Real Estate statistics & information
Ottawa's MLS Home Sales Healthy Amid a Shifting Market
OTTAWA, October 2nd, 2024 - The number of homes sold through the MLS System of the Ottawa Real Estate Board (OREB) totaled 1,047 units in September 2024. This was an 11.4% increase from September 2023.
Home sales were 17.4% below the five-year average and 15.4% below the 10-year average for the month of September.
On a year-to-date basis, home sales totaled 10,485 units in September 2024 — an increase of 6.4% from the same period in 2023.
"As we navigate a shifting housing market, Ottawa's fall outlook is healthy," says OREB President Curtis Fillier. "Activity is robust with an uptick in sales and prices remaining steady. Meanwhile, both buyers and sellers are rethinking their purchasing power amidst news about additional interest rate cuts on the horizon, longer amortizations, and increased price caps for insured mortgages."
"There have been encouraging policy developments recently that will stimulate demand," says Fillier. "But Ottawa's market does not typically have demand problems — we have chronic supply issues. We're not building enough homes in the city, and we're not building enough of the right homes to address the 'missing middle.'"
The Canada Mortgage and Housing Corporation (CMHC) recently reported that Ottawa's "population-adjusted construction is at its lowest level in nearly 10 years." A City of Ottawa progress report shows that Ottawa is only at 22 per cent of its annual housing target at the end of August.
Janice Myers, OREB CEO, highlights that these latest figures coincide with the City of Ottawa's allocation of $110 million for affordable housing. "Even if interest rates were to drop and the economy stabilized, housing will remain out of reach for many Ottawa residents. Collaboration among all levels of government and stakeholders is vital to improving affordability for homeowners and tenants alike. And we need to expand provincial regulations, allowing four or more residential dwelling units on serviced lots, to promote higher-density housing."
By the Numbers - Prices*:
The MLS Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures.
OREB 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. Prices will vary from neighbourhood to neighbourhood.
By the Numbers - Inventory & New Listings:
* OREB 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 will vary from neighbourhood to neighbourhood.
By the Numbers - Prices: AUGUST 2024, MLS Statistics based on data from MLS Sales
The MLS Home Price Index (HPI) tracks price trends far more accurately than is possible using average or median price measures.
The average price of homes sold in August 2024 was $660,341 increasing 0.3% from August 2023. The more comprehensive year-to-date average price was $678,327, increasing by 0.9% from August 2023.
The dollar volume of all home sales in August 2024 was $726.3 million, up 10.5% from August 2023.
OREB 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. Prices will vary from neighbourhood to neighbourhood.
By the Numbers - Inventory and New Listings:
January 2024 Market Report
OTTAWA, February 3rd, 2024
* 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.
November 2023 Market Report
OTTAWA, December 2nd, 2023
* 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.
September 2023 Market Report
OTTAWA, October 2nd, 2023
* 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.
Ottawa Resale Market Stalls in August, Supply Challenges Persist
OTTAWA, September 2nd, 2023 - Members of the Ottawa Real Estate Board (OREB) sold 1,196 residential properties in August through the Board's Multiple Listing Service (MLS) System, compared with 1,130 in August 2022, an increase of 6%. August's sales included 903 in the freehold-property class, up 7% from a year ago, and 293 in the condominium-property category, a 2% increase from August 2022. The five-year average for total unit sales in August is 1,525.
"Sales activity was up marginally on a year-over-year basis in August but remained well below the historical average for this time of year," says Ken Dekker, OREB President. "There is no shortage of demand given increased immigration and the large Canadian population cohort entering the market. The lack of suitable, affordable housing is a hindrance. High borrowing costs and economic uncertainty are impacting both sellers and buyers, which we expect will continue to result in further market fluctuations."
Janice Myers, OREB CEO, highlights that these latest figures coincide with the City of Ottawa's allocation of $110 million for affordable housing. "Even if interest rates were to drop and the economy stabilized, housing will remain out of reach for many Ottawa residents. Collaboration among all levels of government and stakeholders is vital to improving affordability for homeowners and tenants alike. And we need to expand provincial regulations, allowing four or more residential dwelling units on serviced lots, to promote higher-density housing."
By the Numbers - Average Prices*:
* The average sale price for a freehold-class property in August was $709,739, an increase of 0.5% from 2022, and a 5.6% decrease over July 2023 prices.
* The average sale price for a condominium-class property was $425,968 an increase of 1% from a year ago, although 1.4% lower than July 2023 prices.
* With year-to-date average sale prices at $732,220 for freeholds and $432,571 for condos, these values represent an 8% decrease over 2022 for freehold-class properties and a 5.5% decrease for condominium-class properties.
By the Numbers - Inventory & New Listings:
* August's new listings (2,228) increased 7% over August 2022 (2,090) and were on par with last month (2,234). The 5-year average for new listings in August is 2,177.
* Months of Inventory for the freehold-class properties has increased to 3 months from 2.9 months in August 2022 and 2.7 months in July 2023.
* Months of Inventory for condominium-class properties remains on par with August 2022 at 2.2 months, a slight decrease from 2.3 months in July 2023.
* Days on market (DOM) for freeholds have increased to 31 days from 25 days in August 2022 and 26 days in July 2023.
* Days on market (DOM) for condos have increased to 29 days from 28 days in August 2022 and 28 days in July 2023.
REALTORS also help with finding rentals and vetting potential tenants. Since the beginning of the year, OREB Members have assisted clients with renting 4,571 properties compared to 4,172 last year at this time, an increase of 10%.
* OREB 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 will vary from neighbourhood to neighbourhood.
Stabilized July Resale Market Showing Positive Price Gains
OTTAWA, August 2nd, 2023 - Members of the Ottawa Real Estate Board (OREB) sold 1,263 residential properties in July through the Board s Multiple Listing Service (MLS ) System, compared with 1,102 in July 2022, an increase of 15%. July s sales included 979 in the freehold-property class, up 18% from a year ago, and 284 in the condominium-property category, a 6% increase from July 2022. The five-year average for total unit sales in July is 1,621.
Both transactions and average prices are up from last July indicating consumers remain confident in the market notwithstanding the two recent quarter-percent interest rate hikes by the Bank of Canada. We re only a month into the third quarter, but based on July s positive indicators, we are likely to see solid year-over-year results in the second half, says Ottawa Real Estate Board President Ken Dekker.
By the Numbers Average Prices*:
* The average sale price for a freehold-class property in July was $754,188, an increase of 5% from 2022, and a 1% increase over June 2023 prices.
* The average sale price for a condominium-class property was $435,094 an increase of 2% from a year ago, although 3% lower than June 2023 prices.
* With year-to-date average sale prices at $735,103 for freeholds and $433,447 for condos, these values represent a 9% decrease over 2022 for freehold-class properties and a 6% decrease for condominium-class properties.
July s average prices are showing positive gains over last year, and year-to-date numbers, as expected, are still closing the gap from the peak pandemic market activity of early 2022. Additionally, inventory continues to climb steadily as new listings are added to the housing stock, creating more options for homebuyers. August may be a slower month in Ottawa, but I wouldn t take a vacation from shopping for your home.
By the Numbers Inventory & New Listings:
* July s new listings (2,234) were 6% lower than July 2022 (2,364) and down 19% from June 2023 (2,755). The 5-year average for new listings in July is 2,336.
* Months of Inventory for the freehold-class properties has decreased to 2.7 months from 2.9 months in July 2022 but increased from 2.1 months in June 2023.
* Months of Inventory for condominium-class properties has decreased to 2.3 months from 2.5 months in July 2022, but is up from 1.4 months in June 2023.
* Days on market (DOM) for freeholds have increased to 26 days from 20 days in July 2022 and 23 days from June 2023.
* Days on market (DOM) for condos have increased to 28 days from 20 days in July 2023 and 27 days in June 2023.
Although we are in a sellers market again, the pandemic s frenzy has calmed considerably. Sellers need to manage their expectations with true market activity not every property will automatically see multiple offers or immediate sales. Ultimately, a property s price is determined by how much a buyer is willing to pay. Using the marketing and negotiation skills of a professional licensed REALTOR is instrumental for both buyers and sellers in this fluid market.
REALTORS also help with finding rentals and vetting potential tenants. Since the beginning of the year, OREB Members have assisted clients with renting 2,151 properties compared to 1,786 last year at this time, an increase of 20%.
* OREB 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 will vary from neighbourhood to neighbourhood.
