Condo sales drive the Ottawa resale market in July

 Members of the Ottawa Real Estate Board sold 1,530 residential properties in July through the Board’s Multiple Listing Service® System, compared with 1,490 in July 2016, an increase of 2.7 per cent. The five-year average for July sales is 1,446.

“The Ottawa resale market continued its steady pace into mid-summer, with condo sales really bolstering the market this past month,” says Rick Eisert, President of the Ottawa Real Estate Board. “We’ve actually been seeing this positive trend since February. The condo market had been in a slump for the past few years because it was overbuilt. Some owners who had difficulty selling their condos rented them instead, thereby decreasing supply. Now as rental leases are coming due, combined with evidence of stronger condo sales, these owners are placing these units back on the market for sale. Meanwhile, residential sales have remained virtually the same in comparison to this time last year.”

July’s sales included 332 in the condominium property class, and 1,198 in the residential property class. “The number of new listings coming onto the market continues to be on the lower end of the five-year average, especially where residential units are concerned,” explains Eisert. “Inventory levels continue to tighten, however the choice for buyers continues to be decent, with both entry-level properties and higherend properties available, particularly in the condo market.”

“Cumulative days on market has been holding pretty steady throughout the course of 2017,” says Eisert. “However, when compared to numbers from 2016, residential properties in July 2017 are selling almost 22 per cent faster and condos just over 11 per cent faster than July of last year.”

The average sale price of a residential class property sold in July in the Ottawa area was $420,335, an increase of 5.3 per cent over July 2016. The average sale price for a condominium-class property was $267,641, an increase of 2.8 per cent over July 2016. The Board cautions that the average sale price 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 calculation of the average sale price is based on the total dollar volume of all properties sold. Price and conditions will vary from neighbourhood to neighbourhood.

“Ottawa buyers are beginning to see prices climb in certain areas of the Ottawa market, so they are getting in on the market now,” says Eisert. “We continue to see an increase in the number of ‘lifestyle’ properties sold – the $750+ price range. As prices and the number of units sold in higher end price ranges increase, so does the total sales volume. The condo market sales volume is up 32 per cent over last year, while the residential market is up by 16.5 per cent.”

“The two most active price points in the residential market continue to be the $300,000 to $399,999 followed by the $400,000 to $499,999 range, combined accounting for 56.1 per cent of the market. Within the condo market, the most active price point was between $150,000 and $249,999, accounting for 50.7 per cent of the market,” says Eisert. “In addition to residential and condominium sales, OREB Members assisted clients with renting 1,825 properties since the beginning of the year.”

Ottawa resale market proves strong in first half of 2017

  Members of the Ottawa Real Estate Board sold 2,162 residential properties in June through the Board’s Multiple Listing Service® System, compared with 1,985 in June 2016, an increase of 8.9 per cent. The five-year average for June sales is 1,818.

“We’re having a stellar year so far in 2017. Year-to-date sales numbers for the first half of the year are up in both the residential and condo property classes, combined coming in at a 13.5 per cent increase over the same time period in 2016,” says Ralph Shaw, President-Elect of the Ottawa Real Estate Board. “Average sale price in both the residential and condo class is up in the first half of 2017 compared to last year, although not a significant amount.”

June’s sales included 408 in the condominium property class, and 1,754 in the residential property class. “Listings and inventory levels continue to trend downwards, and REALTORS® report an increase in multiple offers on properties in some pockets around the city,” says Shaw. “While some areas within the Ottawa market are very active in sales, there are other areas of the city that remain very balanced and steady.”

“Something we hadn’t seen for years, is the recent rise in the lifestyle market in both the residential and condo property class, with 46 over $1 million units sold in June, and 171 units over $1 million sold since the beginning of the year,” says Shaw. “Both numbers are more than double the amount sold last year. It indicates that home buyers are looking beyond their basic needs to check off more boxes from their wish lists such as view, downtown location, or acreage property.”

“Since the announcement in April by the Ontario Liberal government of cooling measures in Toronto, it’s no surprise that the Ottawa market has been thriving. Not only is Ottawa an affordable place to live, it’s also very desirable,” says Shaw. “We have a great mix of city life and rural expanses. It’s no wonder MoneySense just named Ottawa as Canada’s best place to live in 2017.”

