Author Archive
Posted on: September 7th, 2012 by Chris Scott
August was a bit slow compared to July, but still in line with the five-year average. Even with fewer properties sold, the average price continues to increase. Members of the Ottawa Real Estate Board sold 1,141 residential properties in August through the Board’s Multiple Listing Service® system, compared with 1,328 in August 2011, a decrease of 14.1 per cent. The five-year average for August sales is 1,193.
Why the slight decrease in sales? The new mortgage rules that came into effect in July could have some people waiting to save a bit more money before purchasing. The exceptionally hot weather could also have been a factor in the market slow down. The Ottawa market remains steady with the total number of year-to-date properties up 2.8 per cent and the average sale price up 2.2 per cent from this time last year.
The average sale price of residential properties, including condominiums, sold in August in the Ottawa area was $346,949, an increase of 2.5 per cent over August 2011. The average sale price for a condominium-class property was $272,367, an increase of 7.6 per cent over August 2011. The average sale price of a residential-class property was $367,661, an increase of 1.7 per cent over August 2011.
Every neighbourhood is slightly different so if you are interested in knowing the value of your property on today’s market, please give me a call. I’m always happy to help.
Chris
Posted on: August 3rd, 2012 by Chris Scott
The Ottawa Real Estate Market generally remains stable with a slight increase in July sales and a slight decrease in average price – perhaps because lower priced properties continue to sell more quickly compared to unique or higher priced properties.
Members of the Ottawa Real Estate Board sold 1,366 residential properties in July through the Board’s Multiple Listing Service® system, compared with 1,321 in July 2011, an increase of 3.4 per cent. The five-year average for July sales is 1,360. The July sales include 304 condominiums and 1,062 in the residential property class.
The average sale price of residential properties, including condominiums, sold in July in the Ottawa area was $337,518, a slight decrease of 1.2 per cent over July 2011. The average sale price for a condominium-class property was $265,903, a decrease of 1.7 per cent over July 2011. The average sale price of a residential-class property was $358,018, a decrease of 1.4 per cent over July 2011.
If you are curious to know the value of your home (or that of the one for sale down the street), please give me a call.
Chris
Posted on: July 5th, 2012 by Chris Scott
The Ottawa real estate market is certainly consistent! There was a slight decrease in the number of residential properties sold in June 2012 compared to June 2011. Looking back over the past 10 years, a marginal decrease from May to June seems to be “the norm” and this year is no different. The general feeling is that our market continues to be a stable and steady one.
Members of the Ottawa Real Estate Board sold 1,660 residential properties in June through the Board’s Multiple Listing Service® system, compared with 1,719 in June 2011, a decrease of 3.4%.
The average sale price of residential properties, including condominiums, sold in June in the Ottawa area was $352,800, a slight decrease of 0.1 per cent over June 2011. The average sale price for a condominium-class property was $278,447, an increase of 0.8 per cent over June 2011. The average sale price of a residential-class property was $373,756, a slight decrease of 0.4 per cent over June 2011.
If you have any questions or would like to know the current market value of your home, please give me a call.
Chris
Posted on: June 28th, 2012 by Chris Scott
For the fourth time in as many years, the finance minister moved to tighten the mortgage and lending landscape. The most significant change is the reduction to the amortization period, bringing it to a maximum of 25 years, the level it had stood historically before rising to as high as 40 years during the heady pre recession days of 2006 and then 30 years until this announcement.
On a $350,000 mortgage with three-per-cent interest, this change will increase monthly payments by $184 over what they would have been with a 30-year amortization. Over the lifetime of the mortgage, however, the homeowner will save $33,052 in interest payments because the home will be paid off five years sooner.
There is also a new limit on how much homeowners can borrow on the value of their homes: now 80 per cent, from 85 per cent.
The changes go into effect July 9.
If you have any questions, give me a shout! I have access to some knowledgeable folks in the mortgage business if you stump me with a question I can’t answer.
Chris
Posted on: June 26th, 2012 by Chris Scott
Recently, I have had a few questions come up regarding HST and how it applies to house purchases in Ontario. To make sure it is clear, I have included in this blog all the information you need to know.
The biggest change that took effect when the HST came into being was to effectively add more tax to services. Services used to attract GST only – but not PST. With the blended tax (HST), the tax now applies (13%) to all services. When buying a home, this could relate to such things as legal services, home inspection services, commissions, etc.
If you are buying a resale home:
There is actually no HST on a resale transaction so if you are not buying a brand new home, do consider the HST on any related services, but you don’t have to worry about it when it comes to the sale price of the home.
If you are purchasing a brand new home:
- An Enhanced New Housing Rebate means that buyers of new homes receive a rebate of up to $24,000 regardless of the price of the new home
- Buyers of homes priced up to $400,000 (about three-quarters of new homes built in Ontario) on average, pay no more – and possibly even less – tax than under the PST system.
- On new homes over $400,000, additional tax only applies to the portion of the price above $400,000. For example, if a new house was priced at $450,000, additional tax would only be applicable on $50,000
- Most builders include any HST in the advertised or contracted price of the new home
- Since December 14, 2007, the Ontario government has extended a land transfer tax refund of up to $2,000 to first time buyers of resale homes
If you have any questions, please give me a call at 613-721-4206.