Sales and prices upswing in July
OTTAWA, August 2nd, 2023
* 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.
Sales up with prices dropping in June
OTTAWA, June 2nd, 2023
* 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.
Resale Market Springs Back in Favour of Sellers
OTTAWA, May 2nd, 2023 - Members of the Ottawa Real Estate Board (OREB) sold 1,488 residential properties in April through the Board s Multiple Listing Service (MLS ) System, compared with 1,876 in April 2022, a decrease of 21%. April s sales included 1,156 in the freehold-property class, down 18% from a year ago, and 332 in the condominium-property category, a decrease of 29% from April 2022. The five-year average for total unit sales in April is 1,739.
Ottawa s resale market is on a steady upward trajectory, narrowing the comparison gap to peak pandemic activity in 2022. However, with new listings not keeping pace, the available housing stock is declining, and with less than two months of inventory we re back into seller s market territory, says Ottawa Real Estate Board President Ken Dekker.
By the Numbers Average Prices*:
* Average prices have increased by 13.9% in four months since the market low in December 2022.
* The average sale price for a freehold-class property in April was $747,123, a decrease of 10% from 2022. However, it marks a 5% increase over March 2023.
* The average sale price for a condominium-class property was $435,875, decreasing 8% from a year ago, but still a 4% gain over March 2023.
* With year-to-date average sale prices at $718,633 for freeholds and $421,722 for condos, these values represent a 13% decrease over 2022 for freehold-class properties and a 10% decrease for condominium-class properties.
Upward pressure on sales prices continues with average prices increasing for the fourth month since the market low in December. Additionally, multiple offer situations have returned to certain neighbourhoods and overall days on market are maintaining their downward trend. There continues to be low inventory in certain property classes and new product is coming to the market at a slower rate, which is affecting supply.
By the Numbers Inventory & New Listings:
* April s new listings (2,144) were 25% lower than April 2022 (2,843) and up 3% from March 2023 (2,089). The 5-year average for new listings in April is 2,575.
* Months of Inventory for the freehold-class properties has increased to 1.9 months from 0.9 months in April 2022 but down from 2.3 months in March.
* Months of Inventory for condominium-class properties has increased to 1.9 months from 0.8 months in April 2022, although down from 2.1 months in March.
* Days on market (DOM) for freeholds decreased from 34 to 27 days and 39 to 33 days for condos compared to last month.
These numbers are static, snapshots in time. REALTORS can give buyers and sellers a fulsome day-to-day picture of how the market is shifting and heating up this season. They have their fingers on the pulse of each neighbourhood in the city and can help buyers and sellers make localized, strategic, data-informed decisions.
REALTORS also help with finding rentals and vetting potential tenants. Since the beginning of the year, OREB Members have assisted clients with renting 2,151 properties compared to 1,786 last year at this time, an increase of 20%.
* OREB 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 will vary from neighbourhood to neighbourhood.
Sales & prices continue to drop in April
OTTAWA, May 2nd, 2023
* 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.
Quiet December Caps Off Tumultuous Year
OTTAWA, January 3rd, 2023 - Members of the Ottawa Real Estate Board (OREB) sold 601 residential properties in December through the Board s Multiple Listing Service (MLS ) System, compared with 857 in December 2021, a decrease of 30%. December s sales included 466 in the residential-property class, down 22% from a year ago, and 135 in the condominium-property category, a decrease of 48% from December 2021. The five-year average for total unit sales in December is 775.
2022 in Review
Residential and condo resales in 2022 totaled 15,288, compared with 20,289 in 2021, decreasing 25%. Total sales volume in 2022 was approximately $10.5B compared to $13B in 2021.
Even with the normal seasonal slowdown, December s performance was in stark contrast to the very active resale market that opened 2022, says Ken Dekker, OREB s newly installed 2023 President. As interest rates and inflation both climbed, buyers retreated to the sidelines and began taking a wait and see approach. However, while it s quieter than the frantic pace we experienced in 2021, it is now a balanced market.
By the Numbers Average Prices*:
The average sale price for a condominium-class property in December was $434,973, an increase of 9% from 2021.
The average sale price for a residential-class property was $655,839, decreasing 7% from a year ago.
With year-to-date average sale prices at $769,623 for residential units and $453,770 for condominiums, these values represent a 7% increase over 2021 for residential-class properties and an 8% increase for condominium-class properties.
Although market activity tapered off in later 2022, there was an immense amount of activity in the spring at high prices, says Dekker. This will be an important caveat to consider as we begin comparing 2023 numbers to the previous year.
By the Numbers Inventory & New Listings:
Months of Inventory for the residential-class properties has increased to 3.7 months from 0.9 months in December 2021.
Months of Inventory for condominium-class properties has increased to 3.9 months from 0.9 months in December 2021.
December s new listings (699) were 17% higher than 2021 (600) and down 56% from November 2022 (1,598). The 5-year average for new listings in December is 662.
The leading economic force behind Ottawa s rapid appreciation in the past five years is chronic supply insufficiency, says Dekker. It intensified during the pandemic as prospective purchasers capitalized on incredibly low interest rates. Today s higher rates are slowing down building projects, which exacerbates the low supply issue.
2023 Lookahead
Since Ottawa is made up of hyper-local markets, it is a difficult ecosystem to forecast, says Dekker. Plus, there are a multitude of factors influencing a changing economic environment these days that will dictate how much activity the resale market will see in 2023. REALTORS have access to expert insights and industry resources that can help buyers and sellers navigate the complexities.
REALTORS also help with finding rentals and vetting potential tenants. OREB Members have assisted clients with renting 6,105 properties this past year compared to 4,813 in 2021.
* OREB 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 will vary from neighbourhood to neighbourhood.
Sales down while prices continue to rise in November
OTTAWA, December 2nd, 2022
* 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.
Residential Resale Slowdown Continues While Prices Increase
OTTAWA, November 3rd, 2022
* 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.
Residential Resale Slowdown Begins A Shift Towards Balance
OTTAWA, August 1, 2022
* 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.
May Residential Resales See a Cooldown
OTTAWA, June 3, 2022
* 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.
April Residential Resales in a Flux
OTTAWA, May 2, 2022 - Members of the Ottawa Real Estate Board sold 1,889 residential properties in April through the Board s Multiple Listing Service System, compared with 2,394 in April 2021, a decrease of 21 per cent. April s sales included 1,419 in the residential-property class, down 23 per cent from a year ago, and 470 in the condominium-property category, a decrease of 13 per cent from April 2021. The five-year average for total unit sales in April is 1,849.
With the number of transactions just slightly over the 5-year average, this was one of the weakest performing Aprils we have seen in a while, states Ottawa Real Estate Board s President Penny Torontow. Considering that the numbers of new listings increased last month, it is a bit of a surprise that sales were off.
Certainly, there are a few factors at play: rising interest rates, growing Buyer frustration, April s cooler temperatures, as well as the housing supply measures recently announced by the government - these could all be causing Buyers to pull back with a wait-and-see approach. We are watching the rest of the spring market closely to determine if this could perhaps be an early indicator of a shift in the market. Since April is only one month, we will be monitoring to see if it becomes a trend moving forward.
The fact remains that it is still a Seller s market with supply under one month. Bidding wars and multiple offers persist in some pockets, prices continue to rise, albeit more moderately, and the market remains relatively strong, she adds.
The average sale price for a condominium-class property in April was $473,702, an increase of 11 per cent from 2021, while the average sale price for a residential-class property was $829,318, increasing 12 per cent from a year ago. With year-to-date average sale prices at $830,588 for residential and $469,603 for condominiums, these values represent a 13 per cent and 12 percent increase over 2021, respectively.*
Limited supply and high demand will continue to place upward pressure on prices. And as long as there are Buyers willing to pay, average prices will reflect the inventory shortage. However, it is conceivable that price growth may moderate as we do not see the level of price escalations that occurred earlier in the pandemic, Torontow suggests.
Although the number of new listings in April (2,846) was down by 11% from 2021, the number of properties that entered the market was still 10% over the 5-year average (2,600), and 214 units more than what was added to the housing stock in March. This has increased Ottawa s months of inventory to just under a month s supply. In March, it was just over two weeks. This is good news for potential Buyers as they will have more options and more opportunities to enter the market.
In fact, the condominium market may be performing slightly better than residential property classes due to the fact that they are the most affordable price point to enter the market and could possibly now be considered the new entry-level property type.