The average sale price of a residential-class property sold in June in the Ottawa area was $434,502, an increase of 8.8 per cent over June 2016. The average sale price for a condominium-class property was $289,905, an increase of 9.4 per cent over June 2016. The Board cautions that the average sale price 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 calculation of the average sale price is based on the total dollar volume of all properties sold. Price and conditions will vary from neighbourhood to neighbourhood.

“The most active price point in the residential market continues to be the $300,000 to $399,999 range, accounting for 35.1 per cent of the market. Within the condo market, the most active price point was between $150,000 and $249,999, accounting for 50.8 per cent of the market,” says Shaw. “In addition to residential and condominium sales, OREB Members assisted clients with renting 1,496 properties since the beginning of the year.”

Condo sales lead the way for stellar performance in May.

Members of the Ottawa Real Estate Board sold 2,300 residential properties in May through the Board’s Multiple Listing Service® System, compared with 1,919 in May 2016, an increase of 19.9 per cent. The five-year average for May sales is 1,946.

“Not only was May 2017 the best May on record for unit sales, it also surpassed the record for highest unit sales in a single month ever; blowing the previous record out of the water by  315 units,” says Rick Eisert, President of the Ottawa Real Estate Board. “One of the reasons for these stellar numbers can be attributed to the condo market, which has really helped strengthen the whole market over the past several months. This is quite evident in May, where units sold increased by 44.6 per cent over May 2016.”

May’s sales included 444 in the condominium property class, and 1,856 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.

“Sales activity continued to trend towards a sellers’ market, as evidenced by lower than normal inventory levels and listing averages for May, more multiple offer situations, and fewer days on market, but prices still remain relatively steady,” explains Eisert. “If we were in a true sellers’ market, we would expect to see a much higher spike in prices.”

The average sale price of a residential- class property sold in May in the Ottawa area was $436,625, an increase of 7.4 per cent over May 2016. The average sale price for a condominium-class property was $270,993, an increase of 2.3 per cent over May 2016. The Board cautions that the average sale price 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 calculation of the average sale price is based on the total dollar volume of all properties sold. Price and conditions will vary from neighbourhood to neighbourhood.

“Higher-end residential units in  the $750,000+ range continue to outperform sales from last year, especially in the $1 million+ range, where unit sales have almost doubled those in May 2016,” says Eisert. “We are not seeing quite the same trend for condo units though, where there are increases in units sold in almost all price ranges.”

“The two most active price points in the residential market continue to be the $300,000 to $399,999 followed by the $400,000 to $499,999 range, combined accounting for 56.4 per cent of the market. Within the condo market, the most active price point was between $150,000 and $249,999, accounting for 50.7 per cent of the market,” says Eisert. “In addition to residential and condominium sales, OREB Members assisted clients with renting 1,551 properties since the beginning of the year.”

Spring conditions produce blossoming resale market

Members of the Ottawa Real Estate Board sold 1,795 residential properties in April through the Board’s Multiple Listing Service® System, compared with 1,711 in April 2016, an increase of 4.9 per cent. The five-year average for April sales is 1,613.

“The April resale market continued its upward trend in units sold, just shy of a record set in 2010,” says Rick Eisert, President of the Ottawa Real Estate Board. “Sales activity is indicating a trend towards a seller’s market. Lower inventory, combined with increased demand, is creating many more multiple offer situations and quicker moving properties, with the average cumulative days on market dipping to just 71 days.”

April’s sales included 312 in the condominium property class, and 1,483 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.

“We continue to see a trend in the number of high-end units selling,” reports Eisert. “Properties selling for $500,000 and up has increased over last year, and even more significantly in the over $1 million market, which doubled in sales over April 2016. Since the beginning of the year 83 properties over $1 million switched hands, compared to only 38 in the same time-frame last year. The increase in sales for high-end properties may be fuelled by a combination of the migration of buyers from Toronto and move-up buyers. Another contributing factor is that many, generally well paying, jobs are opening up in the high-tech sector, driving more people into the Ottawa market.”

The average sale price of a residential-class property sold in April in the Ottawa area was $435,883, an increase of 7.9 per cent over April 2016. The average sale price for a condominium-class property was $268,553, an increase of 2.9 per cent over April 2016. The Board cautions that the average sale price 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 calculation of the average sale price is based on the total dollar volume of all properties sold. Price and conditions will vary from neighbourhood to neighbourhood.

