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Spring has sprung an increase in residential sales

Chris Heard — Tue, 10 Apr 2012 15:36:00 GMT

Ottawa, April 4, 2012 :Members of the Ottawa Real Estate Board sold 1,396 residential properties in March through the Board’s Multiple Listing Service® system, compared with 1,240 in March 2011, an increase of 12.6 per cent. The five-year average for March sales is 1,276.March’s sales included 277 in the condominium property class, and 1,119 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.

“Along with the increasing temperatures and the arrival of spring, March saw a substantial increase in residential sales,” notes Ansel Clarke, President of the Ottawa Real Estate Board. “With interest rates continuing to be low, it is no surprise that the market remains healthy and balanced.”

The average sale price of residential properties, including condominiums, sold in March in the Ottawa area was $353,684, an increase of 2.1 per cent over March 2011. The average sale price for a condominium-class property was $267,308, an increase of 5.7 per cent over March 2011. The average sale price of a residential-class property was $375,065, a slight decrease of 0.2 per cent over March 2011. 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 2,800 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®).

Townhouse For Sale in Avalon

Chris Heard — Tue, 27 Mar 2012 15:42:00 GMT

Sparkling 3 B/R town in Avalon

• 3 bath, 3 bdrm townhouse - MLS® $325,000

Avalon, Orléans - Backing onto single family homes, this Richcraft Fulton (1849 total square feet) sparkles! Gleaming hardwood on main floor! Open kitchen with potlights & corner pantry! Ceramics in foyer, kitchen & all bathrooms! Master features luxurious ensuite with shower & roman tub! Big bedrooms! Laundry on 2nd floor! Bright recreation room features Berber carpet & gas fireplace! C/air! Garage door opener! Interlock front & back! Very nice!

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Homebuying activity strong out of the gate ....

Chris Heard — Fri, 23 Mar 2012 16:42:00 GMT

Homebuying activity strong out of the gate, as a more competitive market takes shape for spring 2012, says RE/MAX

　Major Canadian real estate markets continued to show exceptional resiliency throughout the first quarter of the year, with strong demand and diminished supply setting the stage for a heated spring 2012, according to a report released by RE/MAX.

The RE/MAX Market Trends Report, highlighting sales, price, trends and developments in 15 markets across the country, found that 12 of 15 Canadian centres (80 per cent) were reporting year-to-date (January-February) sales activity ahead of last year’s levels, with more than half reporting double-digit increases. Low interest rates, coupled with strong consumer confidence levels and a mild winter, played a significant role in the upswing, ushering in an early start to the spring market. Average price climbed in 14 of 15 markets (93 per cent) examined, yet appreciation was more tempered, with only three markets posting gains in excess of 10 per cent. Tighter inventory levels at entry-level price points have sparked bidding wars—particularly in Winnipeg and the Greater Toronto Area—with similar conditions starting to emerge in Saskatoon, Regina, London-St. Thomas, Hamilton-Burlington, Ottawa, St. John’s, and Halifax-Dartmouth.

Given the current economic climate, the strength of the country’s housing market clearly reflects the value Canadians place on homeownership. One driving factor has been the overall performance of the market over the past decade. Existing homeowners have realized substantial equity gains, especially in recent years, and many are taking advantage of the combination of historically low interest rates and equity to upgrade. Perhaps more importantly, housing has outperformed just about every other asset class – and a principle residence is capital gains exempt – a fact that’s not gone unnoticed.

In terms of sales appreciation, the best performing markets heading into the traditionally busy spring season were Halifax-Dartmouth (35 per cent), Saskatoon (21 per cent), Saint John (20 per cent), Regina (16 per cent), St. John’s (12.5 per cent), Greater Toronto Area (12 per cent), London-St. Thomas (11 per cent), and Edmonton (11 per cent). Only Vancouver, Kitchener-Waterloo, and Winnipeg have experienced softening in housing activity so far this year. Sales are down 16 per cent in the Greater Vancouver, 4.5 per cent in Kitchener-Waterloo, and almost on par in Winnipeg.

