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Posted on: January 18th, 2017 by Chris Scott
I am pleased to provide you with my year-end review of the real estate market for the Qualicum area.
The average sale price of a home sold in Qualicum rose by 3.4% to $542,971. When we look more closely, we can see that it is the 2-storey, hi-ranch, and split level category that supported this rise, as these homes sold on average for $596,658 which is about a 9.8% increase over the last year. Bungalow prices slightly dropped to $474,967 or 1.9% decrease.
Where the biggest real estate change can be observed is in the total days on market. In Qualicum, much like the rest of Ottawa, total days on the market continues to increase. Year-to-date, the average time to sell a home in Qualicum is 61.0 days. For bungalows, it has taken 42.7 days to sell this style of homes which is only a 0.7% increase over 2015. Yet for the 2-storey, hi-ranch, and split level category, it took 75.4 days, on average. The is a large 42.8% increase from 2015.
And how do sale prices stack up against listing prices? In Qualicum, this figure is a 0.9% slight decrease over last year.
The average monthly listing dropped from 11.5 in to 2015 to 7.9 in 2016. The highest vs lowest listing months also dropped. One thing to note is the highest listing month in 2015 was June but in 2016 it was March. Both for 2015 and 2016 December was the lowest active listing month.
If you would like to know your home’s value, please fill out our Home Evaluation Form here: SELLERS HOME EVALUATION
[1] All data from Ottawa Real Estate Board © 2016.
Posted on: January 12th, 2017 by Chris Scott
I am pleased to provide you with my year-end review of the real estate market for the Stittsville area.
In December, 17 homes were sold in Stittsville compared to 12 homes in December 2015. In terms of sales since January, Stittsville has seen 472 sales this year compared to 481 over the same period last year. That is a modest decline of 1.9%. This decrease in sales volume has had no negative impact on sale price though.
The average sale price of a home sold in Stittsville rose by 1.4% to $423,364 from $417,543 last year. When we look more closely, we can see that it is the single detached home category that supported this rise, as these homes sold on average for $471,004 which is about a 1.9% increase over the last year. Row home prices are also up slightly to $316,988 or 0.9% increase.
Where the biggest real estate change can be observed is in the total days on market. In Stittsville, much like the rest of Ottawa, total days on the market continues to increase. Year-to-date, the average time to sell a home in Stittsville is 65.5 days. That number is up from 59.7 days average last year. For row homes, including semi-detached homes, it has taken 49.8 days to sell this style of homes, yet for a detached home, it took 72.6 days, on average. Last year, these numbers were 50.5 and 63.7 days respectively. The average days on market for the entire Ottawa Real Estate Board and for all residential home styles combined was 85 days, January to November.[1]
And how do sale prices stack up against listing prices? In Stittsville, this figure stands at approximately 97% which is a 2.2% increase over last year.
If you would like to know your home’s value, please fill out our Home Evaluation Form here: Sellers Home Evaluation
All data from Ottawa Real Estate Board © 2016.
Posted on: January 4th, 2017 by Chris Scott
Imagine going into a bidding war on a house against one of your best friends.
Well, I was the Realtor caught in the middle.
It was a cold, snowy night in Ottawa. I was on my way to show a house that had just come on the market to some really close friends of mine. It looked to be a perfect fit for them. It had only been on the market for a few hours. As I approached the house I got another call from another couple who also happen to be very goods friends of mine who wanted to see the same listing. You have to understand that these two clients were also very close friends themselves (in each others wedding party’s close). My first thought when I got the call was that this was going to be awkward. But really….what was the chance of this house being “the one” for both of them?
Well, that question was answered about an hour later. After showing it to each of them back to back; my first thought was bang on. This was going to be awkward!
They both loved the house and wanted to place an offer on it. We couldn’t find a solution where everyone was happy. So…. they went into a bidding war. What are the chances of facing off against a good friend for the same house!!!
I excused myself from dealing with my second friend (because they were call #2) and set them up with a top Realtor in another office. That way everything we did was confidential and I wasn’t in a more awkward position of representing both parties.
Naturally, the client I was working with ended up securing the house. In the end, my inspector Sean uncovered some issues the seller was trying to conceal. That was the end of that house. In the daylight some of the whackiest neighbours I have ever seen were also revealed……but that is a story for another day.
All that agony, awkwardness, sleepless nights and no deal!
We have laughed about this many times since. Both clients found great houses shortly thereafter and we are all still good friends today. It could have been a lot worse!
Posted on: December 15th, 2016 by Chris Scott
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 percent. The five-year average for November is 939.
The November’s sales included 230 in the condominium property class and 765 in the residential property class.
The average sale price of a residential-class property sold in
November in the Ottawa area was $405,320 which is an increase of 6.5 percent from November 2015. The average sale price for a condominium-class property was $277,650 which is an increase of 1 percent from November 2015.
Since every area is slightly different, if you are thinking of buying or selling I hope you will contact me. I’m always happy to help!
Posted on: November 16th, 2016 by Chris Scott
On Monday, the Ontario Liberal Government announced it is doubling the rebate on the land-transfer tax for first-time homebuyers to $4,000. This effort is to encourage first-time home buyers. The increased rebate will take effect January 1, 2017.
