OTTAWA REAL ESTATE BOARD NEWS RELEASE-MAY 3, 2017

Spring conditions produce blossoming resale market

OTTAWA, May 3, 2017 - 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 high-tech 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.”

OTTAWA REAL ESTATE BOARD NEWS RELEASE-OCTOBER 5, 2016

No fall(ing) back in Ottawa’s resale market

OTTAWA, October 5, 2016 - Members of the Ottawa Real Estate Board sold 1,371 residential properties in September through the Board’s Multiple Listing Service® System, compared with 1,241 in September 2015, an increase of 10.5 per cent. The five-year average for September sales is 1,171.
“Again this month, we have broken the record for residential and condominium units sold, with 200 more units sold than the five-year average for September sales,” says Shane Silva, President of the Ottawa Real Estate Board. “With average sale prices remaining virtually unchanged since the beginning of the year, this could be an indication that prices have adjusted to market expectations and sales have rebounded as a result.”
September’s sales included 269 in the condominium property class, and 1,102 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.
“Units listed in both residential and condominium property classes continue to decline,” indicates Silva. “From 2,076 listed in September 2015 to 1,822 listed in September 2016 for residential properties, and from 637 listed in September 2015 to 588 listed in September 2016 for condominium sales. With fewer listings coming on to the market, combined with recent higher unit sales, overall inventory is declining. The basic economics of supply and demand at play will continue to have an impact on the Ottawa resale market.”
The average sale price of a residential-class property sold in September in the Ottawa area was $383,793 a decrease of 0.1 per cent over September 2015. The average sale price for a condominium-class property was $252,136, a decrease of two per cent over September 2015. 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 hottest segments in our market for September continue to be two-storey and bungalow residential homes in the $300,000 to $400,000 price range, followed by one-level and two-storey condos in the $200,000 to $300,000 and the $100,000 to $200,000 price range” says Silva. “In addition to residential and condominium sales, OREB Members have assisted clients with renting almost 2,500 properties since the beginning of the year.”

OTTAWA REAL ESTATE BOARD-December news release 2016-01-06 VP

Record-breaking December, contributes to a strong 2015Members of the Ottawa Real Estate Board sold 703 residential properties in December through the Board's Multiple Listing Service® System, compared with 638 in December 2014, an increase of 10.2 per cent. The five-year average for December sales is 653. The total number of residential and condo units sold through the Board's MLS® System throughout all of 2015 was 14,658, compared with 13,919 in 2014, an increase of 5.3 per cent. Separately, residential and condo unit sales each outperformed the 2014 numbers.

"Looking back at the 2015 market, we started the year off with extreme cold temperatures in the first quarter of the year, but that didn't stop homebuyers," says new President of the Ottawa Real Estate Board, Shane Silva. "We saw the busy spring selling season pick up as early as March this year, and continue well throughout the summer, with a small dip in July, followed by record-breaking sale numbers in September. Three months later, December broke the record for the highest number of residential and condo properties sold at 703 units, only comparable to 2011, when 699 properties sold."

December's sales included 160 in the condominium property class, and 543 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 listing inventory for both residential and condos trended higher all year, showing signs of tapering off in October," says Silva. "Increased inventory levels contributed to the market favouring Buyers for much of the year; however as the inventory levelled out in the fall, we moved into more balanced conditions. Cumulative days on market increased to 109 days in December, while the average for the year comes in at 86 days. Average residential sale prices are up slightly over last year, which is great for the Ottawa market. All combined, these indicators point to a stable real estate market."

The average sale price of a residential-class property sold in December in the Ottawa area was $386,961, an increase of 5.5 per cent over December 2014. The average sale price for a condominium-class property was $250,393, a decrease of 7.5 per cent over December 2014. The year-to-date numbers for the average residential sale price in 2015 was $391,940, an increase of 1.9 per cent over 2014. While the average condominium sale price was $259,691, a decrease of 1.5 per cent over 2014. 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.

"A trend all year long, the hottest segments of our market are properties sold in the $300,000 to $400,000 price range, with 31.6 per cent of the year's sales, followed by the $200,000 to $300,000 range, with 26.2 per cent of the year's sales" says Silva. "In addition to residential and condominium sales, OREB Members assisted clients with renting 181 properties in December, and over 3,000 properties this year."

OTTAWA REAL ESTATE BOARD-March News Release [2015-04-08 VP]

Busy spring season arrives amidst March snow banks

Members of the Ottawa Real Estate Board sold 1,208 residential properties in March through the Board's Multiple Listing Service® system, compared with 1,184 in March 2014, an increase of two per cent. The five-year average for March sales is 1,236.

"Sales increased month over month, with 356 more properties sold in March over February, a 41.8 per cent increase," says David Oikle, President of the Ottawa Real Estate Board. "Indications of a fast approaching spring market were noted in February, and these numbers are proof that Ottawa is indeed experiencing an upswing in sales."