Housing values are escalating at a steady pace in most major markets. Yet, gains are, as predicted, much more moderate than in years past. We expect this will remain the trend moving forward—in line with the Canadian economy, as GDP growth also moves ahead at a more subdued pace. Conditions will vary locally, with some markets exceeding expectations, largely due to the fact that the significant influx of inventory expected never materialized or, in the case of Saskatchewan and Newfoundland, the local economy has shown extraordinary strength. On the whole, this is a very stable and healthy housing market in line with traditional norms, with few exceptions.

Year-to-date average price in most major centres is also on the upswing. Winnipeg, Greater Toronto and St. John’s each posted a percentage increase of 10 per cent in the first two months of 2012. Values in Kitchener-Waterloo followed at nine per cent, while Regina and Saskatoon escalated six per cent. 　

Purchasing intentions have largely been driven by confidence in a buyer’s own employment and financial picture, followed by major lifecycle events. While global uncertainties caused some to pause in recent years, purchasers will only sit on the fence so long before the need to make a move becomes a stronger impetus. That reality is starting to fuel momentum, along with the domino effect of an enthusiastic entry-level segment. First-time buyers are driving demand in both the smaller and major markets, in turn sparking strong sales activity among move-up purchasers at the higher price points. As a result, the upper-end of the market has also held up well. There’s no question that the spring 2012 market will see all segments working in tandem.

Highlights:
Halifax-Dartmouth’s residential real estate market is firing on all cylinders thanks to the $25 billion shipbuilding contract awarded in the last quarter of 2011. Renewed confidence has bolstered homebuying activity, with sales up 35 per cent over one year ago.
Markets in Saskatchewan are also red-hot, with Saskatoon (21 per cent) and Regina (16 per cent) supported by strong economic fundamentals and increasing population levels in the province.
Tight market conditions have seriously hampered sales activity in Winnipeg, but purchasers remain undaunted. In February, 44 per cent of single-family homes sales sold above list price, while 31 per cent of condominium sales sold for more than ask.
In Greater Toronto, multiple offers are commonplace in blue-chip neighbourhoods, with an estimated 50 per cent of detached homes priced in the $600,000 to $900,000 price range selling for more than list price.
The First-Time Buyer’s Tax Credit and remediation of the Harmonized Sales Tax (HST) issue in British Columbia is expected to breathe new life into housing markets this spring.
For the full report go to http://www.remax-oa.com/media-newsroom/
　
　
　
　
　
　
　
　
　
　
　
　
　
　
　
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Residential sales up from January

Chris Heard — Tue, 06 Mar 2012 17:52:00 GMT

Ottawa, March 6, 2012 :Members of the Ottawa Real Estate Board sold 1,009 residential properties in February through the Board’s Multiple Listing Service® system compared with 940 in February 2011, an increase of 7.3 per cent. The five-year average for February sales is 949. February’s sales included 244 in the condominium property class, and 765 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.

“This month’s results indicate a steady incline in resale housing in the Ottawa area,” said Past President Joanne Tibbles. “The number of sales increased since January, and the inventory of properties for sale is back to a normal rate – still offering plenty of options for buyers, and this indicates a healthy balanced market as we head into spring.”

The average sale price of residential properties, including condominiums, sold in February in the Ottawa area was $350,046, an increase of 3.2 per cent over February 2011. The average sale price for a condominium-class property was $273,464, an increase of 4.6 per cent over February 2011. The average sale price of a residential-class property $374,472, an increase of 3.4 per cent over February 2011. 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.

Townhouse For Sale in Limoges

Chris Heard — Fri, 24 Feb 2012 16:31:00 GMT

Fantastic 3 B/R town in Limoges!

