Author Archive
Posted on: June 8th, 2016 by Chris Scott
The May weather was steamy and the May real estate market just as hot. The Ottawa resale market continued its steady pace upwards, continuing an above-average trend for the month of May.
Members of the Ottawa Real Estate Board sold 1,921 residential properties in May through the Board’s Multiple Listing Service® system, compared with similar sales of 1,926 in May 2015. The five-year average for May sales is 1,864. In May, 3,635 homes were listed. Ottawa is riding a strong and steady spring market.
The average sale price of a residential-class property sold in May in the Ottawa area was $406,063, an increase of 0.6 per cent over May 2015. The average sale price for a condominium-class property was $264,801, an increase of 1.5 per cent over May 2015. Residential two-storey and bungalow homes had the highest concentration of Buyers in May.
If you are thinking of buying or selling, or know of somebody who is, please give me a call. I am always happy to help. Don’t forget those referrals – they are so important to the success of my business and I appreciate every one of them.
Chris
Posted on: May 31st, 2016 by Chris Scott
This standard form was created by the Ontario Real Estate Association. It is completed by the listing party and contains information about the house being sold based on the Seller’s knowledge and experience in the house. Some Ottawa home buyers will ask for this as part of an offer.
Sellers are not required by law to complete this form. If you do, then your agent is required to acknowledge its existence and inform all potential Buyers. If the Buyer, however, makes an offer conditional upon having an SPIS, then the Seller either has to complete one, scratch it off the offer or decide not to sell to that Buyer.
There are legal implications associated with an SPIS. If a Seller has completed an SPIS, he/she could be held accountable if the information is incorrect or misleading.
Agents are obliged to make Sellers aware of the implications of an SPIS and the importance of accuracy and also that the Sellers are not legally required to provide this information. However, sellers must disclose all material facts with or without an SPIS.
Posted on: May 5th, 2016 by Chris Scott
April turned out to be the best month for unit sales since 2010! Members of the Ottawa Real Estate Board sold 1,714 residential properties in April through the Board’s Multiple Listing Service® system compared with 1,567 in April 2015, an increase of 9.4%. The five-year average for April sales is 1,568.
Also in April, 3,644 homes were listed – up 13.8% since March but down 2.8% over April, 2015. Inventory levels remain healthy heading into what is normally the most active month of the year. April seemed extremely busy so if May is expected to be even busier, hold onto your hats!!
The average sale price of a residential class property sold in April in the Ottawa area was $403,603, an increase of 0.2% over April 2015. The average sale price for a condominium class property was $261,017, a decrease of 1.8% over April 2015. The hottest segments of our market for April were sales in the $300,000 to $400,000 price range. Residential 2-storey and bungalows had the highest concentration of buyers in April.
If you, or someone you know, is thinking of buying or selling, please give me a call. I’m happy to help.
Chris
Posted on: April 19th, 2016 by Chris Scott
Members of the Ottawa Real Estate Board sold 1,166 residential properties in March through the Board’s Multiple Listing Service® system, compared with 1,200 in March 2015, a decrease of 2.8%. The five-year average for March sales is 1,220. It is, though, a definite increase from the previous month sales – 256 more properties.
Properties are starting to sell more quickly, indicating we are heading into our busy spring market. In March, 3,203 homes were listed – up 38.6% since February.
The average sale price of a residential class property sold in March in the Ottawa area was $394,951, an increase of 2% over March, 2015. The average sale price for a condominium class property was $258,714, an increase of 2.4% over March, 2015. Canada’s capital continues to be a great place to buy and sell real estate!
Every neighbourhood has slight differences so please do give me a call if you are thinking of buying or selling – or know of somebody else who is. Referrals are very important to the success of my business so please do think of me when it comes to real estate.
Chris
Posted on: March 3rd, 2016 by Chris Scott
Leap Year Phenomenon or Early Spring Market?
Members of the Ottawa Real Estate Board sold 911 through MLS. The five-year average for February sales is 908.
There were 46 sales on that extra day in February this year which may account for some of the increase! Listings were also up, with 2,312 homes listed in February alone causing the inventory to rise by 10.7% since January. This is providing lots of options to buyers out there. More homes are coming onto the market in preparation for the busy spring selling season. If you’re thinking of putting your home on the market, this is a great time to do so. It might be good to beat the Spring rush.
The average sale price of a residential-class property sold in February in the Ottawa area was $384,632, an increase of 1.2 per cent over February 2015. The average sale price for a condominium-class property was $249,727, a decrease of 6.8 per cent over February 2015. The condo market continues to struggle – there is still way too much supply in this segment.
Every neighbourhood is unique. Feel free to get in touch with me to find out what’s happening in your area. Now is the time to buy or sell if you have been thinking about it. It is an active market for sellers and for buyers and there is lots of good inventory to choose from.
Chris
Posted on: February 4th, 2016 by Chris Scott
Posting messages are coming in a bit earlier this year in Ottawa.