We have also noticed a marked increase in the number of rental properties listed on the MLS System. Since the beginning of the year, OREB Members assisted clients with renting 1,786 properties compared to 1,458 last year at this time. An increase of 23% and almost double the quantity recorded in pre-pandemic years. As for lease prices, the average cost for a 1-bdrm is approximately $1,850, and a 2-bdrm is $2,200 for rentals listed on the MLS System. These values are roughly 3-4% higher than this time in 2021. Ottawa REALTORS are an excellent resource when it comes to finding a rental property or vetting tenants contact one today!
* OREB 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 will vary from neighbourhood to neighbourhood.
OTTAWA, April 4, 2021 - Members of the Ottawa Real Estate Board sold 2,011 residential properties in March 2022, a decrease of 12 per cent from March 2021.
The average sale price for a condominium-class property was $479,405 an increase of 10 per cent from this time last year, while the average sale price for a residential-class property was $853,615, an increase of 13 per cent from March 2021.
* 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.
Frigid January Temperatures didn t Cool Resale Market
OTTAWA, February 3, 2022 - Members of the Ottawa Real Estate Board sold 936 residential properties in January through the Board s Multiple Listing Service System, compared with 963 in January 2021, a decrease of 3 per cent. January s sales included 661 in the residential-property class, down 2 per cent from a year ago, and 275 in the condominium-property category, a decrease of 5 per cent from January 2021. The five-year average for total unit sales in January is 840.
January s sales, almost identical to 2021 s, were very strong for a traditionally slower month, especially given the frigid temperatures and increased government Covid-19 restrictions we experienced, states Ottawa Real Estate Board President Penny Torontow. This increased activity compared to previous years is not solely a pandemic phenomenon. Yes, the pandemic has accelerated market activity in some ways, but pent-up Buyer demand due to the housing supply shortage has been an ongoing fundamental issue for the Ottawa resale market for well over 5 years now - and the price increases will continue to reflect that until the housing stock grows.
The average sale price for a condominium-class property in January was $447,943, an increase of 18 per cent from 2021, while the average sale price for a residential-class property was $771,739, increasing 14 per cent from a year ago.*
Average prices continue to rise steadily with the lack of inventory pushing prices to levels previously unseen. We only need to observe the number of homes now selling over $1M for a clear demonstration. In 2020, they represented 3% of residential sales, in 2021, they held 9% of the market s resales, and now in 2022, that number reflects close to 14% of detached home sales.
Meanwhile, the residential-class properties selling within the $650-$900K range represent 47% of all of January s residential unit sales. In 2021, it was 33%. But we must keep in mind, average prices statistics amalgamate data from the entire city, so while in some areas the increases would be less, other pockets of Ottawa may see more, advises Torontow.
The condo market is also flourishing both in number of sales and prices. Possibly due to the fact that residential units may be out of reach for some Buyers, they are finding themselves more open to this option and are actually able to find a condominium-class property within their budget.
Bad weather, pandemic lockdowns, it doesn t matter - Ottawa remains a fast-moving, active, and robust market. So, if you are thinking of selling your property, there has never been a better time. Contact a REALTOR who can explain the various factors that will help you get the best price for your home today.
In addition to residential sales, OREB Members assisted clients with renting 410 properties in January 2022 compared to 333 in 2021.
* OREB 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 will vary from neighbourhood to neighbourhood.
2021 Resale Market Normalizes and Breaks Records
OTTAWA, January 6, 2022 - Members of the
Ottawa Real Estate Board sold 862 residential
properties in December through the Board s
Multiple Listing Service System, compared
with 997 in December 2020, a decrease
of 14 per cent. December s sales included
601 in the residential-property class, down
15 per cent from a year ago, and 261 in the
condominium-property category, a decrease
of 10 per cent from December 2020. The
five-year average for total unit sales in
December is 809.
December s resale market performed as
it typically does with a marked decrease
in sales from November as families turned
their attention towards the holiday break.
Although slightly above the five-year average,
the number of properties exchanging hands
was lower than the year before due to the
atypical market we experienced in 2020 when
peak market activity shifted to later in the
year because of the initial spring pandemic
lockdown, states Debra Wright Ottawa Real
Estate Board s 2021 President. However,
while the market normalized in the latter
part of the year, looking at the year-end
figures, 2021 was still a record-breaking
year, she adds.
The total number of residential and condo
units sold throughout 2021 was 20,302,
compared with 18,953 in 2020, increasing 7
per cent. Meanwhile, total sales volume in
2021 was approximately $13.1B compared to
$10B in 2020.
This significant increase in sales volume
reflects the price acceleration that we have
seen over the last year and correlates with
average sale price increases for the city,
Wright elaborates.
As we have reiterated for the past few years,
Ottawa s housing inventory challenges have
been and will continue to place an upward
pressure on prices. Reviewing the year-end
figures for 2021, the average sale price year
to date was $719,605 for residential-class
properties and $419,683 for condominium
units. These values represent a 24 per
cent and 16 percent increase over 2020,
respectively.
The average sale price for a condominiumclass
property in December was $399,125,
an increase of 12 per cent from 2020, and
the average sale price for a residential-class
property was $709,980, increasing 18 per
cent from a year ago.*
Six hundred new listings entered the housing
stock in December, which represents a 58%
decrease from November and down 15%
from the 5-year average. At less than one
month s supply of units in both the residential
and condominium property classes, we are
firmly entrenched in a strong Seller s market
and will continue to be in this state until
our inventory increases to a 3-4 month s
supply for a balanced market to be achieved,
cautions Wright.
When asked for a forecast, Ottawa Real
Estate Board s new 2022 President Penny
Torontow suggests, January through March
are usually slower months. With the macro
factors that are currently at play in the resale
market, it is difficult to predict what the
effects will be going forward. We are entering
yet another pandemic wave, Buyers are
fatigued, parents are focusing on remote
learning, interest rate hikes are looming
- I don t expect we will see the first quarter
increases as we did in 2021.
We are unlikely to see the true outcome
of these macro factors until the spring.
Presumably, we will see more of the same with
the market performing as well as it can with
the current housing stock. Unfortunately for
homebuyers, it will sustain itself as a Seller s
market for quite some time until our inventory
issues are remedied. Whether you are
buying or selling a home right now, the
experience and knowledge of a REALTOR
is essential in this current challenging market,
Torontow concludes.
OREB Members also assisted clients with
renting 4,813 properties since the beginning
of the year compared to 3,364 in 2020.
* 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.
November s Brisk Resale Market
OTTAWA, December 3, 2021 - Members of the Ottawa Real Estate Board sold 1,459 residential properties in November through the Board s Multiple Listing Service System, compared with 1,605 in November 2020, a decrease of 9 per cent. November s sales included 1,086 in the residential-property class, down 10 per cent from a year ago, and 373 in the condominium-property category, a decrease of 7 per cent from November 2020. The five-year average for total unit sales in November is 1,348.
Although the resale transactions in November were down compared to a year ago, this is because 2020 s peak market activity shifted to later in the year due to the initial pandemic lockdown. In reality, November s unit sales tracked 14% higher than 2019 (1,284), a more relevant base year for comparison, states Ottawa Real Estate Board President Debra Wright.
Furthermore, the number of properties that changed hands in November was 8% higher than the five-year average. And we also see an 8% increase in year-to-date sales over 2020, so it is fair to say that the resale market remains active and brisk.
The average sale price for a condominium-class property in November was $432,099, an increase of 19 per cent from 2020, and the average sale price for a residential-class property was $716,992, also increasing 19 per cent from a year ago. With year-to-date average sale prices at $719,956 for residential and $420,762 for condominiums, these values represent a 24 per cent and 16 percent increase over 2020, respectively.*
Despite significant increases in average prices over November 2020, month-to-month price accelerations have tapered off slightly, with average prices for residential units on par with October s and condo average prices increasing by 7%. This is a far better situation than the monthly price escalations we had seen in the first quarter of 2021, suggests Wright. However, there is no question that supply constraints will continue to place upward pressure on prices until that is remedied.
While the drop in volume of new listings is typical for November, our inventory, at one month s supply, is much lower than it should be. 1,430 new listings entered the market last month, a 27% decrease from October (1,960) and 13% less than last November (1,635). While still 30 or so units over the five-year listing average, this is simply not sustainable and is taking us further away from the balanced market that will bring much-needed relief to potential Buyers, Wright cautions.