• 2 bath, 3 bdrm townhouse - MLS® $288,800

Limoges, Ottawa

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2011 a typical year for home sales in Ottawa

Chris Heard — Tue, 10 Jan 2012 16:52:00 GMT

Members of the Ottawa Real Estate Board sold 699 residential properties in December through the Board's Multiple Listing Service® system compared with 618 in December 2010, an increase of 13.1 per cent. The five-year average for December sales is 611. The total number of homes sold through the Board's MLS® system in 2011 was 14,412, an increase of 1.7 per cent over 2010. The average price for 2011 was $343,701, an increase of 5.2 per cent over 2010.

Of December's sales, 177 were in the condominium property class, while 522 were 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.

"Resale home sales in 2011 were slightly above the five-year average of 14,326, and that's really the story for the year. The market started off the year quietly, but gained momentum as we headed into spring and summer, losing very little steam during the fall and posting the best November on record, which leaves us with a very solid balance sheet for 2011," said Past President Joanne Tibbles. "In many ways, it epitomized Ottawa's real estate market: no dizzying highs, no dramatic lows, just slow and steady growth over the long term," she added.

The average sale price of residential properties, including condominiums, sold in December in the Ottawa area was $332,527, an increase of 2.6 per cent over December 2010. The average sale price for a condominium-class property was $262,514, an increase of 3 per cent over December 2010. The average sale price of a residential-class property was $356,267, an increase of 0.2 per cent over December 2010. 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.

Condo sales drive resale market in October

Chris Heard — Thu, 03 Nov 2011 17:51:00 GMT

Ottawa, November 3, 2011 :Members of the Ottawa Real Estate Board sold 1,062 residential properties in October through the Board’s Multiple Listing Service® system compared with 1,038 in October 2010, an increase of 2.3per cent. The five-year average for October sales is 1,071.Of those sales, 253 were in the condominium property class, while 809 were 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. “Condos were the main driver of resale home sales in October, with condo sales up 14.5 per cent from the same month in 2010, whereas residential property sales numbers were near-identical to last year’s,” said Board President Joanne Tibbles. “We’ve been hearing a lot about the rising popularity of condos in Ottawa and these numbers certainly support that, but it’s just one piece of our steady resale market, with sales very near the five-year average for October. Also, listing inventory and days on market are both up slightly as we move towards the end of the year,” she added. The average sale price of residential properties, including condominiums, sold in October in the Ottawa area was $337,797, an increase of 2 per cent over October 2010. The average sale price for a condominium-class property was $259,316, a decrease of 1.5 per cent over October 2010. The average sale price of a residential-class property was $362,341, an increase of 3.7 per cent over October 2010. 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

Open House in Nottinggate on Sunday

Chris Heard — Wed, 26 Oct 2011 18:08:00 GMT

Nottinggate, Orléans - We invite everyone to visit our open house at 303 Farincourt Crescent on October 30 from 2:00 PM to 4:00 PM.

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Smooth sailing for home sales in September in Ottawa

Chris Heard — Wed, 05 Oct 2011 17:21:00 GMT

Members of the Ottawa Real Estate Board sold 1,202 residential properties in September through the Board's Multiple Listing Service® system compared with 1,071 in September 2010, an increase of 12.2 per cent. The five-year average for September sales is 1,160.

Of those sales, 280 were in the condominium property class, while 922 were 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.

"Not much has changed in the Ottawa resale housing market since last month. Sales remain slightly above average, prices continue to appreciate at a moderate rate, and homes are taking about the same amount of time to sell," said Board President Joanne Tibbles. "The stability and affordability of our housing market, coupled with low interest rates, is still appealing for investors and for home buyers who want to make Ottawa the best place to call home," she added.

The average sale price of residential properties, including condominiums, sold in September in the Ottawa area was $335,765, an increase of 3.4 per cent over September 2010. The average sale price for a condominium-class property was $254,864, an increase of 5.9 per cent over September 2010. The average sale price of a residential-class property was $360,334, an increase of 3.2 per cent over September 2010. 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.

