa area was $360,085, an increase of 4.1per cent over October 2012. The average sale price for a condominium property was $270,542, an increase of 1.6 per cent over October 2012. The average sale price for a residential property was $381,580, an increase of 3.5 per cent over October 2012.

Single level condominium apartments: October’s figures showed 116 sales for the month, compared with 100 in October 2012. The average price in October 2013 was $296,265, a decrease of 4.3 per cent over the previous year’s October.

Two story condominium townhomes: October’s figures showed 81 sales for the month, compared with 114 in October 2012. The average price in October 2013 was $231,317, a decrease of 0.7 per cent over the previous year’s October.


Ottawa market heats up as fall settles in

Members of the Ottawa Real Estate Board sold 1,119 residential properties in September through the Board’s Multiple Listing Service® system, compared with 995 in September 2012, an increase of 12.5 per cent. The five-year average for September sales is 1,121.

“As a result of the new mortgage rules introduced last summer, we saw continuous decreases in units sold in the first half of 2013. Since July 2013, the Ottawa resale market has started to heat up again,” says Tim Lee, President of the Ottawa Real Estate Board. “The number of residential and condo units sold has increased since last year. Condo units sold are up 15 per cent, while residential units sold are up 11.8 per cent. Also, impending mortgage rate increases may be causing many first time buyers to buy now before the rates increase”

The average sale price of all residential properties, including condominiums, sold in September in the Ottawa area was $346,342, a decrease of 1.2 per cent over September 2012. The average sale price for a condominium property was $257,059, a decrease of 3.4 per cent from September 2012. The average sale price for a residential property was $371,370, a decrease of 0.5 per cent over September 2012.

Single level condominium apartments: September’s figures showed 124 sales for the month, compared with 91 in September 2012. The average price in September 2013 was $281,195, a decrease of 5.4 per cent over the previous year’s September.

Two story condominium townhomes: September’s figures showed 102 sales for the month, compared with 97 in September 2012. The average price in September 2013 was $225,069, a decrease of 6.8 per cent over the previous year’s September.


Ottawa resale market on the up and up

Members of the Ottawa Real Estate Board sold 1,219 residential properties, including condominiums, in August through the Board’s Multiple Listing Service® system, compared with 1,145 in August 2012, an increase of 6.5 per cent. The five – year average for August sales is 1,202.

“It has been one year since the Canadian Government introduced new mortgage rules, and although the Ottawa market has been slow – moving since the beginning of the year, this month’s numbers are quite the opposite,” says Tim Lee, President of the Ottawa Real Estate Board. “With residential and condominium units sold up a respectable amount since last year, it breaks the downward cycle.

In addition, average sale prices evened out in August, creating a welcome lull in inflating property prices.” The average sale price of all residential properties, including condominiums, sold in August in the Ottawa area was $348,519, a slight increase of 0.4 per cent over August 2012. The average sale price for a condominium property was $257,494, a decrease of 5.4 per cent from August 2012. The average sale price for a residential property was $374,663, an increase of 1.8 per cent over August 2012.

“Inventory on hand has decreased since last month, and is starting to return to more normal levels,” says Lee. “Ottawa continues to be a healthy, balanced market, and, as always, a great city to live in. Ottawa consumers remain in a very enviable position.”

Single level condominium apartments: August’s figures showed 122 sales for the month, compared with 116 in August 2012. The average price in August 2013 was $269,766, a decrease of 11.5 per cent over the previous August.

Two storey condominium townhomes: August’s figures showed 125 sales for the month, compared with 109 in August 2012. The average price in August 2013 was $235,963, an increase of 1.0 per cent over the previous year’s August.

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