March's sales included 228 in the condominium property class, and 980 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 cumulative days on market came in at 83 for the month of March, lower than the average of 99 days in February and 119 days in January indicating that properties are starting to move faster as we enter the second quarter of 2015," explains Oikle. "Year-to-date sales for the first quarter of 2015 are 1.8 per cent higher than the first quarter of 2014. Average sales price has also increased, ever so slightly, by 0.8 per cent. So far, the 2015 resale market in Ottawa remains steady and strong."

The average sale price of residential properties, including condominiums, sold in March in the Ottawa area was $361,572, an increase of 0.7 per cent over March 2014. The average sale price for a condominium-class property was $251,666, no change over March 2014. The average sale price of a residential-class property was $387,141, no change over March 2014. While average sale price information can be useful in establishing trends over time, it should not be used as an indicator that specific properties have increased or decreased in value, because the average sale price is calculated based on the total dollar volume of all properties sold.

"The hottest segments of our market in March were sales between $300,000 to $400,000, followed by the $200,000 to $300,000 price range," says Oikle. "Residential two-storey homes continue to be the highest sold property class, followed by bungalows and one-level condos. In addition to residential and condominium sales, OREB members assisted clients with renting 593 properties since the beginning of the year."

OTTAWA REAL ESTATE BOARD-February News Release [2015-03-04 VP]

Resale buyers brave the February freeze
Members of the Ottawa Real Estate Board sold 853 residential properties in February through the Board's Multiple Listing Service® system, compared with 868 in February 2014, a decrease of 1.7 per cent. The five-year average for February sales is 914.

"Even though we had one of the coldest months on record, resales for the month of February are only slightly down from last year," says President of the Ottawa Real Estate Board, David Oikle. "Looking at residential properties alone, 13 more properties were sold this February over last February - a 1.9 per cent increase; while the condo market on the other hand, has been a little slower to gain momentum. That being said, both residential and condo sales are up a total of 226 combined units since January and there are a total of 6,519 residential listings going into March - both telling signs that the spring market is fast approaching."

February's sales included 168 in the condominium property class, and 685 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 February in the Ottawa area was $358,206, an increase of 1.3 per cent over February 2014. The average sale price for a condominium-class property was $267,880, an increase of 3.8 per cent over February 2014. The average sale price of a residential-class property was $380,358, a decrease of 0.3 per cent over February 2014. While average sale price information can be useful in establishing trends over time, it should not be used as an indicator that specific properties have increased or decreased in value, because the average sale price is calculated based on the total dollar volume of all properties sold.

"The hottest segments of our market in February were sales between $300,000 to $400,000, followed by the $200,000 to $300,000 range and $400,000 to $500,000 range," says Oikle. "These price ranges continue to have the highest concentration of properties sold, while residential two-storey homes and bungalows continue to have the highest concentration of buyers. In addition to residential and condominium sales, OREB members assisted clients with renting 366 properties since the beginning of the year."

OTTAWA REAL ESTATE BOARD-January News Release- [2015-02-04 VP]

Homebuyers undeterred by January cold

Members of the Ottawa Real Estate Board sold 627 residential properties in January through the Board's Multiple Listing Service® system, compared with 587 in January 2014, an increase of 6.8 per cent. The five-year average for January sales is 633.

"The cold weather proved not to be a deterrent for buyers in January," says President of the Ottawa Real Estate Board, David Oikle. "Residential and Condo sales combined, contributed to an increase in sales this month, and we are right on par with the January average. Residential two-storey and bungalow properties had the highest concentration of buyers. In addition to residential and condominium sales, OREB members assisted clients with renting 183 units this month."

January's sales included 114 in the condominium property class, and 513 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.

"This month has been a busy month for our Members," says Oikle. "The number of residential and condo properties listed in January (2,018) more than doubled the amount of newly listed properties from December - a normal occurrence at the beginning of the year, in advance of the usual busy spring market."

The average sale price of residential properties, including condominiums, sold in January in the Ottawa area was $348,617, an increase of 0.5 per cent over January 2014. The average sale price for a condominium-class property was $250,406, a decrease of 5.8 per cent over January 2014. The average sale price of a residential-class property was $370,442, an increase of 0.5 per cent over January 2014. While average sale price information can be useful in establishing trends over time, it should not be used as an indicator that specific properties have increased or decreased in value, because the average sale price is calculated based on the total dollar volume of all properties sold.

"The possibility of interest rates approaching record lows will provide even more opportunity for homebuyers," explains Oikle. "The Ottawa resale market remains steady, and we look forward to a productive year ahead."

OTTAWA REAL ESTATE BOARD-November News Release [2014-12-03 VP]

November sales up slightly over last year

Members of the Ottawa Real Estate Board sold 893 residential properties in November through the Board's Multiple Listing Service® system, compared with 888 in November 2013, an increase of 0.6 per cent. The five-year average for November sales is 935.

