Author Archive
Posted on: September 14th, 2015 by Chris Scott
It has been a good summer for Ottawa real estate, though prices are still fairly flat and there are some listing inventory concerns. August was a good month with unit sales increases for both residential properties and condos. Residential unit sales are up 5.3% YTD and the average selling price is up 1.9% to $395,437. Condo unit sales are down slightly by .5% YTD and the average selling price is down by 1% to $260,017.
On the residential front, the number of listings currently reported by the Board is 31.8% higher than the 5 year average. The number of current condo listings is 52% higher than the 5 year average. With these inventory levels, we can expect to see continued price pressure.
Some sellers may be leaving the market as there was a high level of listing expiries, withdrawals and cancellations in August. Perhaps sellers are waiting for a change in the market. Rental transactions involving Realtors are way up this year so many sellers may also be looking to rent their properties if they cannot secure a satisfactory sale.
As a rule, the real estate business is steady in September and October but starts to fall off in November, so sellers should plan accordingly. With properties generally taking longer to sell in our current market, the best time window for getting a property on the market is now!
Buying or selling a home is a major transaction and should be done with the advice of an experienced real estate agent. I would love to be that person so please give me a call.
Chris
Posted on: September 8th, 2015 by Chris Scott
This August I had the pleasure of working with Erick and Mandy for the fourth time. One of my favourite clients! They originally relocated to Ottawa from the Petawawa base about 9 years ago. They bought a small townhouse in Kanata. It was the perfect place for them at the time. A few years later they were ready for a larger detached home and purchased a great family home in Stittsville. Like most military families, their time in Stittsville was fairly short lived as they were relocated to Oshawa. Now they are moving back to Ottawa. The house they purchased this time around is their dream house. It is truly an amazing home. 3600 sq/ft of luxurious living space – complete with a full theatre in the basement and every upgrade one could ask for. It has been so cool to be a part of their rise through the property ladder. Home ownership is an amazing opportunity for people to build wealth and open up the possibility of one day living in their dream house.
Don’t forget to give me a call if you have any real estate needs. I would love to help you find your Dream Home!
Chris
Posted on: August 13th, 2015 by Chris Scott
Members of the Ottawa Real Estate Board sold 1,436 residential properties in July through the Board’s Multiple Listing Service® system, compared with 1,440 in July 2014, a decrease of 0.3 per cent. The five-year average for July sales is 1,380.
The average cumulative days on market increased slightly to 78 days, compared to 74 last month. Inventory levels remain high, meaning we are in a Buyer’s market in most segments of the market.
The average sale price of a residential-class property sold in July in the Ottawa area was $394,889, an increase of 4.5 per cent over July 2014. The average sale price for a condominium-class property was $255,102, a decrease of 2.6 per cent over July 2014.
The $300,000 to $400,000 price range continues to have the highest concentration of properties sold and it is two-storey residential properties that continue to have the highest concentration of buyers in Ottawa.
If you are curious to know whats happening in your area, feel free to get in touch. I am always happy to help!
Chris
Posted on: July 8th, 2015 by Chris Scott
Year to date sales for the first half of 2015 are up 4.9% over the same period in 2014. This is very positive news for the Ottawa real estate market. Low interest rates and a good local economy have helped sustain these levels. There is more inventory this year than in years past so Buyers do have more choice. Even so, with the increase in sales this June, our market is in a balanced position except for the condo market which remains a Buyers’ Market.
Members of the Ottawa Real Estate Board sold 1,694 residential properties in June through the Board’s Multiple Listing Service® system, compared with 1,657 in June 2014, an increase of 2.2 per cent. The five-year average for June sales is 1,664.
Properties continue to move consistently and inventory levels at the end of the month are higher than usual but still healthy and on par with May levels. Average cumulative days on market is steady at 74 days.
The average sale price of a residential-class property sold in June in the Ottawa area was $404,254. The average sale price for a condominium-class property was $271,415
The number of residential units sold in June increased in every price range from $350,000 and above, and the $300,000 to $400,000 price range continues to have the highest concentration of properties sold.
Every area is different so if you are thinking of buying or selling, I do hope you will get in touch with me. Referrals are the basis of my successful business so keep them coming! I always have time for Real Estate questions.
Chris
Posted on: June 5th, 2015 by Chris Scott
The Ottawa resale market remains steady and strong!
This has been the most active May since 2009. Despite all the doom and gloom you hear on the news, the Ottawa real estate market remains very stable. The inventory levels are high which means lots of selection for buyers. By most accounts it would be considered a buyers’ market right now in Ottawa – especially in the central condo market.
Members of the Ottawa Real Estate Board sold 1,926 residential properties in May through the Board’s Multiple Listing Service® system, compared with 1,789 in May 2014, an increase of 7.7 per cent. The five-year average for May sales is 1,812.
The average cumulative days on market was 72 days in May, compared to 74 last month. The average sale price of a residential-class property sold in May in the Ottawa area was $411,791, an increase of 2.6 per cent over May 2014. The average sale price for a condominium-class property was $266,940, a decrease of 4.9 per cent over May 2014.
Since every area is slightly different, please don’t hesitate to give me a call if you are curious about what is happening in your neighborhood.
Chris
Posted on: May 28th, 2015 by Chris Scott
According to CMHC, MLS® sales are expected to remain flat between now and the end of 2016 and in spite of flat sales and rising listings, balanced market conditions will prevail in 2015. Listings will edge higher in 2016 and, as a result, the average price of a resale home will show a small increase.