“The two most active price points in the residential market continue to be the $300,000 to $399,999 followed by the $400,000 to $499,999 range, combined accounting for 55.1 per cent of the market. Within the condo market, the most active price point was between $150,000 and $249,999, accounting for 53.8 per cent of the market,” says Eisert. “In addition to residential and condominium sales, OREB Members assisted clients with renting 865 properties since the beginning of the year.”

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March resale market goes out like a lion

 Members of the Ottawa Real Estate Board sold 1,485 residential properties in March through the Board’s Multiple Listing Service® System, compared with 1,160 in March 2016, an increase of 28 per cent. The five-year average for March sales is 1,240.

“The busy spring selling season descended upon Ottawa early this year,” remarks Rick Eisert, President of the Ottawa Real Estate Board. “Unit sales for March marked the second-best on record, only 13 units down from the record set in March 2010. We’re also starting to see properties move faster, with the average cumulative days on market sitting at 82 days. With all these positive numbers, it’s still important to emphasize that price and conditions vary from neighbourhood to neighbourhood.”

March’s sales included 314 in the condominium property class, and 1,171 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.

“We’re seeing a lot more multiple offers than we’ve experienced in a while, mostly due to lower inventory levels,” says Eisert. “The number of properties listed in March also experienced a decrease over last year, and is about 100 units shy of the five-year listing average for March.”

The average sale price of a residential-class property sold in March in the Ottawa area was $415,467, an increase of 5.3 per cent over March 2016. The average sale price for a condominium-class property was $272,597, an increase of 5.3 per cent over March 2016. The Board cautions that the average sale price 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 calculation of the average sale price is based on the total dollar volume of all properties sold.

“We’re seeing a trend since the beginning of the year, with 50 properties sold over $1 million in the first quarter of 2017, compared to only 22 in the first quarter of 2016,” explains Eisert. “Again this month, a higher number of properties in the over $1 million price range were sold. These gains were in both the residential and condominium property classes, with seven more residential units and four more condo units sold this year over last year. These high-end property sales are taking place throughout the market with Rockcliffe Park, The Glebe, and Westboro leading the way.”

“The two most active price points in the residential market in March were the $300,000 to $399,999 and the $400,000 to $499,999 range, accounting for 53.7 per cent of the market. Within the condo market, the most active price range was in the $150,000 to $249,999, accounting for 51.2 per cent of the market,” says Eisert. “In addition to residential and condominium sales, OREB Members assisted clients with renting 639 properties since the beginning of the year.”

Planning to make a move. Give us a call or send an email, we are always available to help.

PLAN FORWARD. PLAN SMART.

Buying a home like a winner! Here are few essential tips for making a buying process as smooth as possible:

• Arrange a pre-approval mortgage from your lender and get your finances in order – Shop for lender that will give you the best financing options. When you fall in love with a house, nothing is worse than failing to get financing from your lender. BE PREPARED.

• Buy what you can afford – Make a list of your needs and wants and look for a house within your means. There are expenses related to the purchase of a home, such as land transfer tax, legal fees, property taxes, insurance, etc, so don’t forget to budget that in. AVOID SURPRISES - Find out the costs and expenses when purchasing a home.

• Always hire professional to do the job – When you hire a licenced real estate agent to help you to purchase a home, your interests are protected. Buying a home is emotional for many home buyers, especially during negotiation. Emotions can often lead to pitfalls. A real estate agent will provide their level of expertise and guidance, give recommendations to buyers to make the right decision and negotiate the best price to get you the house. It is a WIN-WIN situation.

• Think long term investment – A home is a very important and smartest investment that an average person will ever make. So think buying a home as a long term investment and take that decision seriously. PLAN FORWARD. PLAN SMART.

 Contact me today and plan your journey to your next home.

4 Tips to Stand Out Against the Competition

INSTALL AN AIR-CONDITIONING TIMER

– Regulate the temperature to an optimal 70 degrees F when buyers arrive.

CLEAN UP OUTDOORS AREA

– Rent a pressure washer to clean a patio, deck or driveway, and sweep up debris around the pool.

SHOW OFF BUILT-IN FEATURES

– Arrange neutral items in small clusters on built-in bookcases, shelves and wall cut-outs to show off attractive architectural elements of your home.

STAGE THE UNEXPECTED

– Show buyers how livable the home is by staging something fun and inviting. Arrange some rolled up towels by the pool or place a novel next to the rocking chair on the front porch.

When you are ready for your next move, call me to discuss other staging techniques that will attract the right buyers for your home. 

PLAN FORWARD. PLAN SMART.