Solid June for Ottawa home sales

Chris Heard — Thu, 07 Jul 2011 18:10:00 GMT

Ottawa, June 3, 2011 :Members of the Ottawa Real Estate Board sold 1,712 residential properties in June through the Board’s Multiple Listing Service® system compared with 1,543 in June 2010, an increase of 11 per cent. The five-year average for June sales is 1,695.Of those sales, 378 were in the condominium property class, while 1,334 were 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.

“It’s obvious that the dream of home ownership is alive and well in Ottawa, with solid sales numbers like these. First-time buyers are out in the market in a big way, due to continued low interest rates, and after last year’s HST-affected spring, we’re seeing a return to what the June resale market usually looks like in Ottawa,” said Board President Joanne Tibbles.

The average sale price of residential properties, including condominiums, sold in June in the Ottawa area was $353,560, an increase of 8 per cent over June 2010. The average sale price for a condominium-class property was $275,996, an increase of 9.6 per cent over June 2010. The average sale price of a residential-class property was $375,539, an increase of 7.3 per cent over June 2010. 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.

Ottawa resale housing market remains in balance

Chris Heard — Mon, 06 Jun 2011 14:55:00 GMT

Ottawa resale housing market remains in balance

Ottawa, June 3, 2011 :Members of the Ottawa Real Estate Board sold 1,659 residential properties in May through the Board’s Multiple Listing Service® system compared with 1,686 in May 2010, a decrease of 1.6 per cent.Of those sales, 369 were in the condominium property class, while 1,290 were 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.

According to the Canada Mortgage and Housing Corporation (CMHC) in their Spring 2011 Ottawa Housing Market Outlook, the Ottawa Census Metropolitan Area (CMA) transitioned from a seller’s market to a balanced market in 2010 and will remain in that territory in 2011. CMHC analysts define Ottawa’s resale housing market as balanced when between 35 and 55 per cent of the number of homes listed for sale (new listings) in a given month are sold.“Sales numbers for May were virtually unchanged from 2010, but prices continued to rise at about the same rate as we have seen for the past few months, demonstrating solid demand for resale housing in our area,” said Board President Joanne Tibbles. “Sales numbers for May were virtually unchanged from 2010, but prices continued to rise at about the same rate as we have seen for the past few months, demonstrating solid demand for resale housing in our area,” said Board President Joanne Tibbles. “A balanced market offers no distinct advantage to either buyers or sellers, so I’d advise anyone thinking of buying or selling to work with a local REALTOR® to help them achieve their goals. There are different strategies for marketing a home or making an offer to purchase in a balanced market versus a buyer’s or seller’s market. An Ottawa REALTOR® can help make the process easier for consumers,” Tibbles added.

The average sale price of residential properties, including condominiums, sold in May in the Ottawa area was $352,347, an increase of 5.6 per cent over May 2010. The average sale price for a condominium-class property was $261,871, an increase of 6.4 per cent over May 2010. The average sale price of a residential-class property was $378,228, an increase of 6 per cent over May 2010. 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.

2 Story Split For Sale in Bourget

Chris Heard — Sun, 22 May 2011 00:52:00 GMT

5 B/R custom home in Bourget!

• 3 bath, 4 bdrm 2 story split "Hi-Ranch" - MLS® $394,900

Bourget, Clarence-Rockland

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April sales return to pre-HST levels

Chris Heard — Mon, 16 May 2011 14:11:00 GMT

Ottawa, May 4, 2011 :Members of the Ottawa Real Estate Board sold 1,536 residential properties in April through the Board’s Multiple Listing Service® system compared with 1,814 in April 2010, a decrease of 15.3 per cent. The five-year average for home sales in April is 1,612.Of those sales, 316 were in the condominium property class, while 1,220 were 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 in April 2010 soared well above average in advance of the implementation of the Harmonized Sales Tax in Ontario last July. Normally in Ottawa, we see a brisker sales period beginning at the end of April or early May, but last year’s spring market started earlier by about three months due to the HST. That surge in sales pushed April’s five-year average up significantly; it’s not out of the ordinary for about 1,500 homes to be sold in April in our market,” said Board President Joanne Tibbles. “Home prices still continued to rise at the usual moderate rate last month, demonstrating a solid demand for resale homes in Ottawa. Re-sale housing inventory is up 17.2 per cent from this time last year, indicating that Ottawa is clearly in a healthy, balanced market,” Tibbles added.

