Author Archive
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
Posted on: March 11th, 2013 by Chris Scott
Spring is almost here! The weather is getting a bit warmer, days are a little longer, and the real estate market is picking up steam. This is in large part due to the many military personnel who transfer into and out of Ottawa this time of year.
I am so lucky to have the pleasure of working with so many great military clients. Helping military families get settled in Ottawa is one of the best parts of my job. In many cases they are being transferred to a city they only know on a map. To be able to come in to town and 5-7 days later leave with a house is impressive. Then only a few years later do it all over again. It is really quite amazing what these guys do and the sacrifices they make for us. Not only on the work side of things but with their personal lives and families too. It really gives me a new appreciation and admiration for everything they do. That is why I really do everything I possibly can to make the transition to Ottawa as easy and smooth as possible. It is truly a privilege to help!
Chris
Posted on: March 5th, 2013 by Chris Scott
The Ottawa Resale Market is moving in the right direction!
If we compare sales for February 2013 with sales for February 2012, we see a decrease of 9.3% – a response to some of the government changes in an attempt to “cool down” the market. The good news, however, is that sales seem to be picking back up as we approach the busy spring season. February was a short month, yet 315 more homes were sold in February, 2013 than in January. “Even with the slight decline in sales year-over-year, Ottawa continues to be a great place to buy and/or sell your home,” says Tim Lee, President of the Ottawa Real Estate Board.
The average sale price of residential properties, including condominiums, sold in February in the Ottawa area was $346,774, a slight decrease of 1.1 per cent over February 2012. The average sale price for a condominium-class property was $264,953, a decrease of 3.1 per cent over February 2012. The average sale price of a residential-class property was $373,337 a slight decrease of 0.6 per cent over February 2012.
Since each area is different, if you are interested in a specific neighbourhood or would like to know the value of your home on today’s market, please give me a call.
Chris
Posted on: February 5th, 2013 by Chris Scott
Members of the Ottawa Real Estate Board sold 602 residential properties in January through the Boards Multiple Listing Service® system, compared with 682 in January 2012, a decrease of 11.7 per cent.
“The Ottawa resale market, which started to flatten out in November and December maintained its steadiness into January,” says Tim Lee, President of the Ottawa Real Estate Board. “January 2013 isn’t too far off from the numbers we’ve seen in recent years, and although the units sold are a tad lower, Ottawa remains a healthy market.”
An economic summary of expansion in Ottawa by Shore-Tanner and Associates indicated that the rates of growth in residents over the age of 55, and particularly in the formation of single and two-person households, will continue to rise in the coming years. Consequently, these trends indicate that there will soon be a strong demand for small apartments, condominiums, and retirement homes.
The average sale price of residential properties, including condominiums, sold in January in the Ottawa area was $342,458, a slight decrease of 1.8 per cent over January 2012. The average sale price for a condominium-class property was $268,604, an increase of 6.1 per cent over January 2012. The average sale price of a residential-class property was $364,011 a decrease of 2.5 per cent over January 2012.
If you are curious to know what is happening in your neighbourhood, please give me a call!
Chris
Posted on: January 17th, 2013 by Chris Scott
The Canadian Real Estate Association has been under recent pressure to allow for-sale-by-owner companies to advertise listings on MLS®. The idea is to give the consumer more cost effective choices. Since early 2011 the for-sale-by-owner companies have been given access to post “mere listings” on the MLS®.
The two largest companies competing for this type of business are Com Free and Realtysellers. They advertise that they can list your home on the MLS® for a flat fee (ranging from $400 to $2000).
Does this sound too good to be true? Read on.
Firstly, you pay for the flat fee up front whether your home sells or not.
There are also “add-ons”. If you require any assistance beyond the “mere listing”, they will ask for payment for those services. You, as the homeowner, are solely responsible for showings, offers, marketing, sellings, etc. You get exactly what you pay for and if a Realtor® is involved on the Buying side, there is still a 2.5% commission to be paid.
A recent study in Toronto showed that of the 708 properties listed in 2012 by RealtySellers, only 43% were sold – and of those sold, 63% of those were sold to a buyer who was working with a Real Estate Agent.
Looking at Comfree, of the 1287 properties listed in 2012, only 52% were sold and of those sold, 55% of them were sold using a Realtor®. In summary, only 23% of the 1287 properties listed were sold without the services of a Realtor®.
When you do the math, close to 1000 properties listed by these companies were never sold yet they collected a flat fee of, on average, $1,000 for doing nothing – that adds up to $1 million in revenue.
Talk to a Realtor® and understand the services that are offered.
If you are planning to sell your Ottawa Home in the next 3-12 months, please give me a call. I’d be more than happy to help.
Chris
Posted on: January 5th, 2013 by Chris Scott
Happy New Year Everyone!
We are fortunate to live and work in a city with a stable real estate market. While the number of residential units sold in December 2012 (618) through the Board’s Multiple Listing Service® system was lower than units sold in December 2011 (695), we are still on track to the five-year average for December sales (617).
The total number of homes sold through the Boards MLS® system in 2012 was 14,308, slightly down from the 14,389 homes sold in 2011 but still above the five-year average of 14,274. The overall average sale price for 2012 was $351,792, an increase of 2.3 per cent over 2011.
When we look back at 2012, home sales took off in the first half compared to the same period for 2011, but with the tighter mortgage rules introduced in July and potential government layoffs, the market cooled for the second half of the year. Ottawa remains steady and balanced, without some of the large fluctuations in resale activity you see in other Canadian markets.
The average sale price of all residential properties sold in December in the Ottawa area was $336,591, an increase of 1.3 per cent over December 2011. The average sale price for a condominium-class property was $258,498, a decrease of 1.5 per cent over December 2011. The average sale price of a residential-class property was $358,211, an increase of 0.6 per cent over December 2011. Each neighbourhood can be different so please give me a shout if you are curious to know what your home might be worth on today’s market (or maybe even the home down the street!).
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