Total housing starts are expected to decrease slightly mostly due to a reduction in condo apartment starts. The inventory of completed and unsold condo units will gradually decrease causing starts to edge up again in 2016.
Housing demand is expected to remain steady in Ottawa in 2015 due to low mortgage rates and affordable prices. This may change in 2016 with modest price growth and potentially higher mortgage rates.
An increase in the supply of secondary rental market units will provide more options for renters this year but this will be short-lived as the demand for rental units is expected to increase in 2016.
If you are curious about property values in your Ottawa neighbourhood feel free to get in touch.
Chris
Posted on: May 7th, 2015 by Chris Scott
The real estate market is in full swing at the moment. We had a really busy April. I was involved with 5 separate multiple bid situations in April. This is the surest sign that buyers are out of hibernation and eager to find something. This past month there were over 1570 residential properties sold. This is above the 5 year average for April of 1,531. Good sign that Ottawa remains a very stable place to invest in real estate.
The average sale price of a residential-class property sold in April in the Ottawa area was $403,239, an increase of 0.9 per cent over April 2014. The average sale price for a condominium-class property was $265,371, an increase of 2.7 per cent over April 2014. Higher end properties are starting to move which likely accounts for the residential average sale price entering the $400,000 range.
Average cumulative days on market has improved in April, coming in at 74 days, compared to 83 in March. Properties are moving faster and inventory is plentiful, with just under 9,000 residential properties, including condos, available for sale going into May. Every neighbourhood/segment has very different variables to consider. For information on whats happening in your area feel free to get in touch.
Chris
Posted on: April 14th, 2015 by Chris Scott
The Spring Market in Ottawa Real Estate is alive and well! Members of the Ottawa Real Estate Board sold 1,208 residential properties in March through the Board’s Multiple Listing Service® system, compared with 1,184 in March 2014, an increase of two per cent. The five-year average for March sales is 1,236. March’s sales, which numbered 356 more units than in February (a 41.8% increase), included 228 in the condominium property class, and 980 in the residential property class.
The only concern in the market remains the high level of inventory in some neighbourhoods and price ranges. For instance in Stittsville there is over 12 months of inventory available for buyers looking over $500,000.
The average cumulative days on market was 83 for the month of March, lower than the average of 99 days in February and 119 days in January indicating that properties are starting to move faster as we enter the second quarter of 2015. Average sales price has also increased, ever so slightly. So far, the 2015 resale market looks to be steady and stable.
The average sale price of residential properties, including condominiums, sold in March in the Ottawa area was $361,572, an increase of 0.7 per cent over March 2014. The average sale price for a condominium-class property was $251,666, no change over March 2014. The average sale price of a residential-class property was $387,141, no change over March 2014. The hottest segments of our market in March were sales between $300,000 and $400,000, followed by the $200,000 to $300,000 price range. If you want market statistics for your neighbourhood, please feel free to get in touch.
Chris
Posted on: April 3rd, 2015 by Chris Scott
DND employees were supposed to start moving in to buildings at 3500 Carling Avenue site by the end of this year but that will be delayed for at least nine months as the federal government spends $30 million to fix the structural problems. Existing leases for DND offices around the Ottawa area will have to be extended until the new move-in dates.
The giant walls are made up of panels of glass windows. The seals on many of the windows have failed and the frames that support the glass are weak. All the windows will now have to be replaced. Because of the reconstruction of the outside glass walls, the move of the first DND employees to the campus will now take place in the fall of 2016.
DND will eventually transfer 8,500 military and civilian employees to the Carling Avenue location. Despite the initial delay, the move is still expected to be finished by 2020.
Government officials still insist the move of DND employees will save taxpayers $750 million over the next 25 years. The DND and Public Works have not released any information, however, to back up that claim.
Internal DND documents provide some of the reasons for the move to Nortel: reduced cab fares, less need for commissionaires to guard offices and an atmosphere that allows people to work better together.
If you have been transferred to Ottawa, feel free to get in touch. I specialize in military relocations and would be happy to be of service and can provide you with references from successful Ottawa House hunting trips over the past years.
Chris
Posted on: March 20th, 2015 by Chris Scott
If you have been posted to Ottawa this year and are relocating to the city I have a few tips for you.
As you may know, DND headquarters is moving from its current building in downtown Ottawa to Nepean (Ottawa west) to take over the Nortel campus. This is a major project and will be happening over the next 3 years. This is definitely something to keep in mind if you have been posted to Ottawa. Some very popular neighbourhoods for my military clients are now Kanata and Stittsville. In previous years it was always Orleans. These neighbourhoods offer great schools, lots of amenities, and the homes tend to be newer. The house prices also tend to be reasonable compared with other marketplaces. Resale is also usually quick as this is an important consideration as you never know when your next posting message comes in.
It is important to note that there are buildings downtown, in Gatineau, Leitrim and on Startop rd in Ottawa east that will still be fully operational for years to come. It is important to know where you will be working. Stittsville is a great commute to the new DND but is across the city to Startop rd. and even further to Letrim.
Please feel free to get in touch with me if you are planning to relocate to Ottawa. I specialize in HHT’s and would be happy to be of service. I am always reachable on my cell at 613-863-6999.
Chris