The average sale price of residential properties, including condominiums, sold in April in the Ottawa area was $351,226, an increase of 5.4 per cent over April 2010. The average sale price for a condominium-class property was $255,232, an increase of 2.1 per cent over April 2010. The average sale price of a residential-class property was $376,090, an increase of 5.4 per cent over April 2010. 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.

2 Story For Sale in Fallingbrook

Chris Heard — Fri, 15 Apr 2011 21:14:00 GMT

• 3 bath, 3 bdrm 2 story - MLS® $379,900

Fallingbrook, Orléans - Mr & Mrs Clean live here! Beautiful site finished oak hardwood floors! Ceramics in kitchen & all bathrooms! Bright family room with fireplace, toplights & vaulted ceiling! Open kitchen with eating area! Spacious living/dining room! Large master retreat with ensuite & balcony for your morning coffee! Lower level with two rec rooms & den (with window) featuring laminate floors! Southern backyard with pool! C/air! Smoke & pet free! A gem!

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RE/MAX Market Trends Report for Ottawa, 2010

Chris Heard — Mon, 22 Nov 2010 20:32:00 GMT

Ottawa

Stability has characterized Ottawa’s residential housing sector in 2010, with the number of homes sold slightly ahead of levels reported one year ago. Th e city saw 10,747 homes move through its MLS system, compared with 10,721 during the same period one year earlier. Values have posted an increase of 8.5 per cent year-to-date, with average price rising to $326,666, up from $301,072 in 2009. Active listings have been building, up 11 per cent to 6,557, bringing the market into balanced territory. Consumer confidence remains high in Ottawa, propped up by a solid high-tech and government base. Demand remains strong in all segments of the market, with move-up purchasers most active. Th e introduction of the Harmonized Sales Tax (HST) caused some hesitation among purchasers in both July and August, although buyers have since moved forward. Single-family detached homes continue to account for the lion’s share of activity, but inventory has held values in check with average price—at $340,294—on par with 2009 levels. Multiple off ers continue with some frequency in the city’s hot pockets, including Westboro, Golden Triangle and Glebe. Th e condominium market has experienced robust growth year-over-year, with average price rising close to 15 per cent (now at $253,823 year to-date vs. $221,742 in 2009). Real values have increased more moderately, as much of the increase can be accounted for by an influx of higher-end product. Developers have responded to strong demand for units at all price points, with new condominium construction occurring throughout the city. Inventory levels are growing as these new projects come to completion, which is expected to prompt some leveling in price in 2011. Th is is already evident in the downtown core, where condominium suites have experienced an upswing in days on market. Demand is strongest for units in the city’s established west end and downtown neighbourhoods. Despite tighter lending criteria, small investment product and properties with income potential remain highly sought-after. Investors and end users are vying for rare duplex properties, driving values a signifi cant 21 per cent ahead of one year ago, while sales have remained on par (84 units in 2010 vs. 82 one year ago). Th e average duplex now commands $406,039, up from $334,892 last year. While activity has begun to moderate into the final quarter, the upper end of the market has surged ahead. Sales of homes priced over $500,000 are up 42 per cent (820 units vs. 579), while million-dollar-plus sales have climbed 56 per cent year-over-year (42 vs. 27). Demand is not expected to fall off any time soon in the top 10 per cent of the market. Overall, the most active price point is between $300,000 and $400,000. Affordable entry-level product will continue to be sought-after in the $200,000 to $250,000 range. By year-end, Ottawa will see sales come in slightly below or on par with 2009 levels, while average price pulls slightly ahead of the year ago figure, setting a new record for the Ottawa market.