If you have been transferred to Ottawa and are booking a house hunting trip there are a few important things to consider. Here are my top 3 tips:
1) Resale: Find a house that does not have any major strikes against it. This could be power lines in the backyard, house on really busy street, it has an usual layout, or some type of stigma attached to the house/area. You have to make sure the house can be sold quickly on the other end when/if you are posted outside of Ottawa. Exceptions can be made if the price is very good.
2) Location: Find a location/neighbourhood close to transit, has good resale, and is accessible to good schools. I can help guide you in this respect. I have good knowledge of all the areas in Ottawa.
3) Realtor: As you know this week is going to be very important for you. Your new home/area can in some ways dictate how you will enjoy your time in Ottawa. It is important to get aligned with a great Realtor who is familiar with house hunting trips. There is no time for mistakes.
If you have any questions about your posting to Ottawa please feel free to get in touch. I am always reachable via my cell at 613-863-6999 or email.
Chris
Posted on: February 4th, 2016 by Chris Scott
Members of the Ottawa Real Estate Board sold 601 residential properties in January through the Board’s Multiple Listing Service® system, compared with 626 in January 2015, a decrease of four per cent. The five-year average for January sales is 618. It isn’t unusual to have a slow-down once winter hits. Listings continue to be very active – the number of properties listed almost doubled the amount listed in December.
The average sale price of a residential-class property sold in January in the Ottawa area was $386,839, an increase of 4.6 per cent over January 2015. The average sale price for a condominium-class property was $247,205, a decrease of 1.3 per cent over January 2015.
As always, if you have any real estate-related questions, I will be happy to help you find answers. My business is based mostly on referrals so they are extremely important to me.
Chris
Posted on: January 12th, 2016 by Chris Scott
Ottawa’s real estate market was very steady in 2015. After the dust settled the total number of residential and condo units sold through the MLS® System for all of 2015 was 14,658, vs 13,919 in 2014, an increase of 5.3%. Residential and condo unit sales each outperformed the 2014 numbers. The year-to-date numbers for the average residential sale price in 2015 was $391,940, + 1.9% over 2014. The average condominium sale price was $259,691, a decrease of 1.5% over 2014.
I am predicting a very similar real estate market for 2016 to the one we just experienced this past year. Sales will be steady, inventory will be higher then normal, and conditions will remain fairly balanced. We will see sales levels at near historical highs. The buyer may have a slight advantage depending on location and market segment. For instance, the condo market remains an area of concern. Inventory levels are very high and condo developers still seem bullish on this market and continue to build. There is too much supply to match the demand. We could see downward pressure on prices in the condo market again this year. This will remain a buyers’ market. I predict Prices should be up about 1% by the end of the year. For condos there will be some good deals for buyers this year. I can see condo prices being very flat or decreasing anywhere from 1-2%.
Chris
Posted on: December 6th, 2015 by Chris Scott
Members of the Ottawa Real Estate Board sold 990 residential properties in November through the Board’s Multiple Listing Service® System, compared with 891 in November of 2014, an increase of 11.1 per cent. The five-year average for November sales is 944. It could be the mild weather – or maybe the aftermath of the federal election that were key to a very successful November resale market.
Inventory levels are balancing out, cumulative days on market have increased to 104, and average residential sale prices remain steady. This is very typical of a market that’s heading into the winter season. Don’t forget that every area is slightly different. If you wish to know what your house is worth – or maybe the one own the street, give me a call. I’d be glad to help.
Next month I will be releasing my annual market report. Stay tuned for a comprehensive look at the Ottawa real estate market. I have already started looking at CMHC reports, newspaper articles, and economist’s predictions. In the meantime have a very Merry Christmas! Wishing you all the best in the new year.
Chris
Posted on: November 7th, 2015 by Chris Scott
October was another strong month for the resale market
The national election could not slow down our October housing market here in Ottawa. Some impressive numbers were just released by the board.
The numbers show that October 2015 outpaced last year as well as the five-year average. Members of the Ottawa Real Estate Board sold 1,161 residential properties in October through the Board’s Multiple Listing Service® System, compared with 1,119 in October 2014, an increase of 4 per cent. The five-year average for October sales is 1100. The expected slow-down leading up to the Federal Election simply didn’t happen!
The resale market in Ottawa continues to be very stable and inventory has consistently declined since the busy spring market last May, bringing us back into balanced territory. Cumulative days on market also came down slightly to 86 days from 93 days in September.
The soft spot in our market right now is downtown high-rise condos segment. A recent CMHC report cautioned builders that there is an over-supply of this market currently. Supply simply out paces demand right now. This is starting to show in some pricing incentives from current builders to get rid of unsold inventory in fully competed buildings. This is something we will have to keep an eye on for sure.
Since every area is quite different, please give me a call if you are thinking about buying or selling – or even if you are simply curious to know what your home might be worth on today’s market. I am always happy to talk real estate!
Chris