Whether you are on the buying or selling side of the transaction, this is not the occasion to go at it alone and hope for the best. An experienced REALTOR is vital in navigating the challenges of this complex market to ensure you are making the optimal choices for what may be the most critical contract you will sign and remain obligated to for the next 20 to 30 years.
OREB Members also assisted clients with renting 4,458 properties since the beginning of the year compared to 3,120 at this time last year.
* OREB 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 will vary from neighbourhood to neighbourhood.
October s Resales Track a Traditional Cycle
OTTAWA, November 3, 2021 - Members of the Ottawa Real Estate Board sold 1,677 residential properties in October through the Board s Multiple Listing Service System, compared with 2,132 in October 2020, a decrease of 21 per cent. October s sales included 1,263 in the residential-property class, down 24 per cent from a year ago, and 414 in the condominium-property category, a decrease of 14 per cent from October 2020. The five-year average for total unit sales in October is 1,605.
October s resale market was active, busy, and stable and followed the typical (pre-pandemic) ebb and flow that we commonly see as we enter the fall season, states Ottawa Real Estate Board President Debra Wright. The number of transactions increased slightly over September (1,607) as well as the 5-year average. The only reason we see a year-over-year decrease in comparison to last October is because 2020 s sales peak had shifted from the spring months to September/ October due to the initial Covid-19 lockdown.
The average sale price for a condominium-class property in October was $404,760, an increase of 10 per cent from 2020, while the average sale price for a residential-class property was $716,378, an increase of 19 per cent from a year ago. With year-to-date average sale prices at $720,150 for residential and $419,515 for condominiums, these values represent a 24 per cent and 16 percent increase over 2020, respectively.*
While the number of units sold followed the traditional trajectory, the lack of supply continues to put upward pressure on prices, which are holding strong and steadily increasing. Although there were 1,960 new listings in October, falling just under the 5-year average (1,974), it s simply not enough. Inventory remains at a one-month supply for residential properties and 1.2 months for condominiums. The only way we will find balance in Ottawa s market is to increase the housing stock exponentially.
Low inventory and a lack of suitable housing options restrict movement along the housing spectrum. Move-up buyers and downsizers have nowhere to go, so they stay in place, but we need that exchange of properties in the marketplace to free up supply for entry-level homebuyers, Wright adds.
Additionally, we have noticed a substantial increase in the number of rental transactions through the MLS System, which could suggest that some of the properties have been purchased or held on to for investment purposes. This active rental market may be another contributing factor as to why there aren t more properties coming onto the market for sale.
OREB Members assisted clients with renting 4,012 properties since the beginning of the year compared to 2,829 at this time last year.
* OREB 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 will vary from neighbourhood to neighbourhood.
A Normal September Resale Market
October 5, 2021 - Members of
the Ottawa Real Estate Board sold 1,607
residential properties in September
through the Board s Multiple Listing
Service System, compared with 2,314
in September 2020, a decrease of 31 per
cent. September s sales included 1,244
in the residential-property class, down
29 per cent from a year ago, and 363 in
the condominium-property category, a
decrease of 36 per cent from September
2020. The five-year average for total unit
sales in September is 1,648.
As per usual, the resale market in the
early part of the month moved slowly
due to the Labour Day holiday weekend
and parents settling their children back
into their school routines. Activity began
to accelerate towards the end of the
month, which is behaviour typical of the
market in September, states Ottawa
Real Estate Board President Debra
Wright.
Although the statistics are showing a
considerable year-over-year decrease in
transactions, this anomaly is due to the
shift of the 2020 market s peak activity to
the summer and fall months as a result of
the initial Covid-19 lockdown last spring.
If we look beyond the comparison to
last year, the number of transactions
in September was 4% higher than in
2019 (1,547) and 16% higher than 2018
(1,387), she adds.
September s average sale price for
a condominium-class property was
$425,362, an increase of 14 per cent
from last year, while the average sale
price for a residential-class property
was $702,155, an increase of 13 per
cent from a year ago. With year-todate average sale prices at $720,492
for residential and $421,062 for
condominiums, these values represent
a 25 per cent and 17 percent increase
over 2020, respectively.*
House values are holding steady with
a slight month-to-month increase (4-
5%) in September and year-to-date
average prices remaining strong for both
residential and condo properties. Of
course, these price escalations that we
saw in the first quarter of 2021 and now
recurring in September are inevitable
given the supply challenges we have
been experiencing for several years
now combined with the unrelenting high
demand, Wright explains.
While inventory has improved slightly
from the pre-pandemic years (2017-2019), it is still the principal cause for
concern with just over one month s
supply in the housing stock at this
time. There were 2,252 new listings in
September, an increase of 216 units
over August; however, the number still
falls beneath the five-year average
and is much lower than this month in
September 2020 (2,906).
With the election behind us, we hope
the government will now concentrate on
addressing supply issues and developing
first-time homebuyer assistance touted
in their reelection platform. Together
with our REALTOR Members and our
provincial and federal counterparts, we
will continue to advocate for availability
and affordability in the Ottawa housing
market and implore all three levels of
government to implement effective
measures to help all Canadians turn their
homeownership dreams into reality,
Wright concludes.
OREB Members also assisted clients
with renting 3,598 properties since the
beginning of the year compared to 2,536
at this time last year.
* OREB 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 will vary from neighbourhood to
neighbourhood.
OTTAWA, September 3, 2021 - Members of the Ottawa Real Estate Board sold 1,572 residential properties in August 2021, a decrease of 22 per cent from August 2020.
The average sale price for a condominium-class property was $407,148, an increase of 6 per cent from this time last year, while the average sale price for a residential-class property was $674,449, an increase of 14 per cent from August 2020.
* 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.
July s Resale Market Stabilizes
OTTAWA, August 5, 2021 - Members of the Ottawa Real Estate Board sold 1,724 residential properties in July through the Board s Multiple Listing Service System, compared with 2,183 in July 2020, a decrease of 21 per cent. July s sales included 1,312 in the residential-property class, down 20 per cent from a year ago, and 412 in the condominium-property category, a decrease of 24 per cent from July 2020. The five-year average for total unit sales in July is 1,775.
July s unit sales followed the traditional cycle of the spring and summer markets, which tend to peak around April or May and then slow down as Buyers and Sellers turn their attention to their vacations and other outdoor recreational activities, states Ottawa Real Estate Board President Debra Wright. This year s figure is closer to 2019 s (1,838 sales) and just shy of the 5-year average, with the slight decline in transactions perhaps due to the combination of summer and the reopening of the economy last month. Certainly, the marked decrease from last year s July sales is due to the spring 2020 lockdown, which had shifted the 2020 resale market s peak to the summer and fall months, she adds.
July s average sale price for a condominium-class property was $419,545, an increase of 17 per cent from last year, while the average sale price for a residential-class property was $685,426, also an increase of 17 per cent from a year ago. With year-to-date average sale prices at $728,107 for residential and $422,339 for condominiums, these values represent a 30 per cent and 20 percent increase over 2020, respectively.*
Following the same trend as sales, the month-to-month average prices decreased marginally by 4-6% compared to June; however, this minor dip is consistent to what typically happens during the summer months. Overall, average prices have increased considerably from 2020, and year-to-date values are holding steady. Still, Sellers will need to keep in mind that the multiple offer frenzy experienced previously is no longer the norm, and they may need to have more realistic expectations when positioning their homes and settling on a listing price with their REALTORS .
We are seeing the housing stock increasing with residential inventory up 19% and condominium supply 23% higher than 2020. Although there were 700 fewer listings than in June, the number of properties that entered the market in July is over the five-year average by approximately 114 units. Along with the price stabilizations, we hope this may indicate that Ottawa s resale market is moving towards a more balanced state, which would be good for everyone, suggests Wright.
Established in 1921, on July 9th, the Ottawa Real Estate Board commemorated 100 years of helping our neighbours, friends, and fellow residents buy and sell their homes, cottages and investment properties. Over the past century, our Board has advocated for affordable and attainable homes, as well as a range of housing options for seniors, first-time homebuyers and everyone in between. We pledge to continue this endeavour for our future clients in the years to come. On behalf of the Ottawa Real Estate Board and our 3,500 REALTOR Members, I would like to extend my heartfelt gratitude to all of you who have put your trust in us to help you make your real estate dreams come true. We hope to continue to serve our communities for the next 100 years and beyond.
