Ottawa Market Update

Spring is finally here – and better late than never!  The traditional spring market is a bit later than usual this year due to the long winter we experienced.

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 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 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.

If you interested in knowing what your property is worth on today’s market – or you are looking to buy your first or next home, I’d be delighted to help.  Give me a call!

Kris

The market was forecasted to slow down in 2013, mostly as a result of recent mortgage changes, and indeed, the Spring Market is showing a 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 experts tell us that the recent changes to mortgage rules and guidelines has largely impacted first-time buyers, forcing them to focus on more affordably priced homes.  Those who were actively shopping had to stop and re-evaluate how much home they could afford to finance.  In spite of this, the Ottawa Market is still described as steady and stable – not going up or down drastically.

The average sale price of all 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.  Since there are differences from neighbourhood to neighbourhood, if you are interested in knowing what your home might be worth on today’s market, please give me a call.

If you have any real estate questions, I’d be happy to hear from you.

Kris

The Ottawa Resale Market is moving in the right direction!

If we compare sales for February 2013 with sales for February 2012, we see a decrease of 9.3% – a response to some of the government changes in an attempt to “cool down” the market.  The good news, however, is that sales seem to be picking back up as we approach the busy spring season.  February was a short month, yet 315 more homes were sold in February, 2013 than in January.  “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 Tim Lee, President of the Ottawa Real Estate Board.

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.

Since each neighbourhood or areas shows slight differences, if you are curious to know what your home might be worth on today’s market, don’t hesitate to give me a call.

Kris

Members of the Ottawa Real Estate Board sold 602 residential properties in January through the Boards 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  maintained its steadiness into January,” says Tim Lee, President of the Ottawa Real Estate Board. “January 2013 isn’t too far off from the numbers we’ve seen in recent years, and although the units sold are a tad lower, Ottawa remains a healthy market.”

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.

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.

Since each neighbourhood is different, if you are wondering what your home might be worth on today’s market – or you are simply toying with the idea of a move, give me a call and we can chat.

Kris

Happy New Year Everyone!

We are fortunate to live and work in a city with a stable real estate market. While the number of residential units sold in December 2012 (618) through the Board’s Multiple Listing Service® system was lower than units sold in December 2011 (695), we are still on track to the five-year average for December sales (617).

The total number of homes sold through the Boards MLS® system in 2012 was 14,308, slightly down from the 14,389 homes sold in 2011 but still above the five-year average of 14,274. The overall average sale price for 2012 was $351,792, an increase of 2.3 per cent over 2011.

When we look back at 2012, home sales took off in the first half compared to the same period for 2011, but with the tighter mortgage rules introduced in July and potential government layoffs, the market cooled for the second half of the year.  Ottawa remains steady and balanced, without some of the large fluctuations in resale activity you see in other Canadian markets.

The average sale price of all residential properties 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.   Since there can be significant differences from one neighbourhood to another, if you would like to see what is happening in your neighbourhood, give me a call.

By the way, referrals play a huge role in the success of my business so please think of me and do mention my name if you hear of any family, friends, neighbours or colleagues who are considering a move. I’d be delighted to have the opportunity to provide them with my real estate services.

Kris

Last year was the best November on record for resale home sales in Ottawa.  This November, sales have come back down to their normal levels.  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 so we are still in the ballpark.  November’s sales included 208 in the condominium property class, and 723 in the residential property class.

In spite of a slight cooling in number of units sold, average sale prices continue to increase.  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.

Every neighbourhood is slightly different.  If you are interested in knowing what your home might be worth on today’s market, give me a call and we can go over the numbers.

Kris

According to the Ottawa Real Estate Board, September sales are historically on track in Ottawa.  The market here has not experienced volatility in prices or number of units sold.  Since 1956, the average price in the Ottawa area has decreased only five times (year over year) and has increased by 15% or more only five times as well.  Our market can be characterised as stable and steady.  This is a good thing!

It is possible that the new mortgage rules and continuing uncertainty about job losses in the public sector may have contributed to recent decreases in the number of units sold in the Ottawa market.  The number of sales through the MLS® System in September, 2012 was 993 units, down from a near record high in September, 2011 of 1,201 units.  The average price, however, was still up year over year at $351,585, an increase of 4.7% over September, 2011.

Since each area is slightly different, if you are curious to know what your home might be worth on today’s market – or you want to get into the market in the next little while, please give me a shout.  I’m more than happy to talk real estate with anyone!

Kris

The Ottawa Real Estate Market generally remains stable with a slight increase in July sales and a slight decrease in average price – perhaps because lower priced properties continue to sell more quickly compared to unique or higher priced properties.

Members of the Ottawa Real Estate Board sold 1,366 residential properties in July through the Board’s Multiple Listing Service® system, compared with 1,321 in July 2011, an increase of 3.4 per cent. The five-year average for July sales is 1,360.  The July sales include 304 condominiums and 1,062 in the residential property class.

The average sale price of residential properties, including condominiums, sold in July in the Ottawa area was $337,518, a slight decrease of 1.2 per cent over July 2011. The average sale price for a condominium-class property was $265,903, a decrease of 1.7 per cent over July 2011. The average sale price of a residential-class property was $358,018, a decrease of 1.4 per cent over July 2011.

Each area is slightly different so if you are curious to know what your home is worth on today’s market, please give me a call.

Kris