Ottawa Real Estate Update

Ottawa Real Estate Update

 

Real-Estate-Market-Update

Spring buyers have come out of hibernation

Members of the Ottawa Real Estate Board sold 1,792 residential properties in May through the Board’s Multiple Listing Service® system, compared with 1,797 in May 2013, a decrease of 0.3 per cent. The five-year average for May is 1,765.

“Looking at the units sold this year in comparison to last year, there is only a difference of five units. April was a bit slow for the Ottawa market, but it appears that with the great weather in May, buyers have come out of hibernation,” explains Randy Oickle, President of the Ottawa Real Estate Board. “May sales are up 26.2 per cent from April – or 372 units. The inventory on hand continues to grow, and prices remain stable.”

May’s sales included 303 in the condominium property class, and 1,489 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.

“If we look at the residential property class alone, the units sold year over year are up 1.2 per cent. Although the residential property class is performing as anticipated, the market for condos has been a bit sluggish,” says Oickle. “We’re seeing a 19 per cent increase in the amount of inventory on hand over this time last year and unit sales are down 7.1 per cent. If you are looking to buy and hold, the selection and prices are attractive. We encourage buyers to consult on of our member REALTORS® to get advice customized to their specific needs.”

The average sale price of residential properties, including condominiums, sold in May in the Ottawa area was $381,172, an increase of 3.2 per cent over May 2013. The average sale price for a condominium-class property was $280,661, an increase of 6.9 per cent over May 2013. The average sale price of a residential-class property was $401,626, an increase of 2.1 per cent over May 2013. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.

“The spring is a great time to buy or sell real estate, especially with interest rates continuing to remain low,” says Oickle. “Talk to an Ottawa-area REALTOR® today for help with buying and/or selling a home, and you will have an ally from start to finish, and everything in between.”

Ottawa Real Estate Update

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 five-year average for December sales is 646, with sales from December 2011 and 2009 increasing that average.

The total number of homes sold through the Board’s MLS® system in 2013 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.

“Looking back at the 2013 market, home sales in the first part of the year were, for the most part down, in comparison to the year before,” said new President of the Ottawa Real Estate Board, Randy Oickle. “The introduction of tighter mortgage rules in July 2012 largely affected the market well into 2013. However, as the year progressed the market began to pick back up, and then leveled out in November and December. Impending mortgage rate increases may have caused the increase in the second half of 2013, as many first-time home buyers jumped into the market in advance of these increases.”

December’s sales included 145 in the condominium property class, and 465 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, townhouse, etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.

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. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.

“Although, the government  succeeded in its plan to “cool down” the market over the past year and a half, Ottawa remains steady and balanced, devoid of large fluctuations in resale activity,” says Oickle. “We are truly fortunate to live and work in such a stable market area, and it seems buyers and sellers agree that Ottawa remains a great place to call home.”

Snapshot of the Ottawa Housing Market

OREB stats infographic August 2013

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Ottawa Resale Market on the Up and Up

Members of the Ottawa Real Estate Board sold 1,219 residential properties in August through the Board’s 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.

“It has been one year since the Canadian Government introduced the new mortgage rules, and although the Ottawa market has been slow-moving since the beginning of the year, this month’s numbers are quite the opposite,” says Tim Lee, President of the Ottawa Real Estate Board. “With both residential and condo units sold up a respectable amount since last year, it breaks the downward cycle. In addition, average sale prices evened out in August, creating a welcomed lull in inflating property prices.”

August’s sales included 272 in the condominium property class, and 947 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, townhouse, etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.

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. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.

“Inventory on hand has decreased since last month, and is starting to return to more normal levels,” says Lee. “Ottawa continues to be a healthy, balanced market, and as always, a great city to live in. With a strengthening economy and historically low interest rates, Ottawa consumers remain in a very enviable position.” Talk to an Ottawa-area REALTOR® today for help with buying and/or selling a home.

Source: Ottawa Real Estate Board

August Real Estate Update

Steady as she goes. No major fluctuations for Ottawa resales.

Ottawa, August 2, 2013 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.

“Although the number of residential properties, including condominiums, is down since last year, residential-class units sold increased 0.5 per cent from this time last year,” says Tim Lee, President of the Ottawa Real Estate Board. “The market has definitely cooled down since last year, as a result of the introduction of new mortgage rules by the Government. However, Ottawa remains balanced, and we are not seeing major fluctuations that other large Canadian cities sometimes experience.”

July’s sales included 273 in the condominium property class, and 1,066 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, townhouse, etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.

Front Exterior B

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. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.

“In July, there were 14 properties sold over $1 million,” says Lee. “This is an 80 per cent increase in this price range over July 2012. The fact that this many properties were sold over $1 million in July definitely increases the average sale price.”