OREB Members also assisted clients with renting 2,706 properties since the beginning of the year compared to 1,883 at this time last year.
* OREB 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 will vary from neighbourhood to neighbourhood.
June s Residential Resale Market begins to Normalize
OTTAWA, July 6, 2021 - Members of the Ottawa Real Estate Board sold 2,131 residential properties in June through the Board s Multiple Listing Service System, compared with 2,038 in June 2020, an increase of 5 per cent. June s sales included 1,647 in the residential-property class, up 2 per cent from a year ago, and 484 in the condominium-property category, an increase of 13 per cent from June 2020. The five-year average for total unit sales in June is 2,098.
June s resale market performed similar to a typical (pre-pandemic) June, with unit sales on par with the five-year average and a lower volume of activity compared to May, particularly in the last two weeks of the month. This is a normal tapering off as families turn their attention to end of school events and enjoying more outdoor recreation. This year, it also coincided with some easing of pandemic restrictions, states Ottawa Real Estate Board President Debra Wright. It will be interesting to watch the market over the summer to see if this normalization of the real estate sales ebb and flow is indeed the case moving forward. Last year, summer resales skyrocketed due to pent-up demand when the first lockdown ended.
Year-to-date sales are tracking 48% higher than last year at this time with 11,446 properties changing hands and are 16-18% higher than 2018 and 2019. Much of this increase is due to the increased activity in the first five months of 2021 compared to previous years. We have also seen an instrumental increase in new listings this year, and inventory levels for both residential and condominiums are higher than we ve seen since 2017. However, we are still at a one month supply of housing stock, so we aren t out of the woods yet.
June s average sale price for a condominium-class property was $435,198, an increase of 21 per cent from last year, while the average sale price for a residential-class property was $725,970, an increase of 26 per cent from a year ago. With year-to-date average sale prices at $734,357 for residential and $422,734 for condominiums, these values represent a 33 per cent and 20 percent increase over 2020, respectively.*
For the moment, there are signs that we ve reached a levelling out, especially as it relates to average prices which, in recent months, have not experienced the drastic increases of earlier in 2021, nor are we seeing a drop, notes Wright.
Properties are not moving as quickly as they were. Inventory has picked up; there is less scarcity and more choices - consequently, less upward pressure on prices. Additionally, we are noticing fewer of the multiple offer frenzy situations. Of course, many properties do still have multiple offers, but our REALTORS are noticing that there are less of them on offer day.
This start of a perhaps equilibrium in the market is good news for Buyers, while Sellers are going to have to adjust to this new normal and be more strategic in their positioning. Whichever side of the transaction you are on, you will bode well by listening and heeding the advice of a professional REALTOR who has their pulse on the day-to-day variabilities Ottawa s resale market is experiencing, Wright suggests.
OREB Members also assisted clients with renting 2,252 properties since the beginning of the year compared to 1,512 at this time last year.
* OREB 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 will vary from neighbourhood to neighbourhood.
April s Resale Market Starts Strong and Sputters
OTTAWA, May 5, 2021 - Members of the Ottawa Real Estate Board sold 2,402 residential properties in April through the Board s Multiple Listing Service System, compared with 911 in April 2020, an increase of 164 per cent. April s sales included 1,859 in the residential-property class, up 166 per cent from a year ago, and 543 in the condominium-property category, an increase of 155 per cent from April 2020. The five-year average for total unit sales in April is 1,830.
As the typical spring market ramped up, April was poised to be the strongest on record with over 3,200 new listings of properties for sale. Most of these properties entered the market before the province s stricter lockdown order was announced midway through the month. At that point, the trajectory sputtered, and while it continued to be active, it followed a noticeable decline as Sellers responded to the government s resolution to reduce the spread of Covid-19, states Ottawa Real Estate Board President Debra Wright.
Nevertheless, the number of transactions managed to surpass unit sales recorded in previous Aprils, and we presume the figures would have been even higher in different circumstances, she adds.
As I had cautioned last month, the percentage increases over 2020 figures are vastly skewed due to the first State of Emergency last spring, which had initially slowed down the real estate market. Thus, the 155 to 166 percent increases in unit sales are simply not valid results. We recorded 2,026 sales in April 2019 and 2,024 in April 2018. These figures provide a more reasonable comparison, which is a 19% increase in overall sales compared to those pre-pandemic years.
April s average sale price for a condominium-class property was $427,145, an increase of 30 per cent from last year, while the average sale price for a residential-class property was $743,204, an increase of 42 per cent from a year ago. With year-to-date average sale prices at $734,682 for residential and $418,792 for condominiums, these values represent a 35 per cent and 20 percent increase over 2020, respectively.*
These accelerated price increases boil down to a lack of supply and will continue to be a challenge for Buyers until more inventory becomes available it s fundamental supply and demand economics. Certainly, April s substantial increase in new listings, 19% higher than the five-year listing average and over 400 units more than the previous month, gives us cautious optimism. When the Stay-at-Home order concludes, we hope that pent-up supply will bring some much-needed housing stock to the resale market, suggests Wright.
However, there are many factors at play which make it difficult to forecast the path of Ottawa s real estate market: interest rate modifications, the skyrocketing cost of building materials, the Office of the Superintendent of Financial Institutions (OSFI) proposal to increase the mortgage stress test, changing consumer perspectives with some Buyers opting to move to outlying communities and Quebec, etc.
On the one hand, record low interest rates, increased household savings, a strengthening economy, and a continued focus on living space during the pandemic are all factors that bolster demand, while steady price growth is encouraging more Sellers to list their home. On the other hand, some people are truly struggling and small businesses are closing their doors. It s complicated, it s out of balance, and the course of our local market is not entirely predictable at this time, Wright concludes.
OREB Members also assisted clients with renting 1,458 properties since the beginning of the year compared to 947 at this time last year.
* 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.
March Resales Go Out Like a Lion
OTTAWA, April 7, 2021 - Members of the Ottawa Real Estate Board sold 2,285 residential properties in March through the Board s Multiple Listing Service System, compared with 1,514 in March 2020, an increase of 51 per cent. March s sales included 1,705 in the residential-property class, up 47 per cent from a year ago, and 580 in the condominium-property category, an increase of 65 per cent from March 2020. The five-year average for total unit sales in March is 1,688.
A few factors contributed to the high number of resales in March, states Ottawa Real Estate Board President Debra Wright. Typically, real estate is heavily influenced by the weather, and we had remarkable and unseasonably warm temperatures last month, which facilitated Buyers ability to view and purchase homes.
Also, there was a significant uptick in the number of new listings that came onto the market. This total (2,798) was higher than the 5-year listing average, which hadn t happened since July 2020, when the first lockdown ended. Ongoing pent-up Buyer demand meant that most of the properties that came on the market in March were quickly acquired.
Meanwhile, the 51% increase in transactions over last year can be attributed to the State of Emergency, which commenced mid-March 2020 and impacted overall sales that month. Measuring against a drastically reduced comparable made this year s figure jump, Wright points out.
Although the percentage of sales comparison may be somewhat skewed, multiple offers scenarios are undoubtedly escalating property values. Statistics show that in March 2021, almost 80% of the resales in the Ottawa area sold for more than the asking price compared to 60% at this time last year. However, this is not the case in every instance and the balance sold with 6% selling at the list price and the other 14% selling for less than the list price.
March s average sale price for a condominium-class property was $437,041, an increase of 18 per cent from last year, while the average sale price for a residential-class property was $758,802, an increase of 35 per cent from a year ago. With year-to-date average sale prices at $729,897 for residential and $415,054 for condominiums, these values represent a 32 per cent and 17 percent increase over 2020, respectively.*
These accelerated price growths are purely a result of long-term inventory shortage. I don t believe that Ottawa s market is by any means out of control but rather is coming into its own. However, until there is action at all three levels of government to resolve our supply challenges, our housing prices are not going to stabilize. And this phenomenon is not occurring in our market alone; housing stock scarcity is a nation-wide issue.
We have already seen an upturn in new listings coming onto the market, and we are hopeful this trend will continue. In fact, there may be some pent-up supply as Sellers have held back during the pandemic even though the market has been more active than expected throughout.
Sellers will benefit from the advice of a REALTOR who can ensure they are marketing and pricing their properties competitively and strategically. At the same time, Buyers continue to be challenged with a shortage of offerings and need to be equally strategic with the guidance of their REALTOR , Wright concludes.
