The fall market is feeling a bit like the Spring market this year. There is the same sense of urgency with buyers and sellers are getting premium prices for their homes. Our team just had a house go up for sale last week and we priced at the higher end of the market. We had over 90 people through the open house and it sold for $65k more than what they were asking. Frankly, I was surprised at such a favourable outcome for our clients. They were quite shocked to see the end selling price.
We have not seen September sales numbers like these in 15 years! We had 1549 properties change hands including condo and residential properties. This is up from 1386 from last year. The numbers would have been even higher if there were good available houses for sale. It is quite remarkable that purchasers are finding houses that meet their needs so well with such little inventory. Buyers are just less picky this year because they know the challenges they face to secure a house.
It is a tough market for buyers but we have had some great successes over the past few months. Buyers just need to be a little patient and strike when the right property becomes available. They also need great representation now more than ever!
The sweet spot price point remains the $350,000 to $500,000 price point. This accounts for 43.5% of all sales in September.
Every neighbourhood is unique. If you want to know what is happing in your area please feel free to get in touch.
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Summer is over and the fall real estate market is getting back into full swing. I have noticed already just a few days into September that activity is picking up with buyers and sellers. The fall is typically a very busy time to buy and sell in Ottawa. This year might go down as the busiest ever. There are so many buyers out there just waiting for available homes. Our inventory levels were down quite a bit in August and yet our sales were up when compared to last years numbers. You don’t need to be a rocket scientist to know that this will continue to put upward pressure on prices.
There has also been lots of talk of a recession looming. I think this might be inevitable as the US has gone through the longest recovery in history since their last slow down. However, the most common misconception out there is that housing prices always go down in economic slowdowns. That is just not true. The last economic meltdown in the states, of course, resulted in lower prices but that was because the crisis was directly linked to the wild wild west lending practices in the market.
Bottom line is that interest rates are low, Ottawa’s economy is great, and prices are reasonable relative to our average earnings here. I see strength in our Fall market for sure.
Ottawa is a great place to purchase investment properties. Our vacancy rates are low. As real estate prices in Ottawa continue to increase, some buyers are looking at ways to supplement their mortgage payments.
Owner-occupied main levels, with tenants renting out the basement, is a common cost-efficient approach to maximizing your profit margins.
Two common beliefs are that a basement bedroom becomes legal if there are
1) a closet in the room, and
2) a window in the room big enough and accessible to be used as a means of exit in case of emergency
In reality, this is not exactly correct. A window in the room is required but its dimensions are more to ensure that natural light covers at least 5% of the total floor area. It is also important to note that, while no height restrictions are included in the code, it is recommended that homeowners use furniture or other means to increase accessibility to windows that are higher off the ground, should there be a need to use them as an exit. There are also stipulations regarding minimum square footage required, with and without built-in closet space.
The most important thing to remember is that there must be a viable means of egress available on the same level as the bedroom, either by window or door (other than those that lead upstairs). If you choose to have a bar installed in front of the window, it must have one of two options. The keys must be within arms reach or the ability to be unlocked and opened without tools. This is to increase the likelihood of a safe exit in times of emergency.
Ensure you are comfortable with leaving a loved one in any circumstance created by your renovations. Keep abreast of any Building and Fire Code changes that occur. Ensure everyone in your home is aware of all possible means of exit, just in case. For more information, contact the City of Ottawa, or be in touch with us anytime and we can help!
As part of a full-service real estate team, each week I preview and show several properties to various buyers, and host open houses for our seller clients whenever possible. The 2 most common questions I hear day-to-day are:
1) Why are the current owners selling?
2) What is the square footage of the house?
Interestingly, as licensed members of the Ottawa Real Estate Board, we are not permitted to display the square footage on any listing. Whatever the reason behind this rule, the fact remains.
Square footage can be important when comparing the property value of the property with another, or even just to assess if there is enough space to hold all of your current furniture and effects (and growing family members). For appraisals and assessments, it is often measured by simply multiplying the length and width of the exterior walls of the house. When you consider this, overall useable Living Space can become a more essential factor to consider.
What are the reasons that are motivating you to make a move?
Do you need more overall space, more closet space, or a more open-concept space?
