Best September on Record for Number of Ottawa Resales

Ottawa, October 5, 2015 - Members of the Ottawa Real Estate Board sold 1,244 residential properties in September through the Board’s Multiple Listing Service® System, compared with 1,131 in September 2014, an increase of 10 per cent. The five-year average for September sales is 1,137.

“Ottawa Real Estate Board members continued their active summer into a busy fall,” says David Oikle, President of the Ottawa Real Estate Board. “In fact this September marks the best September on record for the number of units sold in the Ottawa resale market. There was a possibility that the federal election campaign might affect the local real estate market, but this does not appear to have been the case thus far.” 

September’s sales included 221 in the condominium property class, and 1,023 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.

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July Ottawa Real Estate Update: July Stats Just Released

Typical summer resale market in Ottawa

Ottawa, August 6, 2015 - Members of the Ottawa Real Estate Board sold 1,436 residential properties in July through the Board’s Multiple Listing Service® system, compared with 1,440 in July 2014, a decrease of 0.3 per cent. The five-year average for July sales is 1,380.

“Last July was the second best on record, and this July was only four units short of that record, coming in well above the five-year average,” says David Oikle, President of the Ottawa Real Estate Board. “Overall, the Ottawa resale market has been performing quite well with no major fluctuations in units sold and average sale price.”

July’s sales included 271 in the condominium property class, and 1,165 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 are seeing a slight increase in condominium sales this month – a positive change,” says Oikle. “The average cumulative days on market increased slightly to 78 days, compared to 74 last month. Inventory levels remain high, meaning we continue to be in a Buyer’s market.”

The average sale price of a residential-class property sold in July in the Ottawa area was $394,889, an increase of 4.5 per cent over July 2014. The average sale price for a condominium-class property was $255,102, a decrease of 2.6 per cent over July 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.

To continue reading visit:  http://www2.ottawarealestate.org/home/NewsInformation/LatestNewsRelease.aspx

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The Ottawa resale market remains steady and strong in May

June 3, 2015 - Members of the Ottawa Real Estate Board sold 1,926 residential properties in May through the Board’s Multiple Listing Service® system, compared with 1,789 in May 2014, an increase of 7.7 per cent. The five-year average for May sales is 1,812.

“The Ottawa housing market continued its strong performance in May, making it the best May for unit sales on record since 2009,” says David Oikle, President of the Ottawa Real Estate Board. “Units sold are up 357 since April, increasing in both the residential and condominium property class.”
May’s sales included 342 in the condominium property class, and 1,584 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 cumulative days on market remains consistent at 72 days, compared to 74 last month,” says Oikle. “Properties are moving consistently and inventory remains plentiful; labelling the Ottawa market as a Buyers’ market and allowing for average sale prices to remain very stable.”

The average sale price of a residential-class property sold in May in the Ottawa area was $411,791, an increase of 2.6 per cent over May 2014. The average sale price for a condominium-class property was $266,940, a decrease of 4.9 per cent over May 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.

“The hottest segments of our market for May were sales between $300,000 to $400,000, followed by the $200,000 to $300,000 range and then the $400,000 to $500,000 range,” says Oikle. “Two -storey residential properties sold surpassed 1,000 units this month, continuing to have the highest concentration of buyers in Ottawa. In addition to residential and condominium sales, OREB members assisted clients with renting 279 properties in May, and 1,155 since the beginning of the year.”

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The April resale market in full bloom

Members of the Ottawa Real Estate Board sold 1,570 residential properties in April through the Board's Multiple Listing Service® system, compared with 1,419 in April 2014, an increase of 10.6 per cent. The five-year average for April sales is 1,531.

"Despite the late departure of the cold weather this April, buyers were out in full swing, propelling the Ottawa resale market into a busy spring selling season," says David Oikle, President of the Ottawa Real Estate Board. "Sales continued their steady pace upwards since the beginning of the year, with 362 more properties sold this April over March."

April's sales included 258 in the condominium property class, and 1,312 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 cumulative days on market has improved even more in April, coming in at 74 days, compared to 83 in March," says Oikle. "Properties are moving faster and inventory is plentiful, with just under 9,000 residential properties, including condos, available for sale going into May."

The average sale price of a residential-class property sold in April in the Ottawa area was $403,239, an increase of 0.9 per cent over April 2014. The average sale price for a condominium-class property was $265,371, an increase of 2.7 per cent over April 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.

