In spite of the very cold weather, residential sales in January were virtually identical to last year. This is good news. One would have thought the bitter cold would keep folks snug in their homes.
Members of the Ottawa Real Estate Board sold 589 residential properties in January through the Board’s Multiple Listing Service® system, compared with 594 in January 2013. The number of properties listed in January more than doubled the amount in December – a normal occurance after the holiday season.
The Ottawa resale market has remained steady. There have been no major increases or decreases in sales or prices notwithstanding the government’s intervention in mortgage rules over a year ago.
The average sale price of residential properties, including condominiums, sold in January in the Ottawa area was $346,744, an increase of one per cent over January 2013. The average sale price for a condominium-class property was $265,775, a decrease of 1.1 per cent over January 2013. The average sale price of a residential-class property was $368,779, an increase of 0.9 per cent over January 2013.
Every area is slightly different so please give me a call if you are interested to know the value of your property. I’m happy to help.
Buying a home at the best of times can be stressful and challenging. Having to do it all in a matter of a few days in an unfamiliar city is what faces our armed forces members.
Having the right real estate professional guide you through the process will be imperative to your success. I have been privileged to work with dozens’ of transferring members. Our success is always due to the work that we do ahead of time. Planning the week is as important as the search. Before my clients arrive we have already discussed the market, neighbourhoods, and particular houses of interest.
I have been fortunate to live Downtown, East End, West End, and in the suburbs. Between living in these areas and showing houses all over the city since 2004, I have gained invaluable knowledge of neighbourhoods. I know how important this week is in the future happiness of my clients. A poor neighbourhood choice can have consequences. I am proud of the reputation I have earned with my military clients. I am happy to provide multiple references to anyone who has been transferred to the city and is looking for an agent.
Buying a home is likely the largest investment you will ever make. You want to ensure you have done your due diligence before you sign on the dotted line! The standard cost of a Home Inspection in Ottawa is between $400.00 and $500.00. This is a small price to pay for peace of mind. In the Ottawa housing market it is typical for the buyer to pay for these services.
A professional home inspector reviews the operating systems and structure of a home of any age—even new homes—and leaves a written report for the client to keep as a reference guide. Typically, the home inspector will comment on the condition of the foundation, heating and cooling systems, electrical service, roof, plumbing, and other significant structural factors and will outline costs of repair or replacement where needed, as well as comment on the condition of the property compared to others of the same age. The few hours that you spend with your inspector are the best time to learn the ins and outs of taking care of your property, and you should keep the reference book for as long as you live there.
I will add that every house has its issues. No inspection has been perfect. The objective of the inspection is not to find a house that has no faults but to educate the buyer on potential upcoming costs. I prefer a thorough inspector rather than one just pointing out the big ticket items.
As your Ottawa Realtor I can advise you on how to incorporate a home inspection as a condition of buying a property. Your offer can be conditional upon a professional home inspection being conducted and a satisfactory report being received by you, the home buyer. If the inspection report indicates some big expenses or anything you are not comfortable with we can terminate the agreement or look for abatement.
As an Ottawa Realtor who has been through hundreds of inspections, I have seen the need to have the right inspector working for you. I would recommend using someone who you know and trust completely. If you don’t have someone, I would be happy to provide someone that offers great service.
Happy 2014 to everyone! While the temperature outside is on the “cool” side, the Ottawa real estate market remains steady and balanced. Ottawa truly is a great place to call home.
Looking at the whole of 2013, the number of homes sold through the Board’s MLS® system was 13,873, compared with 14,326 in 2012, a decrease of 3.2 per cent. The average sale price for residential properties, including condominiums, sold in 2013 was $357,348, an increase of 1.6 per cent over 2012. In the first part of 2013, home sales were down compared to the year before – partly due to tighter mortgage rules. As the year progressed, however, the market began to pick up and then leveled out in November and December. Impending mortgage rate increases may be partly responsible for the increase in the second half of 2013 as many first-time buyers jumped into the market in advance of these increases.
Members of the Ottawa Real Estate Board sold 610 residential properties in December through the Board’s Multiple Listing Service® system, compared with 615 in December 2012, a decrease of less than one per cent. The average sale price of residential properties, including condominiums, sold in December in the Ottawa area was $340,021, an increase of 0.9 per cent over December 2012. The average sale price for a condominium-class property was $245,349, a decrease of 5.1 per cent over December 2012. The average sale price of a residential-class property was $369,543, an increase of three per cent over December 2012.
If you are interested in knowing what your property might be worth – or even the one down the street – or have any other real estate related questions, I would be happy to help.
Shrinking demand for condominiums in November sapped any momentum in Ottawa’s resale homes market.
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
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.
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.
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.
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.