When it comes to listing your home, there is no set of black-and-white rules that applies to every property and every seller. But check out these things to think about when you walk through it with an agent or stager.

PAINT

Fix - There is no accounting for the massive upgrade a fresh coat of paint can bring.

MAJOR KITCHEN UPGRADES

Don't fix - Unelss there are major structural isses, most new buyers woudl prefer to do something to their own taste.

MNOR KITCHEN ISSUES

Fix - Things like plumbing leaks should be fixed, and small upgrades like swapping out light fixtures cn make a big difference.

ENERGY EFFICIENT WINDOW

Don't fix - While adding new windwos can be a major selling point, it is also a project that can quickly snowball in time and cost.

FLOORS

Fix - From fixing scratched wood floors to replacing cracked tile, to cleaning dirty carpet, a little money spend on sprucing up floors canbe well worth the investment.

Contact me for your FREE, No Obligation Comapartive Market Analysis. iI you know anyone who are thinking buyting or selling a home, I can certainly help with that too.

Spring market is primed for competitive season ahead!

OTTAWA, March 3, 2017 - Members of the Ottawa Real Estate Board sold 1,010 residential properties in February through the Board’s Multiple Listing Service® System, compared with 908 in February, an increase of 11.2 per cent. The five-year average for February sales is 872.

“Numbers   continue   to   indicate a positive trend for Ottawa as a whole,” says Rick Eisert, President of the Ottawa Real Estate Board. “Even with the additional day in February last year due to the leap year, sales this year are up in both the residential and condo property classes. Keep in mind though, that all real estate is local, and that prices and conditions will vary from neighbourhood to neighbourhood.”

“A total of 2,066 homes were listed this month, up almost 25 per cent from January, while inventory on hand still remains low compared to last year,” explains Eisert. “Now is a great time to list your home in anticipation of the increase of buyer interest in the spring that will pick up as early as March.”

February’s sales included 233 in the condominium property class, and 777 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 a residential-class property sold in February in the Ottawa area was $417,374, an increase of 8.5 per cent over February 2016. The average sale price for a condominium-class proper 713.JPG ty was $258,397, an increase of four per cent over February 2016.

“This month revealed a larger average price gain in the residential property   class   than   usual   due to an increase in the number of properties sold in the $750,000 to $999,999 and over $1 million price range, similar to what occurred with condo prices last month,” explains Eisert. “For example, in the over

$1 million price range alone, there was a significant increase in sales over last year; 20 units sold in

2017 versus 6 units in 2016. It is important to note that dramatic changes in the average sale price is not indicative of all property values. We encourage buyers and sellers to talk to a REALTOR® for more information about the housing market outlook where they live, or want to live.”

“In the residential market the most active price point was the $300,000 to $399,999 range for the month of February, followed by the $400,000 to $499,999 range, combined accounting for 54.6 per cent of the market. The condominium market was most active in the $150,000 to $249,999 price range, accounting for 54.9 per cent of the market,” says Eisert. “In addition to residential and condominium sales, OREB members assisted clients with renting 392 properties since the beginning of the year.”

2017 resale market off to a great start.

OTTAWA, February 3, 2017 - Members of the Ottawa Real Estate Board sold 667 residential properties in January through the Board’s Multiple Listing Service® system, compared with 598 in January 2016, an increase of 11.5 per cent. The five-year average for January sales is 614.

“The year is off to a great start, with sales up over this time last year, and well above the five-year average,” remarks Rick Eisert, President of the Ottawa Real Estate Board. “Residential-class resales supported this increase, with a 16.6 per cent growth over January 2016. The number of properties listed in January has doubled the amount listed in December, which is very typical of sellers getting a jump start on the spring selling season.”

January’s sales included 119 in the condominium property class, and 548 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.

“While the numbers indicate a positive trend for Ottawa as a whole, we emphasize that all real estate is local, and prices and conditions will vary from neighbourhood to neighbourhood,” explains Eisert. “We encourage buyers and sellers to talk to a REALTOR® for more information about the housing market outlook where they live, or want to live.”

The average sale price of a residential-class property sold in January in the Ottawa area was $394,001, an increase of 1.9 per cent over January 2016.  The average sale price for a condominium-class property was $288,655, an increase of 16.8 per cent over January 2016.

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 average sale price for the condominium class saw a big increase over last year,” Eisert says. “It’s important to note that three properties sold for over $1 million this January, while none were sold in January 2016. This needs to be taken into consideration when looking at the overall increase in average condo sale price.”