Some homes have unique jogs and cut-outs along walls and ceilings, reducing the amount of space you are able to occupy or renovate. An older century home may have a large den, parlour, and dining room, and therefore an increased footprint, yet also have a long hallway upstairs and 3 bedrooms with gabled ceilings that are a nuisance to you and your growing children… and no master en-suite. Or, a previous owner may have blown out a bedroom wall to create their dream en-suite + walk-in closet, and now Mr & Mrs Buyer are handcuffed because despite 2000+ sq ft above grade, what they really need is another bedroom. Or, 4 large bedrooms and a loft upstairs might not be enough if there is no room on the main level for the home office you really need.
There are many things to consider when buying your next home. A deal-breaker to one buyer may be a non-issue to another. A great idea for everyone is to take some time to write a list of your Wants and Needs in a new home, get on the same page with everyone involved, and enlist the service of a licensed Realtor who can help you stick to your plan and make informed, objective decisions in order to achieve your individual real estate needs.
Buying a new home in Ottawa can be stressful. There are so many builders and options to choose from. Each offering different value propositions and with varying degrees of quality. Our team can help you navigate all the difficult choices. We can help you choose your perfect lot and neighbourhood. Most builders are happy to work with Realtors on the purchase. It never costs the buyer anything to have a professional guide them through the process.
One question I get all the time is what should we upgrade with the builder? Much depends on personal preference. We have surveyed over 100 people and asked them which upgrades they regretted not doing.
Here were the most popular answers.
Walkthrough shower (no cleaning of glass needed)
Finishing the stairs to the basement
Christmas light outlet outside with on/off switch inside
We had a chance to sell a wonderful house for some relocating clients. They tried previously to sell their home with another brokerage. I want to share with you the pictures that were on the MLS.
Previous MLS
Our MLS
The photo themselves are of weak quality and the house was not staged or prepared by the Realtor. It matters who you choose to sell with. Here is what we did for the house:
The Ottawa real estate market had a great July. We have not had this kind of activity in a July for 15 years. Typically after a busy Spring market things slow in the summer. This year is the exception. We had over 1800 sales on the MLS system. There is just so much demand out there right now for Ottawa real estate. I am starting to see more inventory come to market which is good news. Hopefully, this will lead us back to a more balanced market. Right now there is around a 1 months supply of housing. This is deep into a sellers market. We would need to get to at least a 3 month supply to start getting closer to something more balanced.
The condo market had another strong month. Condo prices have fully recovered and you can see by the sales numbers that this segment of the market is having a resurgence. This is good news for condo owners and builders. Lots of optimism surrounding the Ottawa market right now. I anticipate a very strong fall market. If you are curious to know what’s happening in your Ottawa neighbourhood feel free to get in touch.
The average price of a residential-class property in June was $500,700. This is the first time we have ever eclipsed the half-million mark in Ottawa. When I first started in real estate 15 years ago 500k was a big number! People would say half a million like it meant something! Hard to believe it is now just average. Many first time buyers are now buying at this price point. It is just the nature of a really healthy local economy, immigration, and the increasing appeal of our real estate market to investors. Maybe in the next 10 years, 1 million will be just an average number. At this pace, you never know!!
Inventory has been sliding in Ottawa. In June our inventory was down 23% from the same time last year and over 30% from just two years ago. Condo listings were down 50% from 2017. Just the drop in this inventory is enough to put upward pressure on prices. Combine that with growing demand and we are seeing double-digit increases in some neighbourhoods. It is definitely a seller’s market but for the most part, buyers are restraining themselves a little bit. They understand the value, many homes priced on the high side of the market can continue to sit.
May is typically the busiest month of the year for real estate sales. This year was one of the most active Mays I can remember. We had higher sales volume while dealing with a freefall in available homes for sale. This meant that many of the listings available were sold in multiple offers for the above-asking price. Our team in just the past few weeks have been involved in over a dozen of these situations both on the buyer and seller side of things. There has never been a more important time to have a Realtor guide you through these difficult and stressful situations. There is lots of money on the line on both sides of the equation. Our market is constantly changing. What sold 5-8 months ago in some neighbourhoods is totally irrelevant to what’s happening now. There are many micro markets in the city that I am seeing different trends. Same can be said about price points. As an example, the 350k to 500k price point accounts for 42% of all Ottawa sales. If you want to find out what’s happening in your area feel free to get in touch.
