Author Archive
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
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