OREB Members also assisted clients with renting 1,079 properties since the beginning of the year compared to 746 at this time last year.
* 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.
February Resales Snapped up Quickly
OTTAWA, March 3, 2021 - Members of the Ottawa Real Estate Board sold 1,390 residential properties in February through the Board s Multiple Listing Service System, compared with 1,134 in February 2020, an increase of 23 per cent. February s sales included 1,028 in the residential-property class, up 24 per cent from a year ago, and 362 in the condominium-property category, an increase of 19 per cent from February 2020. The five-year average for total unit sales in February is 1,101.
Resale properties are virtually flying off the shelves, states Ottawa Real Estate Board President Debra Wright. Even though our inventory is significantly lower than 2020 - a combined 46% decrease in housing stock for residential and condos we witnessed a record number of sales in February 2021. How is that possible? Simply put, properties that come onto the market are selling very quickly.
With less than a month s supply in both categories, residential homes, in particular, are experiencing the quickest turnarounds. This is evidenced in the sharp decline of Days on Market (DOM) from 30 days in February 2020 to 14 days last month. Interestingly, DOM for the condo market has gone up slightly from 19 to 22 days, likely due to the fact that the condo market was thriving and moving very quickly prior to the pandemic spread in Canada. We saw Buyer desire for more house space dampen that market temporarily; however, it is clear the condo market has stabilized and is starting to rebound with a 19% increase in transactions compared to last year at this time.
February s average sale price for a condominium-class property was $407,671, an increase of 17 per cent from last year, while the average sale price of a residential-class property was $717,914, an increase of 27 per cent from a year ago. With year-to-date average sale prices at $701,778 for residential and $395,496 for condominiums, these values represent a 29 per cent and 15 percent increase over 2020, respectively.*
With supply constraints continuing to place upward pressure on pricing, there is no doubt that this economic fundamental is driving the price increases. This is also reflected in February s total sales volume for residential and condos, which combined was at $885,592,105, 54% higher than the same month in 2020. There is no denying that scarcity is leading to a more rapid price acceleration. This scarcity combined with Buyers willingness to pay and compete in this market will continue to drive up the sales prices, Wright asserts.
6 The upcoming spring market will bring more listings and increased inventory; however, the question is whether it will be enough to meet demand. Having a sound strategy, whether you are buying or selling, is the key to success. In this complex and fast-paced market, it is essential to utilize the skills and experience of a REALTOR with negotiation skills and the market knowledge to act quickly on your behalf.
Did you know they also help tenants locate rental accommodations in addition to assisting landlords in finding tenants? Ottawa's vacancy rates have soared due to the lack of immigration, visiting student populations, decline in Airbnb, etc. There are many good quality rentals out there, and a REALTOR can help you find one whether you are selling and prefer to rent or searching for a different location, Wright concludes.
OREB Members assisted clients with renting 674 properties since the beginning of the year compared to 498 at this time last year.
* 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.
Ottawa s Resale Market Thrives Despite Pandemic
OTTAWA, January 6, 2021 - Members of the Ottawa Real Estate Board (OREB) sold 1,002 residential properties in December through the Board s Multiple Listing Service System, compared with 757 in December 2019, an increase of 32.4 per cent. December s sales included 710 in the residential property class, up 33.7 per cent from a year ago, and 292 in the condominium property class, an increase of 29.2 per cent from December 2019. The five-year average for total residential unit sales in December is 779.
Our market performance in December capped off a year for resales that clearly shows a market that continued to thrive even through the challenges of 2020. December sales brought our year-to-date numbers at year-end to within 2% of 2019. There was a slight slowdown typical of December around the holiday season; however, the market continued its overall momentum and remained more active than usual, states Ottawa Real Estate Board s 2021 President Debra Wright.
At the start of the pandemic, we didn t know what to expect. We had a momentary stall as did most businesses; however, once real estate was deemed to be an essential service, REALTORS worked with Buyers and Sellers to ensure safety in the process, and the market picked back up and accelerated past all expectations throughout the remainder of the year.
The total number of residential and condo units sold throughout 2020 was 18,971, compared with 18,613 in 2019, increasing 2 per cent. Residential property class unit sales went up by 3 per cent, with 14,455 properties exchanging hands last year compared to 14,030 in 2019. Condominium property class sales decreased slightly by 1.5 per cent, with 4,516 units sold in 2020 versus 4,583 in the previous year.
December s average sale price for a condominium-class property was $355,982, an increase of 14.4 per cent from a year ago, while the average sale price of a residential-class property was $603,880, an increase of 20.6 per cent from December 2019. Year-end figures show an average sale price of $582,267 for residential-class properties and $361,337 for condominium units in 2020. These values represent a 20 per cent and 19 percent increase over 2019, respectively.*
When analyzing the year-end figures, what clearly stood out was that although the number of units sold was only slightly higher than last year, the Total Sales Volume topped a record-breaking $10 billion compared to $8.2 billion at the end of 2019. This is, in effect, a stark illustration of the increase in Ottawa property values over the course of the year. For example, in 2019, 35% of properties purchased were sold at or below $400K, while in 2020, only 16% of homes were. The market is certainly exhibiting a major shift in terms of availability in lower price ranges, Wright points out.
At the end of 2020, average prices increased by 19-20% over this time last year. In 2019, we saw a 9% overall increase for both residential and condo properties compared to 3-5% in 2018 and 3-7% in 2017. These substantive increases in property prices from year to year can be attributed to a variety of factors: the inventory shortage triggering economic supply and demand realities, the multiple-offer phenomena, the record-low mortgage rates increasing purchasing power of Buyers, migration of Buyers from larger markets with high returns to spend, and so forth.
I believe that Ottawa is just coming into its own as a national capital city. As such, it is resilient and sheltered in a way that other markets are not - with consistent government and tech sector employment that is particularly conducive to working from home as our current circumstances have required. We may have been privileged with lower price thresholds in previous decades, but perhaps the market is now beginning to reflect the real estate property values of a national capital.
Going forward, I fully expect Ottawa s resale market will continue to be robust in 2021. There are no indicators to suggest that this is an overheated market it is simply very active, insulated, and strong. One that has only been mildly shaken by a world-wide pandemic, Wright concludes.
* 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.
No Signs of Slowdown in Ottawa Resale Market
OTTAWA, December 3, 2020 - Members
of the Ottawa Real Estate Board sold
1,611 residential properties in November
through the Board s Multiple Listing
Service System, compared with 1,284 in
November 2019, a year over year increase
of 26 per cent. November s sales included
1,209 in the residential-property class,
up 27 per cent from a year ago, and 402
in the condominium-property category, an
increase of 23 per cent from November
2019. The five-year average for November
unit sales is 1,257.
We continue to experience strong activity
in Ottawa s resale market during the time
of year when we would typically see a
slowdown, states Ottawa Real Estate
Board President Deb Burgoyne. Further,
the pandemic overall did not slow down
the resale market, and our year to date
transactions are now on par with 2019.
I m confident in saying that if we had
more supply, sales would be even
higher. Although new listings were up
almost 400 units compared to last
November and over 225 properties
higher than the five-year average,
there were 1,000 fewer new listings
entering the market than we saw in
October. Listings coming on in November
do typically slow as potential Sellers turn
their attention to the upcoming holiday
season, Burgoyne adds.
November s average sale price for a
condominium-class property was $361,758,
an increase of 15 per cent from this time
last year, while the average sale price of
a residential-class property was $602,892,
an increase of 20 per cent from a year
ago. With year-to-date average sale prices
at $581,120 for residential and $361,674
for condominiums, these values represent a 20 per cent and 19 percent increase over
2019, respectively.*
As far as average prices go, year to date
prices are a more reliable indicator of
what property values are doing over time,
especially when we look at figures from the
final quarter of the year. In November 2018,
we saw a 3-5% gain in YTD average prices;
a year later in 2019, they were up 9% for
both property classes. Now in 2020, YTD
average prices are 19-20% higher. This
trajectory can be attributed to a concurrent
decrease in inventory, which continues to be a challenge in our active market. The
residential housing stock is 50% lower than
last year at this time.
Interestingly, the number of condominiums
on our MLS System has actually increased
25% over last November, Burgoyne notes.