“In the residential market the most active price point was the $300,000 to $399,999 range for the month of January, accounting for 35.2 per cent of the market. The condominium market was most active in the $150,000 to $249,999 price range, accounting for 58.7 per cent of the market,” says Eisert. “In addition to residential and condominium sales, OREB members assisted clients with renting 201 properties in January.”

2016 proves to be a record breaking year for Ottawa resales.

OTTAWA, January 5, 2017 - Members of the Ottawa Real Estate Board sold 715 residential properties in December through the Board’s Multiple Listing Service® System, compared with 703 in December 2015, an increase of 1.7 per cent. The five-year average for December sales is 656. The total number of residential and condo units sold through the Board’s MLS® System throughout all of 2016 was 15,537, compared with 14,653 in 2015, an increase of six per cent. Separately, residential and condo unit sales each outperformed the 2015 numbers.

“No matter what is said in the history books about 2016, it proved overall to be a great year for Ottawa real estate,” says Rick Eisert, 2017 President of the Ottawa Real Estate Board. “While prices remained fairly flat over the course of the year, the unit sales recorded in five separate months were the highest on record, including December. The spring market picked up early in April with strong sales and this trend continued well into the fall. The monthly unit sale performance in 2016 was often bolstered by a strengthened condo market which recorded increases over 2015 for much of the year.”

December’s sales included 165 in the condominium property class, and 550 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 listing inventory for both residential and condos trended lower all year, however units sold trended higher most months, outpacing 2015 by a fair margin,” says Eisert. “Cumulative days on market increased to 123 days in December, while the average for the year stayed steady at 91 days. Average residential sale prices remained virtually unchanged over last year, however we are seeing an increase in December compared to 2015, which could be a result of a higher concentration of properties sold in the $500,000 and up range.”

The average sale price of a residential-class property sold in December in the Ottawa area was $420,750, an increase of 8.7 per cent over December 2015. The average sale price for a condominium-class property was $262,698, an increase of 4.9 per cent over December 2015. The year-to-date numbers for average residential sale price in 2016 was $397,778, an increase of 1.5 per cent over 2015. While the average condominium sale price was $260,982, an increase of 0.4 per cent over 2015. 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.

“Looking at the whole year, the two most active price points in the residential market were $300,000 to $399,999 and then $200,000-$299,999, accounting for 54.6 per cent of the market. While the condominium market was most active in the $150,000 to $249,999 price range, accounting for 55.4 per cent of the market,” says Eisert. “In addition to residential and condominium sales in 2016, OREB Members have assisted clients with renting 3,053 properties, the sale of 19 farms units, and the sale of 340 commercial properties.”

Condo sales continue to bolster Ottawa resale market

OTTAWA, December 6, 2016 - Members of the Ottawa Real Estate Board sold 995 residential properties in November through the Board’s Multiple Listing Service® System, compared with 986 in November 2015, an increase of 0.9 per cent. The five-year average for November sales is 939.

“After a few breakaway months, the Ottawa resale market has come back down with sales typical of November,” says new Ottawa Real Estate Board President, Rick Eisert. “The condo market appears to be on the rise now, a welcome change compared to earlier in the year, with sales coming in at 16.2 per cent higher than November 2015. Several factors could have contributed to this increase – inventory levels trending downwards, steady prices, or buyers affected by the newly changed mortgage rules.”

November’s sales included 230 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, 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.

“Year-to-date unit sales to the end of November have now surpassed all previous year-end totals,” explains Eisert. “This year has been an exceptional year for sales for Ottawa Real Estate Board Members, and the year isn’t even over yet. The cumulative days on market have shown a steady decline for the first six months of the year, then has shown the same steady increase, so that the cumulative days on market in November (105 days) essentially mirrored that of January (110 days).”

The average sale price of a residential-class property sold in November in the Ottawa area was $405,320 an increase of 6.5 per cent over November 2015. The average sale price for a condominium-class property was $277,650, an increase of one per cent over November 2015. 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 the residential market the two most active price points were $300,000 to $399,999 and then $400,000-$499,999 for the month of November, accounting for 50.3 per cent of the market. The condominium market was most active in the $150,000 to $249,999 price range, accounting for 55.2 per cent of the market,” says Eisert. “In addition to residential and condominium sales, OREB Members have assisted clients with renting over 2,900 properties since the beginning of the year.”