Spring conditions produce blossoming resale market

Members of the Ottawa Real Estate Board sold 1,795 residential properties in April through the Board’s Multiple Listing Service® System, compared with 1,711 in April 2016, an increase of 4.9 per cent. The five-year average for April sales is 1,613. “The April resale market continued its upward trend in units sold, just shy of a record set in 2010,” says Rick Eisert, President of the Ottawa Real Estate Board. “Sales activity is indicating a trend towards a seller’s market. Lower inventory, combined with increased demand, is creating many more multiple offer situations and quicker moving properties, with the average cumulative days on market dipping to just 71 days.” April’s sales included 312 in the condominium property class, and 1,483 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. “We continue to see a trend in the amount of high-end units selling,” reports Eisert. “Properties selling for $500,000 and up has increased over last year, and even more significantly in the over $1 million market, which doubled in sales over April 2016. Since the beginning of the year 83 properties over $1 million switched hands, compared to only 38 in the same time-frame last year. The increase in sales for high-end properties may be fuelled by a combination of the migration of buyers from Toronto and move-up buyers. Another contributing factor is that many, generally well paying, jobs are opening up in the hightech sector, driving more people into the Ottawa market.” The average sale price of a residential class property sold in April in the Ottawa area was $435,883, an increase of 7.9 per cent over April 2016. The average sale price for a condominium-class property was $268,553, an increase of 2.9 per cent over April 2016. The Board cautions that the average sale price 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 calculation of the average sale price is based on the total dollar volume of all properties sold. Price and conditions will vary from neighbourhood to neighbourhood. “The two most active price points in the residential market continue to be the $300,000 to $399,999 followed by the $400,000 to $499,999 range, combined accounting for 55.1 per cent of the market. Within the condo market, the most active price point was between $150,000 and $249,999, accounting for 53.8 per cent of the market,” says Eisert. “In addition to residential and condominium sales, OREB Members assisted clients with renting 865 properties since the beginning of the year.”

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Spring market is primed for competitive season ahead

OTTAWA, March 3, 2017 -Members of the Ottawa Real Estate Board sold 1,010 residential properties in February through the Board’s Multiple Listing Service® System, compared with 908 in February, an increase of 11.2 percent. The five-year average for February sales is 872.“Numbers continue to indicate a positive trend for Ottawa as a whole,” says Rick Eisert, President of the Ottawa Real Estate Board. “Even with the additional day in February last year due to the leap year, sales this year are up in both the residential and condo property classes. Keep in mind though, that all real estate is local, and that prices and conditions will vary from neighbourhood to neighbourhood.” “A total of 2,066 homes were listed this month, up almost 25 per cent from January, while inventory on hand still remains low compared to last year,” explains Eisert. “Now is a great time to list your home in anticipation of the increase of buyer interest in the spring that will pick up as early as March.” February’s sales included 233 in the condominium property class, and 777 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 a residential-class property sold in February in the Ottawa area was $417,374, an increase of 8.5 per cent over February 2016. The average sale price for a condominium-class property was $258,397, an increase of four per cent over February 2016. “This month revealed a larger average price gain in the residential property class than usual due to an increase in the number of properties sold in the $750,000 to $999,999 and over $1 million price range, similar to what occurred with condo prices last month,” explains Eisert. “For example, in the over $1 million price range alone, there was a significant increase in sales over last year; 20 units sold in 2017 versus 6 units in 2016. It is important to note that dramatic changes in the average sale price is not indicative of all property values. We encourage buyers and sellers to talk to a REALTOR® for more information about the housing market outlook where they live, or want to live.” “In the residential market the most active price point was the $300,000 to $399,999 range for the month of February, followed by the $400,000 to $499,999 range, combined accounting for 54.6 per cent of the market. The condominium market was most active in the $150,000 to $249,999 price range, accounting for 54.9 per cent of the market,” says Eisert. “In addition to residential and condominium sales, OREB members assisted clients with renting 392 properties since the beginning of the year.”

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2017 resale market off to a great start

Members of the Ottawa Real Estate Board sold 667 residential properties in January through the Board’s Multiple Listing Service®system, compared with 598 in January 2016, an increase of 11. 5per cent. The five-year average for January sales is 614.“The year is off to a great start,with sales up over this time last year, and well above the five-year average,” remarks Rick Eisert,President of the Ottawa Real Estate Board. “Residential-class resales supported this increase, with a 16.6 per cent growth over January 2016.The number of properties listed in January has doubled the amount listed in December, which is very typical of sellers getting a jump start on the spring selling season.”January’s sales included 119 in the condominium property class, and 548 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.“While the numbers indicate a positive trend for Ottawa as a whole, we emphasize that all real estate is local, and prices and conditions will vary from neighbourhood to neighbourhood,” explains Eisert. “We encourage buyers and sellers to talk to a REALTOR® for more information about the housing market outlook where they live, or want to live.” The average sale price of a residential-class property sold in January in the Ottawa area was $394,001, an increase of 1.9 per cent over January 2016. The average sale price for a condominium-class property was $288,655, an increase of 16.8 per cent over January 2016. 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 average sale price for the condominium class saw a big increase over last year,” Eisert says.“It’s important to note that three properties sold for over $1 million this January, while none were sold in January 2016. This needs to be taken into consideration when looking at the overall increase in average condo sale price.“In the residential market the most active price point was the$300,000 to $399,999 range for themonth of January, accounting for 35.2 per cent of the market. The condominium market was most active in the $150,000 to $249,999 price range, accounting for 58.7 per cent of the market,” says Eisert.“In addition to residential and condominium sales, OREB members assisted clients with renting 201 properties in January.”

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Brrr It's getting cold out there!

Winterizing your home

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Staying Active in the Winter

Winters in Ottawa can be pretty cold which means most people end up becoming a bit more sedentary. There are however many options for winter activities to help keep you active.

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To Dog or not to Dog

To Dog or not to Dog

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Record-breaking year for Ottawa resales

​OTTAWA, September 6, 2016 - Members of the Ottawa Real Estate Board sold 1,484 residential properties in August through the Board’s Multiple Listing Service® System, compared with 1,276 in August 2015, an increase of 16.3 per cent. The five-year average for August sales is 1,265.

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Archives

August 08, 2016
Summer resales sizzle in a hot July
July 08, 2016
Record-breaking June for Ottawa resales
May 13, 2016
Second-best April on record for Ottawa resales
March 31, 2016
Spring Home Maintenance!
March 19, 2016
March resale market springs into action
March 03, 2016
February 2016 OREB News Release
February 11, 2016
Family Day Weekend: What to do
February 07, 2016
January 2016 OREB News Release
January 28, 2016
ArtHaus Ottawa
January 07, 2016
December 2015 OREB News Release