OTTAWA REAL ESTATE BOARD-NOVEMBER NEWS RELEASE-2013-11-04

October resales comparative to five-year average

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. The five-year average for October sales is 1,091.

"Resale units sold in October are right on par compared to the five-year average," says Ansel Clarke, Past President of the Ottawa Real Estate Board. "This is a welcome change from the first half of 2013, where we saw continuous decreases, albeit small ones, in the number of units sold. We are also seeing average prices beginning to creep back up. The Ottawa market is proving, once again, to be a steady, balanced market."

October's sales included 211 in the condominium property class, and 879 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 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. 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.

"Talk to an Ottawa-area REALTOR® today for help with buying and/or selling a home. We do the homework so you don't have to." Visit wedothehomework.ca for more information on working with a REALTOR®.

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 Canadian Real Estate Association.

OTTAWA REAL ESTATE BOARD-OCTOBER NEWS RELEASE-2013-10-04

Ottawa market heats up as fall settles in
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.

“As a result of the new mortgage rules introduced last summer, we saw continuous decreases in units sold in the first half of 2013. Since July 2013, the Ottawa resale market has started to heat up again,” says Tim Lee, President of the Ottawa Real Estate Board. “The number of residential and condo units sold has increased since last year. Condo units sold are up 15 per cent, while residential units sold are up 11.8 per cent. Also, impending mortgage rate increases may be causing many first-time home buyers to buy now before the rates increase.”

September’s sales included 245 in the condominium property class, and 874 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 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. 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.

“As Ottawa and surrounding areas continue to grow and expand, Ottawa continues to be a healthy, balanced market,” says Lee. “Talk to an Ottawa-area REALTOR® today for help with buying and/or selling a home. We do the homework so you don’t have to.”

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 Canadian Real Estate Association. 

AN EXTRAORDINARY DAY

This morning I woke up and started my day like every other day. Just another ordinary day I thought as I rolled out of bed and began the mad morning rush of getting my daughter ready and off to school, before I got on with my busy work day.  I grabbed a quick coffee to go, skipped breakfast, headed off to school to drop off my daughter and then drove off to Barrhaven to show a home.  The morning turned out great as I was asked to write up an offer on one of my listings. Looking through my booked up calendar, the only time I had to write up the offer was just after picking up my daughter from school as my afternoon was booked

up with a funeral I wanted to attend to support a co-worker/friend’s recent loss.

I rush home after showing the property thinking I may be able to complete the documents for purchase and email them out before heading off to the funeral. I get home, begin to work on the offer but I quickly run out of time. I grab my purse and hurry off to the funeral service. My mind is racing a mile a minute as I am driving, trying to coordinate in my head, how I will manage to attend the funeral, write up the offer, pick up my daughter from school and make time for a market analysis all before 5pm.

It’s 12:00 noon, just made it on time to the funeral. I park my car and rush into the church.

The service was beautiful and by the time the eulogies were completed, although I did not personally know Karen, I felt I had known her. She was loved by so many and it was clear how much love and happiness she brought to all.  A mom, a sister, a daughter...just like so many of us. Gone in the blink of an eye during an unexpected tragedy in Barrhaven. Yes, she was one of the bus passengers that collided with the train the morning of September 18th. On her way to work...just another ordinary working day in her life she probably thought.

I sat, quietly in a pew and absorbed all of the emotions surrounding me. I was overwhelmed by the amount of togetherness and love I felt in the church. I was fully engaged in the moment and realized how blessed Karen was to have such a tremendous amount of friends, love and support in her life. I could relate. I myself am fortunate to have such a loving and supportive circle of friends. I have been blessed with the birth of a healthy incredible, beautiful daughter that I love more than anyone or anything in this entire world and who at times, I put second because of the busy life I lead as a single mom and a Realtor.  This moment made me realize that today isn’t just an ordinary day. Today is an EXTRAORDINARY day....every day is an extraordinary day.

Today I am making a commitment to myself to make every day  EXTRAORDINARY! I invite you to do the same.

To all the people who were touched in some way by this tragedy, please accept my most sincere heartfelt condolences.  May you find peace and comfort in loving memories and may you live each and everyday to it's fullest.

Lovingly,

Julie Bazinet

OTTAWA REAL ESTATE BOARD-AUGUST NEWS RELEASE-2013-09-05

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.

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 Canadian Real Estate Association.

OTTAWA REAL ESTATE BOARD-July, 2013 News Release

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

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 Canadian Real Estate Association.

OTTAWA REAL ESTATE BOARD-JUNE NEWS RELEASE...posted July 4, 2013

Condo sales dip below average, residential units remain steady

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.

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 Canadian Real Estate Association.

Ottawa Real Estate Board June 5th, 2013 News Release-May Market overview

The May market cools as the heat picks up
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."

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 Canadian Real Estate Association.

Ottawa Real Estate Board May 3rd, 2013 News Release-April Market overview

Latest News Release

An upswing in sales for the April market Ottawa, May 3, 2013 - 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 the late onset of warmer weather, the traditional “spring market” saw its upswing a little later this year. 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 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. 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. 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 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 Canadian Real Estate Association.

OTTAWA REAL ESTATE BOARD-MARCH NEWS RELEASE

Ottawa resale market up from January  Ottawa, March 5, 2013 - Members of the Ottawa Real Estate Board sold 914 residential properties in February through the Board’s Multiple Listing Service® system, compared with 1,008 in February 2012, a decrease of 9.3 per cent. “It is clear that the Ottawa resale market has slowed down in comparison to this time last year,” says Tim Lee, President of the Ottawa Real Estate Board. “The government was successful in its quest to “cool down” the market. However, if we look at this month’s sales, in comparison to last month’s sales, the market seems to be picking back up as we approach the busy spring season – 315 more homes were sold in February, over January, even with three fewer days.” February’s sales included 224 in the condominium property class, and 690 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. 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. 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 Lee. Talk to an Ottawa area REALTOR® for more information about the housing market outlook where you live, or want to live. 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 Canadian Real Estate Association.