"Several price ranges this month saw significant increases in units sold; a possible explanation for the residential average sale price entering the $400,000 range," explains Oikle. "The $400,000 to $450,000 range saw an increase of 37.3 per cent; while the $500,000 to $750,000 range saw a 25.4 per cent increase. Two-storey and bungalow residential properties remain as the top selling property-types in Ottawa. In addition to residential and condominium sales, OREB members assisted clients with renting 283 properties in April, and 876 since the beginning of the year."

This information is provided from the Ottawa Real Estate Board 

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After the family home: Great Spaces for Aging Gracefully

You may be familiar with the term “aging in place”, which refers to the appealing idea of staying in one’s own home as one gets older, as opposed to entering a retirement home. While our futures don’t always unfold the way we'd planned, I do encourage my downsizing clients to consider homes that are the most likely to gracefully accommodate them in their elder years.

For instance, a flight of stairs may not present a problem to an able-bodied couple in their sixties. A decade later, they may be wishing they’d chosen differently. High-rise and low-rise condominiums with elevator service are by far the most popular housing choice among my clients who move to the city after retirement. Freedom from upkeep is a huge selling feature, while safety and recreational amenities also play key roles.

But there are certainly other options out there. Many of my baby boomer clients love to garden, play outside with grandchildren and entertain friends outdoors. They’re simply not prepared to sacrifice a private lot. Some communities offer condo ownership of semi- or fully detached bungalows, taking the burden of yard maintenance and snow removal from your shoulders. 

Alternately, freehold owners may hire yard help when it’s needed.

In addition to their lack of stairs and bright main floor laundry rooms, today’s bungalows can easily be built with features that make them more accessible to people with mobility issues. Most builders are happy to widen doors and hallways, substitute lever door handles and add sleek-looking handrails in bathtubs and showers.

You’ll also want to weigh the benefits of living in an adult lifestyle community versus a more diverse neighbourhood. Some baby boomers thrive in a community of peers who share similar interests, finding their social lives completely reinvigorated. Others prefer to be surrounded by families of all ages, in neighbourhoods where Halloween brings dozens of miniature princesses and superheroes to the door.

For a small percentage of downsizers, an in-law suite is the answer. When grown children have a larger home, and are able to provide parents with the type of surroundings – and relationships – they desire, both parties can benefit financially and emotionally.

Whatever path you choose, take it from me: once you have a plan for the future, it’s easier to live in the moment.

To receive a FREE copy of a new special report titled "Homebuyers: How to Save Thousands of Dollars When You Buy" email sales@bennettpros.com

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The Downsizers Dilemma

by Zoe Van Wyck, Bennett Pros Sales Representative - Do you ever wonder what it would be like to live a simpler life? Although it may require some lifestyle tweaking  to get there, do you realize how attainable it really is? This seems to be the mindset of the majority of Canadians as the flock of baby boomers have been contemplating the low maintenance lifestyle of condo living. With this ongoing trend and new condo’s popping up all over the city, the appeal and possibility is there. However, for a lot of these downsizers, even with this seemingly simple solution at hand, something is blocking the path to making the final decision to move forward and ‘make the change’.
 

 Certainly ‘making the change’ will require some effort to adjust; especially after dealing with the same routine for years and years. The idea of a lifestyle adjustment may present itself as an overwhelming feat requiring a great deal of energy and effort. It may be this notion of change alone that seems to instill in them the most fear. But fear has always been the greatest enemy in our decision making ability, as it does a fantastic job of holding us back.

One of the main factors instilling this sense of fear is the conflict between the desire for zero maintenance versus the sacrifice of ‘space and things’. “Where will I put my 12 Rubbermaid containers of yarn?” one asks, “Where am I going to put those magazines I’ve been accumulating since 1965?”, says another. Well, the response to these concerns is nowhere. And that this is the whole point. The intention of downsizing is just that: downsizing. 
 

Evidently there are adjustments to be made. It is a huge lifestyle change, without a doubt. But when a lifestyle change offers so many benefits, and the ability to alleviate so many of your burdens, why put it off any longer? Why not enjoy that ‘lock and leave lifestyle’ everyone is talking about right now! Don’t spend one more winter shoveling your 4 car driveway, tending to your lawn that never seems to stay green, or paying to air condition all ten rooms in your home…when you use only three of them.
   

