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Posted on: December 9th, 2013 by Chris Scott
Condo sales fell 15.5 per cent from the same month a year earlier, pulling down the overall real estate market by 0.7 per cent even as sales of other housing types held steady. The drop came after three months of small gains in overall sales figures.
For the first 11 months of 2013, condo sales have fallen by 6.6 per cent, according to figures released Wednesday by the Ottawa Real Estate Board. Values have also declined, but only marginally. The average condo resale price so far in 2013 is $263,902, a 1.7-per-cent drop from 2012.
For other housing types, sales are down by 2.3 per cent for 2013, but the average price has risen by 2.1 per cent to $382,597, according to the report.
Chris Scott, a Keller Williams VIP Realty sales representative, said he hasn’t seen any major price softening in the apartment-style condos in which he specializes. Still, with new condo developments stalled and as many as 1,000 existing condos listed for sale — “almost a year’s worth of inventory” — he says pressure on sellers to reduce prices will only increase.
Without the foreign investors who are buoying the markets in Vancouver and Toronto, Scott predicts, Ottawa’s condo market will stay sluggish into 2014. But he believes demand will catch up and prices will firm as more people opt for the condo lifestyle.
“The fundamentals of the local economy are very strong,” he said.
Tim Lee, president of Ottawa Real Estate Board, said the stability long observed in the capital’s real estate market should give confidence to owners of condos and other housing types.
“We don’t have these wild fluctuations,” he said. “It’s not like, ‘Well we bought, we got transferred and now we have to sell and the market’s tanked.’ That happens in Toronto and Vancouver a lot because they can go up and down in a very short period, and in Ottawa it just doesn’t happen.”
This article was taken from the Ottawa Citizen….written by Robert Bostelaar, December 4, 2013
Posted on: December 5th, 2013 by Chris Scott
The snowy month of November brought with it a slower than average resale market in Ottawa. On a more positive note, I hope the snow has put everyone in a holiday mood!!
Members of the Ottawa Real Estate Board sold 891 residential properties in November through the Board’s Multiple Listing Service® system, compared with 928 in November 2012, a decrease of four per cent. The five-year average for November sales is 939.
If we exclude condominiums, the number of residential properties sold in November was only down by 5 units compared to this time last year. The Ottawa market remains in stable territory.
The average sale price of residential properties, including condominiums, sold in November in the Ottawa area was $356,675, an increase of 1.9 per cent over November 2012. The average sale price for a condominium-class property was $258,118, no change from November 2012. The average sale price of a residential-class property was $380,593, an increase of 1.2 per cent over November 2012.
Each area shows different trends, so if you are interested to know the current market value of your house – or maybe even that of another house down the street, give me a call and I’d be happy to chat with you.
Chris
Posted on: November 6th, 2013 by Chris Scott
The clocks have been turned back and that’s a sure sign that we are headed into winter and cooler temperatures. The Ottawa Real Estate Market is, however, heating up!
Members of the Ottawa Real Estate Board sold 1,090 residential properties in October through the Board’s Multiple Listing Service® system, compared with 1,069 in October 2012, an increase of two per cent.
Resale units sold in October are right on par compared to the five-year average of 1,091. We are also seeing average prices begin to creep back up. The Ottawa market is proving, once again, to be a steady, balanced market.
The average sale price of residential properties, including condominiums, sold in October in the Ottawa area was $360,085, an increase of 4.1 per cent over October 2012. The average sale price for a condominium-class property was $270,542, an increase of 1.6 per cent over October 2012. The average sale price of a residential-class property was $381,580, an increase of 3.5 per cent over October 2012. Every area is, however, slightly different so please give me a call if you are interested in knowing the value of your property.
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.
Chris
Posted on: October 9th, 2013 by Chris Scott
The Ottawa resale market has started to heat up again. Members of the Ottawa Real Estate Board sold 1,119 residential properties in September through the Board’s Multiple Listing Service® system, compared with 995 in September 2012, an increase of 12.5 per cent. The five-year average for September sales is 1,121.
The average sale price of residential properties, including condominiums, sold in September in the Ottawa area was $346,342, a decrease of 1.2 per cent over September 2012. The average sale price for a condominium-class property was $257,059, a decrease of 3.4 per cent over September 2012. The average sale price of a residential-class property was $371,370, a decrease of 0.5 per cent over September 2012.
Ottawa and surrounding areas continue to grow and expand and Ottawa continues to be a healthy, balanced market. As the threat of increased mortgage rates looms, first-time buyers may want to get into the market sooner rather than later. If I can be of any help, whether you are thinking of buying or selling, please give me a call.