There is now a better way in which REALTORS® can determine price trends in the housing market – the MLS® Home Price Index (HPI). Similar to Canada’s Consumer Price Index, the HPI measures housing asset price inflation (or deflation). “The HPI has been designed to offer a much more accurate and reliable indication of changes in house value over time,” says Lee. “Many of the inconsistencies and inaccuracies of previous models did not allow for true comparison of “apples” to “apples,” but this model certainly does. The HPI will be a valuable tool that REALTORS® can add to their toolkit. Buying and selling a home is one of the biggest decisions a person will make in their life, and the HPI can be used to help you get the right price. Contact an Ottawa-area REALTOR® today to help you with buying or selling your house.”

The Ottawa Real Estate Board is an industry association of over 2,900 sales representatives and brokers in the Ottawa area. Members of the Board are also members of the Ontario and Canadian Real Estate Associations.

The MLS® system is a member based service, paid for by the REALTOR® members of the Ottawa Real Estate Board. The MLS® mark symbolizes the cooperation among REALTORS® to affect the purchase and sale of real estate through real estate services provided by REALTORS®. MLS® commercial and residential listings are available for viewing on the Board’s internet site at www.OttawaRealEstate.org and on the national websites of The Canadian Real Estate Association at www.REALTOR.ca and www.ICX.ca.

Trademarks are owned or controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA  (REALTOR®) and/or the quality of services they provide (MLS®).

Ottawa Real Estate Update: July 2013

Condo sales dip below average, residential units remain steady

Ottawa, July 4, 2013  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.

“June sales are down a bit since last month, but even though there’s a slight decrease, it seems to be the norm throughout the years,” says Ansel Clarke, Immediate Past President of the Ottawa Real Estate Board. “Since June 2003, with the exception of June 2011, sales have consistently decreased from May to June. This shows continued stability in the market over the last decade.”

June’s sales included 314 in the condominium property class, and 1,280 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, townhouse, etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.

“The condo market has dipped below average. The five-year average for June condo sales is 368 – putting June in at 17 per cent lower than the average,” says Clarke. “Although, when you look at residential units sold, without looking at condo sales, the decrease from year to year is 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 territory.”

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. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.”

Source: Ottawa Real Estate Board

Ottawa Real Estate Update

The May market cools as the heat picks up

Ottawa, June 5, 2013 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. The five-year average for May sales is 1,802.

“The Ottawa market is still on par with average sales since 2009, and 233 more properties were sold than the month before,” says Ansel Clarke, Immediate Past President of the Ottawa Real Estate Board. “Residential units are faring well in comparison to condominiums, where the average sale price is down 2.3 per cent, and units sold are down 9.9 per cent. Residential bungalows and two-story homes comprised the majority of properties sold in May.”

May’s sales included 326 in the condominium property class, and 1,478 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, townhouse, etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.

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. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.

“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 Clarke. “Interest rates continue to be low, and there is a wide variety of inventory on hand. Talk to an Ottawa area REALTOR® for more information about the housing market outlook where you live, or want to live.”

Source: Ottawa Real Estate Board

Ottawa Real Estate Update

“The Ottawa market has been described as steady and stable for the past few years. It’s not going up drastically, and it’s not going down drastically,” says Tim Lee, President of the Ottawa Real Estate Board.

March’s sales included 253 in the condominium property class, and 914 in the residential property class. The average sale price of 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. For an over the phone or in person detailed evaluation on your home, call The Ray Otten Real Estate Team 613-288-0090.

Marketupdate

Looking for something to do this weekend? Head to the Ottawa Boat and Sportsmen’s show!

Boat and Sportsmen’s enthusiasts are gearing up for a sneak peak at hundreds of new boat models to be showcased at the Ottawa Boat and Sportsmen’s Show February 21 – 24, 2013 at the Ernst & Young Centre (formerly the CE Centre.) The Ottawa Boat and Sportsmen’s Show (OBSS) is the Ottawa Regions leading outdoors show. It features many exhibitors offering a wide selection of products, services, gear and tackle for fishing, boating, and paddlesports. The show is sure to please outdoor enthusiasts and features renowned celebrity experts, seminars, demonstrations, family entertainment, and more.

new-boat-2013

The Ray Otten Ottawa Real Estate Team wishes you a fantastic weekend!

 

Home Owner Projects that Pay Off and Mistakes to Avoid

Projects that Pay Off & Mistakes to Avoid

Improvements That Pay off

Kitchen Renovation.  New flooring, cabinets, countertops and appliances can be costly, but buyers typically look for updated kitchens.  You are likely to recover a large percentage of your kitchen renovation expenses on resale.  If your basic kitchen plan is good, you may not need a major remodeling.  Even a minor face-lift painting, new floor covering, new cabinet doors and hardware, for example—will pay off in a faster sale at a better price.  Tip:  Best bets; light neutral colors, plenty of cabinet and counter space, new lighting fixtures, new energy-efficient appliances.