According to the Ontario Finance Minister Charles Sousa doubling the refund will result in over half of first-time home buyers in Ontario not paying the land-transfer tax on the purchase of their first home.
This tax break may be the just the right encouragement to help Ottawa first-time home buyers buy a place of their own. The average purchase price for first-time home buyers in Ottawa is $368,000 which means they will pay no land-transfer tax because of the new rebate.
– Chris Scott
Posted on: November 10th, 2016 by Chris Scott
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. This is the third straight months of record-breaking resales.
Residential sales are identical to that of October 2015, but condo sales have soared – up by 27.2 per cent over last year. This may be due to lower inventory levels combined with adjusting prices. 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.
Since every area is slightly different, if you are thinking of buying or selling I hope you will contact me. I’m always happy to help!
– Chris Scott
Posted on: October 11th, 2016 by Chris Scott
Another month with records broken for residential and condo units sold – 200 more units sold than the 5-year average for September sales.
Members of the Ottawa Real Estate Board sold 1,371 residential properties through the Board’s Multiple Listing Service® System, compared with 1,241 in September 2015 – an increase of 10.5%.
With fewer listings coming onto the market and recent higher unit sales, overall inventory is decreasing. We will watch with interest to see that happens with the basic economics of supply and demand at play.
The average sale price of a residential class property sold in September in the Ottawa area was $383,793 – a decrease of 0.1% over September 2015. The average sale price for a condominium class property was $252,136, a decrease of 2% over September 2015.
The hottest segments in our market continue to be 2-storey and bungalow residential homes in the $300,000 – $400,000 range.
Since every area is different, I hope you will call on me if you are planning to buy or sell. And – don’t forget those referrals – they are very important for the success of my business.
Chris
Posted on: October 11th, 2016 by Chris Scott
The Federal Government is taking steps to ease emerging risks in the country’s housing market. The new measures should slow the injection of foreign cash and will tighten the eligibility rules for prospective borrowers. The sizzling Toronto and Vancouver markets are out of reach for many Canadians and some fear that foreign investment money in these markets has helped drive up prices. There is also growing concern that Canadians have too much debt.
Beginning on October 17, 2016, all insured mortgages will have to undergo a stress test to determine whether a borrower could still manage to make his/her mortgage payments if the rates went up or their income went down. Currently the test will be to ensure all insured borrowers can qualify based on the posted rate for a 5-year rate mortgage (now 4.64%).
On November 30, 2016, several eligibility rules will tighten on mortgages where borrowers made down payments of at least 20% of the purchase price.
The Government plans to tighten a loophole on an exemption that allows homeowners to avoid paying capital gains on tax on the sale of a principal residence such that this exemption will only be available, going forward, for Canadian residents and families will only be allowed to designate one home as their primary residence.
Other key measures that will affect all insured mortgages is a maximum amortization of 25 years, a maximum purchase price below $1 million, only owner-occupied properties being eligible and a total debt service ratio of 44% at the time a loan is approved.
Experts believe these measures will serve as a “tap on the brake” that could lead to a “slight, additional slowing of a market that is already slowing”.
New consumers unable to meet these requirements could be shut out of the market and even consumers with existing mortgages might be unable to easily switch lenders. It remains to be seen whether the changes will have a cooling effect on hot housing markets or how much more difficult it will be for would-be homeowners to secure mortgages.
If you have any questions about this – or anything else related to real estate, please give me a call.
Chris
Posted on: September 24th, 2016 by Chris Scott
It’s hard to believe we got off to a quiet start this year. The market has been so hot as of late. We have had some record-breaking months in units sold. August was another hot month. There were 1484 homes sold in August – a 16.4% increase over the same month last year. This represents the best August on record for the Ottawa Real Estate Board.
The average price of a residential property is up 2.5% compared to August of last year. For August we were at $389,786.
Condos made a big jump last month compared to August of last year. Condo prices are up 11%. The average price of a condo in Ottawa for August was $262,166.
These stats are monthly. This past month there were more than usual 1 million+ homes sold which could account for some of these increases.
It is an interesting market. On the one hand you have all of these positive statistics and then I look at the average time on market. The average home is taking 92 days to sell. That is up 34% from August last year. For condos it is taking even longer to sell at 106 days on market – up 12%.
There is more competition on the market right now. Lots of inventory with builders – especially downtown condos. I predict a strong finish to the year.
By the way – Ottawa was just named the 2nd best city in Canada to raise a family!
Chris
Posted on: September 12th, 2016 by Chris Scott
This has been the best August on record EVER for Ottawa Real Estate Board members, blowing the average for August sales out of the water. There were 1,484 residential properties sold in August through the Board’s Multiple Listing Service ® compared with 1,276 in August 2015 – an increase of 16.3%. The five-year average for August sales is 1,265.
Average sale prices have been steady all year. The average sale price of a residential class property sold in August in the Ottawa area was $389,786 – an increase of 2.5% over August, 2015. The average sale price for a condominium-class property was $272,166 – an increase of 11.1% over August, 2015. Six more properties in the $1 million+ range were sold last month which could account for the bump in average sale prices.
Since each area is slightly different, I hope you will call on me if you are thinking of buying or selling. I am always happy to help.
Chris