Chris
Posted on: June 13th, 2012 by Chris Scott
The real estate market in the Ottawa area continues to be a healthy one! When you look at the statistics year over year, the increase in sales is significant. When you add to this an increased inventory and gradual price increases, you have all indications of a continued strong, steady market.
Members of the Ottawa Real Estate Board sold 1,896 residential properties in May through the Board’s Multiple Listing Service® system, compared with 1,659 in May 2011, an increase of 14.3 per cent. May’s sales included 364 in the condominium property class, and 1,532 in the residential property class.
The average sale price of residential properties, including condominiums, sold in May in the Ottawa area was $362,837, an increase of 3.2 per cent over May 2011. The average sale price for a condominium-class property was $268,831, an increase of 2.5 per cent over May 2011. The average sale price of a residential-class property was $385,172, an increase of 2.1 per cent over May 2011.
If you have any questions about the market or would like to know what’s happening in your own neighbourhood, please contact me.
Chris
Posted on: May 7th, 2012 by Chris Scott
The Ottawa Real Estate Market continues on a steady course. Re-sale housing inventory is up by 6.9% since last year and interest rates remain low – all indicating that Ottawa remains a healthy, stable market.
Members of the Ottawa Real Estate Board sold 1,568 residential properties in April through the Board’s Multiple Listing Service® system, compared with 1,530 in April 2011, an increase of 2.5 per cent. April’s sales included 300 in the condominium property class, and 1,268 in the residential property class..
The average sale price of residential properties, including condominiums, sold in April in the Ottawa area was $364,077, an increase of 3.7 per cent over April 2011. The average sale price for a condominium-class property was $272,851, an increase of 6.7 per cent over April 2011. The average sale price of a residential-class property was $385,660, an increase of 2.6 per cent over April 2011.
Each area is slightly different so if you are curious to know what your home is worth – or even that of the house down the street, give me a call.
Chris
Posted on: April 5th, 2012 by Chris Scott
An early spring brought with it a significant increase in residential sales and, with interest rates remaining low, the market continues to be healthy and balanced.
Members of the Ottawa Real Estate Board sold 1,396 residential properties in March through the Boards Multiple Listing Service® system, compared with 1,240 in March 2011, an increase of 12.6 per cent. The five-year average for March sales is 1,276.
The average sale price of residential properties, including condominiums, sold in March in the Ottawa area was $353,684, an increase of 2.1 per cent over March 2011. The average sale price for a condominium-class property was $267,308, an increase of 5.7 per cent over March 2011. The average sale price of a residential-class property was $375,065, a slight decrease of 0.2 per cent over March 2011.
Each area shows slightly different trends, so if you are curious to know the value of your home on today’s market, give me a call. I’m always happy to talk real estate with anyone!
Chris
Posted on: March 26th, 2012 by Chris Scott
The real estate market in Ottawa is often a very competitive place to purchase real estate. When a house is listed that shows well and is priced aggressively it will often attract more than one buyer. This creates a multiple bid situation. I have been in this situation too many times to count. Twice in the last week! In many of the cases my clients are the ones who end up securing the house. I want to share with you a few tips that help make this happen.
Firstly, I think getting the right Realtor® working for you will be the most important step. Someone who can be a guide through this complicated process. A thorough review of the market is also very important. Often times multiple bids are created because a house is under-valued as compared with other listings that have sold in the area. This means that even though a buyer might pay more than list price for a home they are not necessarily paying over market value.
Price is often the most important factor in an offer, but not always. For most people there is a human element in selling their house. I like to present my offers directly to the seller in multiple bids. Basically tell them how wonderful my clients are-which is usually true! I have had sellers more than once choose my clients’ offer that was less money. One time over $3000 less!
Conditions also play a factor. Having too many conditions or long time lines can make an offer less attractive. In some cases If the house is perfect then I suggest a pre-offer inspection. This way we can put forward a firm offer when the bid time comes. This will strengthen the offer considerably.
Multiple bids will always be a part of the home buying process. You might win some or lose some. Just remember things always have a way of working out in the end. If it is meant to be it will be!
Chris
Posted on: March 6th, 2012 by Chris Scott
The resale housing market showed a steady increase during the month of February. Coupled with a healthy inventory of properties for sale, this indicates we are heading into spring with a balanced market which is great for both buyers and sellers.
Members of the Ottawa Real Estate Board sold 1,009 residential properties in February through the Board’s Multiple Listing Service® system compared with 940 in February 2011, an increase of 7.3 per cent. The five-year average for February sales is 949. February’s sales included 244 in the condominium property class, and 765 in the residential property class.
The average sale price of all residential properties, including condominiums, sold in February in the Ottawa area was $350,046, an increase of 3.2 per cent over February 2011. The average sale price for a condominium-class property was $273,464, an increase of 4.6 per cent over February 2011. The average sale price of a residential-class property was $374,472, an increase of 3.4 per cent over February 2011.
Each area is different. If you are curious to know what your home might be worth on today’s market, give me a shout.
Chris