As I stated last month, condos continue to
be on our watchlist. This property type is
staying on the market longer. The increase
in these listings is likely a combination of
factors. Investor owners who have been
renting their units can now capitalize on
the robust market, while some Buyers
are seeking more space or other lifestyle options. For example, transitioning to
working remotely is providing some Buyers
with the opportunity to explore their lifestyle
property preferences. Whether it be small
town vs downtown living, a recreational
property with acreage, be closer to golf
courses or waterfront, rural spaces or hobby
farms it opens up the options beyond the
classic property types of condominiums or
single-family homes in suburbia.
Now more than ever, Buyers and Sellers will
benefit from the knowledge and experience
of a REALTOR . Our resale market
continues to experience multiple offers
and bidding wars, and you would want the
guidance of someone who has maneuvered
through this many times. Particularly if you
are looking at purchasing a recreational
property, which have become very desirable
in the past 6 months or so. These properties
considerations are different than those you
are used to seeing in the city, such as wells,
septic tanks, conservation considerations,
etc. A professional REALTOR can explain
these features to you, so you don t risk
any surprises down the road, Burgoyne
cautions.
In addition to residential and condominium
sales, OREB Members assisted clients with
renting 3,120 properties since the beginning
of the year compared to 2,559 at this time
last year.
* 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.
Ottawa s Resale Market Steady as She Goes
OTTAWA, November 4, 2020 - Members of the Ottawa Real Estate Board sold 2,146 residential properties in October through the Board s Multiple Listing Service System, compared with 1,604 in October 2019, a year over year increase of 34 per cent. October s sales included 1,665 in the residential-property class, up 38 per cent from a year ago, and 481 in the condominium-property category, an increase of 22 per cent from October 2019. The five-year average for October unit sales is 1,515.
We are heading into the colder months, the second wave of the pandemic is upon us, and yet Ottawa s resale market continues to hold steady, observes Ottawa Real Estate Board President Deb Burgoyne.
While the October average price gains, number of sales, and new listings coming onto the market were all down from September, demand persists, and the number of sellers choosing to enter the market remains strong. With 1,937 residential listings and 708 condo units added to the housing stock in October, this is a 48% and 70% respective increase in new listings over last year at this time, she adds.
October s average sale price for a condominium-class property was $368,936, an increase of 16 per cent from this time last year, while the average sale price of a residential-class property was $603,253, an increase of 25 per cent from a year ago. With year-to-date average sale prices at $579,026 for residential and $361,666 for condominiums, these values represent a 19 per cent percent increase over 2019 for both property classes.*
The condominium market is on our watchlist. Inventory for condo units increased 15% over last October, while inventory for residential properties is down 46%. This is an inverse relationship compared to the beginning of 2020 when condo supply was depleting much quicker than residential, reports Burgoyne.
The shift in the condo market occurred around June. There has been a lot of speculation about changing buyer behaviour and preferences due to our pandemic reality with homeowners wanting home offices and gym space, for example. One could extrapolate or conclude that buying preferences may be shifting towards a desire for properties with more square footage than this property type offers. Particularly, due to the sheer number of employees working remotely for the foreseeable future, commute times may continue to be less of an issue.
As the chillier weather and upcoming holiday season approaches, it will be interesting to see how the market calibrates. Typically, we start to see a slowdown in home sale activity. Whether that actually transpires is something we can t predict given the topsy turvy year that is 2020. What I can tell you is that this is not the time to navigate the market on your own; there is too much at stake to venture in without the knowledge and guidance of an experienced REALTOR , Burgoyne concludes.
In addition to residential and condominium sales, OREB Members assisted clients with renting 2,829 properties since the beginning of the year compared to 2,334 at this time last year.
* 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.
Ottawa s Resale Market Tracks Upward into Fall
OTTAWA, October 5, 2020 - Members of the Ottawa Real Estate Board sold 2,329 residential properties in September through the Board s Multiple Listing Service System, compared with 1,547 in September 2019, a year over year increase of 51 per cent. September s sales included 1,759 in the residential-property class, up 58 per cent from a year ago, and 570 in the condominium-property category, an increase of 31 per cent from September 2019. The five-year average for September unit sales is 1,602.
The sheer volume of transactions in September, compared to a year ago, confirms the Ottawa resale market is continuing on its upward trajectory, states Ottawa Real Estate Board President Deb Burgoyne. The resale market in 2020, especially since the outset of the pandemic, has certainly not followed the usual spring and fall cycles we typically experience. This year has had its own distinct ebb and flow, and whether this momentum in our market will continue is difficult to predict.
However, the continued increase in new listings and demand remaining strong allows us to be cautiously optimistic. September saw 2,165 residential properties and 744 condominiums enter the market. This is an increase of 32% and 45% respectively over last year at this time, and over 400 more new listings than came on the market in August, adds Burgoyne.
September s average sale price for a condominium-class property was $373,565, an increase of 21 per cent from this time last year, while the average sale price of a residential-class property was $622,557, an increase of 28 per cent from a year ago. With year to date average sale prices at $575,506 for residential and $360,550 for condominiums, these values represent a 19 per cent and 20 percent increase over 2019, respectively. *
While average prices in September hit an all-time high, the movement at the higher end of the market is also likely driving this figure higher. September s median prices, which is calculated removing the extreme upper and lower prices, do show more moderate price gains coming in at $570,000 for residential properties and $350,000 for condominiums, Burgoyne acknowledges.
Of course, the fundamentals of supply and demand remain at play, and our inventory shortage will continue to put Sellers in a position to capitalize on the current market. Additionally, the dynamics of purchasing behaviour is shifting as Buyers become more tolerant of the condition of a property or its location, for example.
But, we can t exhale just yet. At the end of the day, REALTORS represent both Buyers and Sellers, so a balanced market would be a welcomed relief for everyone. We would like to see both sides get over the finish line with a feeling of elation, and that they have had a positive experience in their homeownership journey, Burgoyne expresses.
In addition to residential and condominium sales, OREB Members assisted clients with renting 2,536 properties since the beginning of the year compared to 2,117 at this time last year.
* 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.
Temperatures Cool, but Not Ottawa s Resale Market
OTTAWA, September 3, 2020 - Members of the Ottawa Real Estate Board sold 2,017 residential properties in August through the Board s Multiple Listing Service System, compared with 1,725 in August 2019, a year over year increase of 17 per cent. August s sales included 1,576 in the residential-property class, up 22 per cent from a year ago, and 441 in the condominium-property category, an increase of 2 per cent from August 2019. The five-year average for August unit sales is 1,668.
August s resale numbers were undoubtedly driven by the considerable increase in new listings that came onto the market in both July and August, states Ottawa Real Estate Board President Deb Burgoyne. There were at least 300 more residential and 175 more condo listings added to inventory than we saw last year at this time. In fact, we have not seen new listing numbers like this since August 2015, she adds.
The question that comes to mind is: what is propelling these new listings? Well, there are several contributing factors; there are Sellers that are ready to capitalize on their investments, there are those who may be moving into new builds or further out of the city, and let s not forget boomers who are downsizing or perhaps moving into rentals.
Whatever their motivations, if the rate at which properties are coming onto the market can be sustained, it will surely bring some much-needed balance. For some time, as inventory comes on the market, it is quickly being absorbed. If this increased listing trend continues, at some point, the housing stock may finally build to a point that demand is going to be somewhat satiated, Burgoyne proposes.
August s average sale price for a condominium-class property was $383,640, an increase of 24 per cent from this time last year, while the average sale price of a residential-class property was $592,548, an increase of 22 per cent from a year ago. With year to date average sale prices at $566,291 for residential and $357,779 for condominiums, these values represent a 17 per cent and 19 percent increase over 2019, respectively.*
A culmination of factors has been playing into the price increases in Ottawa s resale market. Certainly, multiple offers are a dominant element. The reason that we have so many offers highlights the number of active buyers in the market - due to a variety of dynamics, such as record low mortgage rates, recently announced decreased debt/equity thresholds, migrating buyers coming from larger markets who may have received high returns on their home sales, etc. When you add these to the already pent-up demand from our local residents, it has created a perfect storm, so to speak.
This is an extremely challenging market for many, especially those on the buying side. Many are experiencing what we call buyer burnout , having placed many offers without success. We perceive a change in buyers behaviour regarding expectations, that were perhaps, until recently hyped , or a product of watching a myriad of home improvement shows and/or visiting new builder model homes. Our current reality is perhaps making some buyers more pragmatic and compromising on what they accept, whether it s a home s condition, age, or location, Burgoyne suggests.