Chris
Posted on: September 5th, 2013 by Chris Scott
Summer is over and kids are back at school. Before you know it, the holiday season will be here.
Members of the Ottawa Real Estate Board sold 1,219 residential properties in August through the Boards Multiple Listing Service® system, compared with 1,145 in August 2012, an increase of 6.5 per cent. The five-year average for August sales is 1,202. Both residential and condo unit sales have increased since last year, breaking the downward trend. Inventory has decreased over last month and is starting to return to more normal levels.
The average sale price of residential properties, including condominiums, sold in August in the Ottawa area was $348,519, a slight increase of 0.4 per cent over August 2012. The average sale price for a condominium-class property was $257,494, a decrease of 5.4 per cent over August 2012. The average sale price of a residential-class property was $374,663, an increase of 1.8 per cent over August 2012. There can be significant differences from one neighbourhood to another so if you would like to see what is happening in your neighbourhood, give me a call.
Ottawa continues to be a healthy, balanced market. We are all very lucky to live here.
Chris
Posted on: August 3rd, 2013 by Chris Scott
Members of the Ottawa Real Estate Board sold 1,339 residential properties in July through the Board’s Multiple Listing Service® system, compared with 1,376 in July 2012, a decrease of 2.7 per cent. July’s sales are just below the five-year average of 1,347. The market has cooled down slightly, but Ottawa remains balanced, and we are not seeing the major fluctuations that other large Canadian cities sometimes experience.
The average sale price of residential properties, including condominiums, sold in July in the Ottawa area was $359,551, an increase of 6.6 per cent over July 2012. The average sale price for a condominium-class property was $275,189, an increase of 3.7 per cent over July 2012. The average sale price of a residential-class property was $381,156, an increase of 6.3 per cent over July 2012. In July, there were 14 properties sold over $1 million – an 80% increase in this price range over July 2012. This definitely affected the average sale price for July. Also, there can be significant differences from one neighbourhood to another so if you would like to see what is happening in your neighbourhood, give me a call.
Chris
Posted on: July 4th, 2013 by Chris Scott
Members of the Ottawa Real Estate Board sold 1,594 residential properties in June through the Board’s Multiple Listing Service® system, compared with 1,662 in June 2012, a decrease of 4.1 per cent. Throughout the years, overall sales have consistently decreased from May to June so this is “normal” for the time of year.
June’s sales included 314 in the condominium property class, and 1,280 in the residential property class. The condo market has dipped slightly below average. The five-year average for June condo sales is 368 – putting June in at 17 per cent lower than the average. Residential units sold, without looking at condo sales, have decreased year to year only one per cent. Inventory on hand had been building up since the beginning of the year, but we’re now starting to see a small decrease, which will bring the Ottawa market into an even more balanced buyer/seller situation.
The average sale price of residential properties, including condominiums, sold in June in the Ottawa area was $359,232, an increase of 1.9 per cent over June 2012. The average sale price for a condominium-class property was $265,410, a decrease of 4.3 per cent over June 2012. The average sale price of a residential-class property was $382,248, an increase of 2.2 per cent over June 2012.
Every area is slightly different. If you would like to know what your home might be worth on today’s market, give me a call.
Chris
Posted on: June 7th, 2013 by Chris Scott
Members of the Ottawa Real Estate Board sold 1,804 residential properties in May through the Board’s Multiple Listing Service® system, compared with 1,890 in May 2012, a decrease of 4.6 per cent. Sales are 233 units ahead of last month and the 5-year average for May is 1,802 sales so we are still on track. May’s sales included 326 in the condominium property class, and 1,478 in the residential property class.
Ottawa continues to be a great place to buy and/or sell a home with continued low interest rates and a wide variety of inventory on hand.
The average sale price of residential properties, including condominiums, sold in May in the Ottawa area was $370,501, an increase of 2.1 per cent over May 2012. The average sale price for a condominium-class property was $262,467, a decrease of 2.3 per cent over May 2012. The average sale price of a residential-class property was $394,331, an increase of 2.3 per cent over May 2012.
Since every neighbourhood differs slightly, I would be happy to provide you with a market evaluation of your home – or help you find that home of your dreams. I am only a phone call away and happy to help.
Chris
Posted on: May 3rd, 2013 by Chris Scott
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 are thinking of buying or selling, I would love to be your real estate resource. Don’t hesitate to call me.
Chris
Posted on: April 4th, 2013 by Chris Scott
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.
Every neighbourhood is different. If you are interested in knowing what your house might be worth on today’s market, or if you have any real estate questions, please give me a call.
Chris