"Sales have been remarkably similar to last year overall, with units sold for the first eleven months of the year at 13,291, just slightly above the year-to-date sales for 2013," says Randy Oickle, President of the Ottawa Real Estate Board. "Inventory levels are starting to dip back down, which is normal for this time of year, and average sales prices keep steady with last year. Overall, it has been a typical year so far for the real estate market in Ottawa - steady and fluctuating between a balanced and buyer's market."

November's sales included 170 in the condominium property class, and 723 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.

"Properties have taken longer to sell, requiring most sellers to be more patient with the market," explains Oickle. "Resale condos are slightly behind last year's volume, likely caused by increased competition with new condo developments. Although the market slows somewhat in December, Sellers should note that many buyers for 2015 will begin their search over the holiday period, statistically the highest property search period."

The average sale price of residential properties, including condominiums, sold in November in the Ottawa area was $356,900, an increase of 0.4 per cent over November 2013. The average sale price for a condominium-class property was $250,425, a decrease of three per cent over November 2013. The average sale price of a residential-class property was $381,936, an increase of 0.7 per cent over November 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 $300,000 to $349,999 price range had the highest concentration of properties sold in November, followed by the $350,000 to $399,999 range. There were 93 properties sold in the price range between $500,000 to $749,999," says Oickle. "The rental market continues to be hot in Ottawa, with approximately 175 properties rented in November, and over 2,300 rented since the beginning of the year. Ottawa Real Estate Board members can assist you with a variety of needs, whether you are looking to rent, or wanting to better understand the prices in your area."

OTTAWA REAL ESTATE BOARD-June News Release [2014-07-04 VP]

Pent up demand from the spring adds to June sales

Members of the Ottawa Real Estate Board sold 1,661 residential properties in June through the Board's Multiple Listing Service® system, compared with 1,593 in June 2013, an increase of 4.3 per cent. The five-year average for June is 1,636.

"It is now very apparent that the long winter we experienced delayed the start of the normally busy spring market," explains David Oikle, President-Elect of the Ottawa Real Estate Board. "As a result, we saw a higher demand going into June, and more homes switching hands. We've had a good May and June for residential sales, and average days on the market has held steady at 42 days."

June's sales included 316 in the condominium property class, and 1,345 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.

"We're also seeing that the Ottawa market is doing well in comparison to the first six months of 2013," says Oikle. "With positive numbers in May and June, year-to-date units sold are now only off by 106 units; while the average sale price has increased 1.5 per cent over a year ago."

The average sale price of residential properties, including condominiums, sold in June in the Ottawa area was $364,264, an increase of 1.4 per cent over June 2013. The average sale price for a condominium-class property was $258,135, a decrease of 2.8 per cent over June 2013. The average sale price of a residential-class property was $389,198, an increase of 1.8 per cent over June 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.

"Currently the residential and condo unit inventory on hand is just over 8,500, compared to approximately 7,500 last year," explains Oikle. "While this moderate increase of 13 per cent in the inventory of residential and condo units has created more selection for buyers, and increased competition for sellers, this is consistent with an active spring market. Other properties such as rentals, commercial properties, lots, etc. make up the balance of the inventory available, currently standing at approximately 2,500 units."

The Ottawa Real Estate Board is an industry association of over 3,000 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 News Release

Spring buyers have come out of hibernationMembers 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 Ottawa Real Estate Board is an industry association of over 3,000 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-April News Release 2014-05-05

The April resale market slow to bloom

Members of the Ottawa Real Estate Board sold 1,420 residential properties in April through the Board's Multiple Listing Service® system, compared with 1,569 in April 2013, a decrease of 9.5 per cent.

"There has been a decrease in units sold on a year-to-date comparison of 3.9 per cent, but the Ottawa market continues to remain relatively stable," says Randy Oickle, President of the Ottawa Real Estate Board. "With typical 'spring' weather beginning a lot later this year, it is not unexpected to see the market have a later upswing than normal. That being said, properties sold in April were on the market an average of 45 days, a few days less than what was indicated in March."

April's sales included 257 in the condominium property class, and 1,163 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.

"Sales have continued at a steady pace upwards since the beginning of the year, with 233 more properties switching hands in April over March. That's a 19.6 per cent increase since last month," explains Oickle. "Average sale prices are on par with prices from a year ago, even year-to-date price comparisons remain steady."

The average sale price of residential properties, including condominiums, sold in April in the Ottawa area was $374,015, an increase of 0.8 per cent over April 2013. The average sale price for a condominium-class property was $258,500, a decrease of three per cent over April 2013. The average sale price of a residential-class property was $399,541, an increase of 0.9 per cent over April 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."

THIS MONTH IN REAL ESTATE - JANUARY 2014

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Surprising insights into the minds of a buyer.

THIS MONTH IN REAL ESTATE - DECEMBER 2013 (CANADA)

Watch this short 1 minute video Published on Dec 3, 2013 by KW.com

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OTTAWA REAL ESTATE BOARD-JANUARY NEWS RELEASE 2014-01-07

Ottawa remains stable in 2013, devoid of large fluctuations

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."

The Ottawa Real Estate Board is an industry association of approximately 3,000 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-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. 

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

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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.