Excerpted from the RE/MAX Market Trends Report Fall 2010. For information on other Canadian markets featured in this report, go to www.remaxottawa.com!

Resale Market Becomes More Balanced

Chris Heard — Wed, 03 Nov 2010 16:16:00 GMT

November 2, 2010

Members of the Ottawa Real Estate Board sold 1,042 residential properties in October through the Board's Multiple Listing Service® system compared with 1,197 in October 2009, a decrease of 12.9 per cent. Year to date, the number of properties sold has declined 2% compared to the same period last year, a record setting year.

Of those sales, 221 were in the condominium property class, while 821 were 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.

"Six months ago we were in a strong seller's market, now we have moved into a more balanced market position," said Immediate Past President Rick Snell. "Some properties are still receiving multiple offers but this is happening much less often than was the case in the spring."

The average sale price of residential properties, including condominiums, sold in October in the Ottawa area was $340,719, an increase of 6.8 per cent over October 2009. The average sale price for a condominium-class property was $263,292, an increase of 13.4 per cent over October 2009. The average sale price of a residential-class property was $361,560, an increase of 5 per cent over October 2009. 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.

Toronto Star article a good read: Competition Bureau Misguided about the MLS. Buying a home is different than buying an airline ticket! Check it out!

Chris Heard — Thu, 29 Apr 2010 17:54:00 GMT

http://www.yourhome.ca/homes/realestate/article/798369--competition-bureau-misguided-about-mls

Ottawa housing market soars into spring

Chris Heard — Thu, 08 Apr 2010 14:45:00 GMT

Ottawa, April 7,2010 : Members of the Ottawa Real Estate Board sold 1,499 residential properties in March through the Board’s Multiple Listing Service® system compared with 1,161 in March 2009, an increase of 29.1 per cent. Of those sales, 327 were in the condominium property class, while 1,172 were 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 spring market kicked off early and strong this year, possibly boosted by the unseasonably warm weather and absence of snow in March,” said Board President Pierre de Varennes. “Inventory is still lower than at this time in 2009, but has begun to increase slightly in recent months,” he added.

The average sale price of residential properties, including condominiums, sold in March in the Ottawa area was $329,767, an increase of 15 per cent over March 2009. The average sale price for a condominium-class property was $240,409, an increase of 15.1 per cent over March 2009. The average sale price of a residential-class property was $354,698, an increase of 15.1 per cent over March 2009. 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 2,540 sales representatives and brokers in the Ottawa area. Members of the Board are also members of the Canadian Real Estate Association and thus are entitled to use the term REALTOR®.

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 effect 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.mls.ca and www.ICX.ca. Information about listings and open houses is also available in the Board’s weekly newspaper, Ottawa Real Estate Guide, available free at 700 locations across the Ottawa area.

Housing performance expected to accelerate in 2010, as economic stability returns to Canadian markets, says RE/MAX

Chris Heard — Mon, 22 Feb 2010 18:10:00 GMT

Mississauga, ON (December 3, 2009) -- In the midst of one of the most tumultuous economic periods in recent history, residential real estate has proven to be a safe harbour, with sales and average price expected to post gains in most major Canadian cities in 2009, according to a report released today by RE/MAX.

The RE/MAX Housing Market Outlook for 2010 examined residential real estate trends in 23 markets. The report found that sales are forecast to recover in almost all major centres by year-end 2009, led by an anticipated 45 per cent increase in Greater Vancouver. Two markets --Ottawa and Quebec City -- are expected to hit historic highs in the number of homes sold. Average price should post new records in 65 per cent of markets surveyed this year. As economic performance ramps up across the country, so too will residential real estate. Eighty-three per cent of markets (19/23) are expecting sales to increase over 2009 levels while housing values are forecast to escalate in 91 per cent (21/23) of Canadian centres in 2010. The remaining markets will match 2009 levels.