Bathroom Addition.  Another bath is not only a convenience, it may sharply enhance the sale possibilities of your home.  Two and three bathrooms are standard fare in many neighbourhoods.  Upgrading an existing bathroom is likely to pay off in both value and marketability, especially in an older home.  Tip:  Opt for good lighting, large mirrors, easily cleaned materials, plenty of storage space, neutral colors.  Consider location and accessibility of an addition.

Room Addition.  Adding a new room is likely to pay off if the addition puts your home in the same class as others in your neighbourhood. Family rooms, sun rooms and master bedroom suites are hot items now—and the extra space may be just what your family needs. Tip:  Choose materials and style to blend with the existing home; consider traffic flow, accessibility to other rooms.

Deck or Patio Addition.  Decks make a home homier—as a gathering place to extend family life outdoors—for Saturday barbecues, Sunday brunches, mid-day respites.  Best paybacks:  decks or patios off living areas (kitchen, family room, dining room), decks with a view or overlooking your own well-kept garden.  Tip:  Build deck of redwood, cedar or pressured treated wood; design deck or patio to harmonize with the architecture of the home; consider a low-level deck for children’s safety.

Energy Efficiency Improvement.  The major savings of improved energy efficiency will be in your fuel bills, but your energy-saving home will also likely pay off when you sell.  If existing windows are drafty or unsightly, consider replacing with insulated windows for heating/cooling efficiency and resale value.  Tip:  Minor energy upgrades are real winners:  caulking and weather stripping around doors and windows, attics insulation, set-back thermostat, heat-reflecting awnings or shades, water-heater insulation, ceiling fans for air circulation, good maintenance of heating/cooling system, a whole-house electrical surge-suppressor to maintain appliance efficiency and protect electronic equipment.  Many are do-it-yourself projects, which—if done correctly—bring the best payback.

 

Improvements That May Not Pay Off

Over-improvements.  Add the costs of your proposed remodeling project to the current market value of your home.  If the total is more than 20% over average neighbouring home values, you can’t expect to recoup your remodeling expenses when you sell.  Tip:  To be sure your improvements are good investments, ask us for a comparative market analysis to determine your home’s value range.

High-Cost, Single-Use Improvements.  It’s certainly pleasant to have a swimming pool to plunge into whenever the spirit moves you, and a tennis court on the back corner of your property would allow you to play without signing up for the court.  But not every buyer wants such luxuries, and some are reluctant to buy a home with high-maintenance-cost features.  You might have to wait some time to find buyers who are willing to pay the extra price that would allow you to recover your investment.  Tip:  Consider carefully before you undertake a high cost, low-value remodeling project.  You may decide to go ahead because the advantages for you outweigh the possible financial loss—but you should understand what you are getting into.

Flamboyant Architecture.  You may—although you live in a ranch or colonial home—yearn for the gingerbread that used to embellish your grandparents’ home, or the giant columns that graced Tara in “Gone With The Wind.”  You might be crazy about pink stucco or really like thatched roofs.  Fine, but understand improvements that aren’t compatible with the way the rest of the home looks will make it harder to find a buyer later.  Tip:  Look for ways to get your heart’s desire without clashing with your home.  Paint the shutters pink instead of covering the whole home in pink stucco, for example, or use the gingerbread embellishments on a gazebo in the backyard.

Inappropriate Interior Features.  Here, again, personal preference may displace resale sense, and that’s okay if you don’t mind eventually waiting for the unique buyer who shares your unique taste.  If that’s the case, go ahead and put those gold fixtures in the bathroom, the do-it-yourself forest landscape on the kitchen wall, the baroque chandelier in the dining room.  Tip:  It may be worth the double expense to you to put your individual features into the home now and then replace the items when you put your home on the market.

Elaborate Landscaping.  It’s hard for a genuine gardener to landscape inappropriately, but one owner’s dedication may be another owner’s nuisance.  With resale and maintenance demands in mind, it’s a good idea to avoid potential problems:  flower beds and shrubbery that require constant attention or even professional care, pathways of pebbles through which weeds peek, formal garden plots that look disreputable when nature insists on making growing things sprawl, picket fences that need frequent repainting, complicated outdoor spotlighting that can require expensive repair.  Tip:  Good landscaping adds much to a home’s value.  Plan and plant with your future resale in mind, and you’ll enjoy the yard more now, too.

TO HELP YOU DECIDE: Some clients are surprised to learn it may be easier to sell and buy again than to endure a major remodeling.  Call for up-to-the-minute real estate market information to help you make your decision.

Compliments of Ray Otten, Broker  (613) 288-0090. www.OttawaProperties.com

RE/MAX metro-city realty ltd., Brokerage

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Ontarians Optimistic About Market Outlook and Home Ownership

Click the Link below for a detailed Infograph: http://www.orea.com/~/media/Files/Buyers-Sellers/Ontario-Index/090714_Consumer_infograph.pdf

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