While the majority of baby boomers are still in their “contemplation stage” there are many that have benefited from this lifestyle leap already – the downsizing dilemma is on its way out. It’s only a matter of time until this demographic fully accepts and adjusts to this trend and begins to wholeheartedly embrace the change. With Ottawa having the largest baby boomer population per capita, you can be assured that once the acceptance of condo living for downsizers truly hits, and all that fear subsides, there will be a shift in the market. All of those large, family homes will be scattering the market and the competition will be fierce. You don’t want to be caught trying to sell your house in a buyers’ market, especially if you’re nearing retirement. Don’t you want to get top dollar for your home?!
 

Don’t get left behind! Get started now and contact the Bennett Property Shop today! Be a front runner and you will benefit far greater than those who sit back and let their fear affect their future.

You can thank me later.

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2014 Ottawa Real Estate Market Update

Source - Ottawa Real Estate Board
December unit sales contribute to a strong year-end

Ottawa, January 7, 2015 - Members of the Ottawa Real Estate Board sold 640 residential properties in December through the Board’s Multiple Listing Service® system, compared with 609 in December 2013, an increase of 5.1 per cent. The five-year average for December sales is 637.

The total number of homes sold through the Board’s MLS® system in 2014 was 13,928, compared with 13,871 in 2013, an increase of 0.4 per cent. Residential unit sales for the year were slightly higher with a 2.4 per cent increase over 2013, while condo sales declined by 7.2 per cent compared to last year. The average residential home price, including condominiums, sold in 2014 was $361,712, an increase of 1.2 per cent over 2013.

“The listing inventory for both residential and condos trended higher all year,” says new President of the Ottawa Real Estate Board, David Oikle. “Condo units for sale increased as high as 23 per cent in February and March over the previous year, but settled back down to 2013 levels by the end of December. Increased inventory levels contributed to the market favouring Buyers for much of the year.”

December’s sales included 144 in the condominium property class, and 496 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 $345,449, an increase of 1.6 per cent over December 2013. The average sale price for a condominium-class property was $270,236, an increase of 10.1 per cent over December 2013. The average sale price of a residential-class property was $367,286, a decrease of 0.7 per cent over December 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 price range with the most concentrated amount of sales for 2014 was the $300,000 to $349,999 range, with 18.8 per cent of the year’s sales, followed by the $350,000 to $399,000 range, with 12.5 per cent of the year’s sales, explains Oikle. “The third highest category with 11.6 per cent of the year’s sales was in the $500,000 to $749.999 price range. All three of these price range property concentrations are very similar to the ranges from 2013.”

In addition to residential and condominium sales, OREB members have assisted clients with renting over 2,500 properties in 2014. OREB members also assist clients with the sale of building lots, businesses, farms and recreational properties, and the leasing of commercial space.

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Family Day in Ottawa

With Family Day coming up on Monday February 17th 2014, Ottawa is a hot spot for events! Here is a list of great activities for you and your family to enjoy during this holiday!

1. The final day of Winterlude 2014! You can see a full schedule of the day's events HERE  
       
2. Skate with Mayor Jim Watson at the Rink of Dreams (City Hall) on Monday from 11am - 2pm. And if that doesn't interest you, maybe the free hot chocolate and music will!  
       
3. Some Ottawa museums are open for Family Day including: Canadian Museum of History, National Gallery of Canada, Canadian Aviation & Space Museum,  Canadian War Museum and Canada Science and Technology Museum. Some are even offering free admission for Family Day
   
   
4. The public is invited to celebrate the 4th Annual English Theatre Family Day in the NAC lobby.  Presented by Boston Pizza, this special event features a cornucopia of hands-on activities for children and the people who love them! Join us for a memorable day of stories, songs, games, interactive displays, and special workshops throughout the NAC.
    
5. The final day of "Chill Factor" presented by the Downtown Rideau - a "cool" collection of high fashion, cuisine and culture that takes the edge off winter.    
    
6. For the adults, a number of cozy bars and restaurants on Elgin and in the Byward Market will be open for business throughout the day

IMPORTANT THINGS TO REMEMBER most major shopping centres are closed Monday with the exception of the Rideau Centre which is open from 10am to 6pm. Stores in the Byward Market are also be open for business. Most grocery stores are closed Monday (Loblaws on Rideau is open 9am-6pm), with the Beer Stores and LCBOs closed as well.

 

Have a safe and enjoyable long weekend!

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