Approximately 465,000 homes are expected to change hands nationally in 2009, a seven per cent increase over one year ago. Canadian housing values are forecast to close the year at $318,000, up five per cent from $303,594 in 2008. By year-end 2010, the number of homes sold is predicted to climb another two per cent to 475,000 units. The average price of a home is also expected to experience an uptick, rising two per cent to $325,000 – the highest level in Canadian history.

“2009 was without question the year of the house,” says Michael Polzler, Executive Vice President, RE/MAX Ontario-Atlantic Canada. “Real estate not only defied industry and analysts’ predictions in 2009 -- it’s performance went well beyond the realm of expectation by boosting consumer confidence levels and ultimately kick starting the national economic engine. While low interest rates were a principle factor driving home buying activity, no one can discount the value that Canadians place in owning a home.”

To read the full report click here

2009 a record year for resale home sales, despite slow start

Chris Heard — Mon, 18 Jan 2010 15:35:00 GMT

2009 a record year for resale home sales, despite slow start

Ottawa, January 6, 2010 : Members of the Ottawa Real Estate Board sold 689 residential properties in December through the Board’s Multiple Listing Service® system compared with 467 in December 2008, an increase of 47.5 per cent. This brings the total number of residential properties sold through the Board’s Multiple Listing Service® system in 2009 to 14,742, up 7.4 per cent from 2008 and setting a new record. The previous record of 14,565 sales was set in 2007. The average price for all of 2009 was $303,888, an increase of 4.9 per cent over 2008. Of December’s sales, 185 were in the condominium property class, while 504 were 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.

“Ottawa’s housing market felt the chill of the global financial crisis last winter, but sales warmed up even before the spring weather arrived, and over the course of the year Ottawa had five record-breaking months of sales. Listing inventory was at a low level throughout 2009, which led to many multiple-offer situations,” said Board President Pierre de Varennes. “Ottawa’s housing market bounced back very strongly from its brief downturn, and we ended the year ahead of the previous annual sales record, which certainly no one expected back in January,” he added.

The average sale price of residential properties, including condominiums, sold in December in the Ottawa area was $307,807, an increase of 13.1 per cent over December 2008. The average sale price for a condominium-class property was $246,062, an increase of 17.9 per cent over December 2008. The average sale price of a residential-class property was $330,471, an increase of 12.8 per cent over December 2008. 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.

September resale home sales highest on record

Chris Heard — Tue, 06 Oct 2009 16:07:00 GMT

September resale home sales highest on record

Ottawa, October 5, 2009 : Members of the Ottawa Real Estate Board sold 1,220 residential properties in September through the Board’s Multiple Listing Service® system compared with 1,204 in September 2008, an increase of 1.3 per cent. Of those sales, 272 were in the condominium property class, while 948 were in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, 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.

“September was another record-breaking month for Ottawa resale home sales, capping off a very busy and active summer for Ottawa Real Estate Board members,” said Board President Rick Snell. “Inventory levels rose from last month but remain lower than in September 2008, and that low supply coupled with continued strong demand for resale housing helped nudge selling prices higher,” he added.

The average sale price of residential properties, including condominiums, sold in September in the Ottawa area was $304,789, an increase of 5.7 per cent over September 2008. The average sale price for a condominium-class property was $241,458, an increase of 17.3 per cent over September 2008. The average sale price of a residential-class property was $322,960, an increase of 4.1 per cent over September 2008. 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.

August resale home sales solid

Chris Heard — Tue, 08 Sep 2009 13:50:00 GMT

August resale home sales solid

Ottawa, September 3, 2009 : Members of the Ottawa Real Estate Board sold 1,216 residential properties in August through the Board’s Multiple Listing Service® system compared with 1,181 in August 2008. This is an increase of 3 per cent. Of those sales, 259 were in the condominium property class, while 957 were in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, 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.

“August was another solid month for home sales in Ottawa. With strong sales and a listing inventory that is still very low, the capital remains in a seller’s market position,” said Board President Rick Snell. “Sales year-to-date are now up 2.6% over last year’s sales for the same period, which reflects consumer confidence in the local real estate market.”

The average sale price of residential properties, including condominiums, sold in August in the Ottawa area was $315,074, an increase of 12.3 per cent over August 2008. The average sale price for a condominium-class property was $225,167, an increase of 5.1 per cent over August 2008. The average sale price of a residential-class property was $339,406, an increase of 13 per cent over August 2008. 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 busy July for resale housing market

Chris Heard — Sun, 16 Aug 2009 15:18:00 GMT

Ottawa, August 10,2009 : Members of the Ottawa Real Estate Board sold 1,577 residential properties in July through the Board’s Multiple Listing Service® system compared with 1,414 in July 2008. This is an increase of 11.5 per cent.Of those sales, 339 were in the condominium property class, while 1,238 were in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, 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.

“Ottawa’s resale housing market had another strong month in July, and strong sales in the past few months have brought year-to-date sales to 2.6 per cent higher than in 2008,” said Board President Rick Snell. “High demand combined with a very low listing inventory is creating a very strong seller's market with multiple offers and an increase in prices,” he added.

The average sale price of residential properties, including condominiums, sold in July in the Ottawa area was $300,016, an increase of 1.7 per cent over July 2008. The average sale price for a condominium-class property was $216,826, an increase of 2.9 per cent over July 2008. The average sale price of a residential-class property was $322,795, an increase of 1.2 per cent over July 2008.

Record breaking number of re-sale homes sold in May!

Chris Heard — Thu, 04 Jun 2009 16:58:00 GMT

June 4, 2009 Members of the Ottawa Real Estate Board sold 1,969 residential properties in May through the Board’s Multiple Listing Service® system compared with 1,896 in May 2008, an increase of 3.9 per cent. That number also represents a 19 per cent increase over the 1,594 sales recorded in April 2009. Of those sales, 348 were in the condominium property class, while 1,621 were in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, 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 was the best May on record for residential resale home sales in Ottawa,” said Board President Rick Snell. “Homes in every price range are selling well, from starter homes to luxury properties. Homebuyers and sellers are showing a lot of confidence in the Ottawa real estate market,” he added.

The average sale price of residential properties, including condominiums, sold in May in the Ottawa area was $312,045, an increase of 5.3 per cent over May 2008. The average sale price for a condominium-class property was $231,351, an increase of 4.6 per cent over May 2008. The average sale price of a residential-class property was $329,368, an increase of 4.7 per cent over May 2008. 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.

Ottawa Housing Market Rises Again in April

Chris Heard — Fri, 08 May 2009 13:53:00 GMT

For the second straight month, Ottawa real estate agents were busy in April as sales of existing housing rose 2.2 per cent.

However, average sale prices of the 1,594 units sold rose only slightly as bargain hunters continued to drive demand in a market still recovering from a deep slump.

Sales of existing housing plunged last fall as buyers worried about the growing global recession. In a five-month span, sales fell an average of 19 per cent per month compared to a year earlier.

But the Ottawa market turned around in March, unlike most other Canadian cities, to register a surprising 7.2-per-cent jump in sales to 1,162 units.

That was up more than 47 per cent from February, when just 788 units were sold.

The growth continued in April, although not as strongly. Still, the ability to generate more sales than a year earlier, when the Ottawa economy was buoyant, was significant.

Sales of condominium apartments and two-storey houses led the April sales growth with five-per-cent increases.

However, the renewed consumer confidence has yet to generate significant increases in prices. The average price of all classes of housing sales was $298,150, a gain of one per cent from a year earlier.

The average price of bungalows rose 5.5 per cent to $306,031, while two-storey houses dipped 0.5 per cent to $326,524.

Condominium apartment and townhouse prices rose three per cent to $241,322 and $194,328 respectively.