In addition to residential and condominium sales, OREB Members assisted clients with renting 2,232 properties since the beginning of the year compared to 1,906 at this time last year.
What we need to be cognizant of is that Ottawa is a capital city and a growing city, that until now has been well-insulated when it comes to resale prices. If you look at other larger cities, they have gone through this already. We are just in the early stages, with no end in sight at this point. I suspect that prices are not going to come down, nor is activity going to slow down in the near future. Whether you are on the buying or selling side of a transaction, this is not the kind of market to navigate without guidance. An experienced REALTOR will ensure Buyers are making strategic offers, and Sellers are not leaving money on the table.
* 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.
July Sales Mirror Ottawa s Weather Hot!
OTTAWA, August 7, 2020 -Members of the Ottawa Real Estate Board sold 2,189 residential properties in July through the Board s Multiple Listing Service System, compared with 1,838 in July 2019, a year over year increase of 19 per cent. July s sales included 1,646 in the residential-property class, up 19 per cent from a year ago, and 543 in the condominium-property category, an increase of 18 per cent from July 2019. The five-year average for July unit sales is 1,729.
The resale market is not only holding its own but has surpassed 2019 figures by a significant margin, states Ottawa Real Estate President Deborah Burgoyne. Summer usually slows down; however, after the pandemic curtailed the spring market this year, we have rebounded well beyond expectations. It is somewhat surprising given continuing inventory shortages and the extra diligence and precautions being taken by our Members and their clients to ensure everyone's safety in the process.
July s average sale price for a condominium-class property was $357,764, an increase of 19 per cent from this time last year while the average sale price of a residential-class property was $585,084, an increase of 20 per cent from a year ago. With year to date average sale prices at $560,836 for residential and $352,847 for condominiums, these values represent a 16 per cent and 18 percent increase over 2019, respectively. *
Ottawa s resale market offers solid returns for many Sellers, while Buyers continue to feel the squeeze. Those most impacted are especially those attempting to enter the housing market. Multiple offers are a common occurrence with over 57% of properties selling over the listing price compared to 33% of transactions last July.
With a market that is now characterized as hot, the question posed by clients, media and the public alike is, when or where this will all end? Since this is a newer phenomenon for the Ottawa market, which is typically very steady and predictable, we can look to other larger cities that have seen this type of sustained trajectory. As long as we have demand outpacing supply, this will continue, Burgoyne emphasizes.
Now that the market is on an upward trend, timing is critical. For those contemplating a move without the pressure of a purchase tied to it, it is an opportune time to realize a solid return on your investment. This market is challenging for all involved, and more balance would be a welcomed relief for everyone.
In addition to residential and condominium sales, OREB Members assisted clients with renting 1,883 properties since the beginning of the year compared to 1,619 at this time last year.
* 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.
June s Resale Market Rebounds
OTTAWA, July 6, 2020 - Members of the Ottawa Real Estate Board sold 2,052 residential properties in June through the Board s Multiple Listing Service System, compared with 2,096 in June 2019, a year over year decrease of 2 per cent. June s sales included 1,622 in the residential-property class, up 1 per cent from a year ago, and 430 in the condominium-property category, a decrease of 12 per cent from June 2019. The five-year average for June unit sales is 2,072.
With safety protocols firmly in place, and Buyers and Sellers more accustomed to our new normal, the resale market has rebounded to meet pent up demand, states Ottawa Real Estate Board President Deborah Burgoyne. While unit sales were down 55% in April and 44% in May, June s sales results are within 2% of figures from this time last year.
June s new listings doubled compared to April and increased 45% from the number of listings that came onto the market in May. A consequence of these rapid sale turnarounds is that housing inventory does not have an opportunity to build. Residential inventory is now 52% lower than last year at this time, and condominium supply is down 42%. We continue to be in a strong Seller s Market, with less than one month s supply currently available.
June s average sale price for a condominium-class property was $360,922, an increase of 17 per cent from this time last year while the average sale price of a residential-class property was $575,623, an increase of 15 per cent from a year ago. With year to date average sale prices at $554,256 for residential and $351,353 for condominiums, these values represent a 14 per cent and 18 percent increase over 2019, respectively. *
The manifestation of the Seller s Market is certainly evident when you look at average property prices, which continued to increase, albeit less significantly, in the past couple months. We are once again witnessing double-digit percentage growth over last year, and the average residential price is now in the high five hundreds, Burgoyne acknowledges. Additionally, multiple offer situations are influencing market values as statistics show approximately 56% of properties sold over asking in June.
When asked what to expect from the resale market moving forward, Burgoyne speculates, We are seeing what I call a reverse slope. The market understandably experienced a bit of a valley, and now it is moving up the other side. Usually, it s the other way around, and by July we would start to see a slow down as Buyers and Sellers turn their attention to summer activities. I anticipate that along with our region s exceptionally hot summer forecasted by the Farmers Almanac, the Ottawa real estate market is likely to parallel that prediction.
In addition to residential and condominium sales, OREB Members assisted clients with renting 1,512 properties since the beginning of the year compared to 1,314 at this time last year.
* 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.
JUNE 2020 CBC HOUSE PRICES ACROSS CANADA
Ottawa Real Estate Springs into Fall
OTTAWA, June 3, 2020 - Members of
the Ottawa Real Estate Board sold 1,345
residential properties in May through
the Board s Multiple Listing Service
System, compared with 2,410 in May
2019, a decrease of 44 per cent. May s
sales included 1,066 in the residentialproperty class, down 43 per cent from a
year ago, and 279 in the condominiumproperty category, a decrease of 49
per cent from May 2019. The five-year
average for May unit sales is 2,048.
Just as May s temperatures had us
questioning what season we were in,
our real estate market also underwent
a seasonal switch, so to speak, notes
Ottawa Real Estate Board President
Deborah Burgoyne. This spring market
is performing more like a fall market with
the number of new listings and resales
on par with what typically occurs in late
October and November.
Around mid-May, we started to see a
restrained uptick in our numbers with
monthly unit sales only 44% lower than
May 2019, compared to the 55% year
over year decrease in April s figures. We
expect that as the economy continues
to rollout and consumer confidence
increases, our real estate market will
follow suit, the pent-up demand preCovid still exists. Our spring numbers are
typical of our fall figures, with cautious
optimism, we can hope that there is a
flip flop and our fall numbers are closer
to spring figures.
May s average sale price for a
condominium-class property was
$343,589, an increase of 15.5 per
cent from this time last year while the
average sale price of a residential-class
property was $548,140, an increase of
11.2 per cent from a year ago. With year
to date average sale prices at $546,177
for residential and $348,458 for
condominiums, these values represent a
13.8 per cent and 17.8 percent increase
over 2019, respectively.*
Although the Canadian Mortgage and
Housing Corporation s (CMHC) forecast
for Canada s housing prices may seem
pretty bleak, their broad-based analysis
for the country as a whole does not
accurately reflect what is transpiring
in our local market as evidenced
by the steady increases in average
home prices in Ottawa - even during
the crux of a pandemic and global
economic recession.
Unquestionably, the fact that we are
still in the midst of a seller s market is
a contributing factor. Nevertheless,
with our region s stable employment
and a continuous influx of newcomers,
homeowners can take comfort in the
knowledge that owning a property in
Ottawa and its surrounding areas is
a solid investment for yourselves and
future generations, Burgoyne assures.
Utilizing a REALTORS s experience,
insight, and extensive professional
network is particularly advantageous
during this time. They will ensure you
are only viewing properties that meet
your hard criteria and can also identify
possible alternative options to meet your
goals, such as in-law suites or carriage
homes for example.
In addition to residential and
condominium sales, OREB Members
assisted clients with renting 1,207
properties since the beginning of the
year compared to 1,043 at this time
last year.
* 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.
MAY 2020 OTTAWA REAL ESTATE
MARKET BREAKDOWN
COVID-19 REAL ESTATE UPDATE
In light of the COVID-19 restrictions, many of you have wondered about the state of our Ottawa Real Estate Market.
More data was released to us today giving us an in depth breakdown of sales, and listings etc.
As noted previously, we all anticipated a slow down in the market as realtors were asked to restrict our business and face to face viewings.
Our main goal is to keep everyone in the city safe and healthy.
If you have an urgent need to sell or an urgent need to buy, we have our new COVID-19 protocols in place.
Buyers will now be asked to wear masks and sign health and travel declarations.
Some sellers are permitting showings with restrictions and some are only permitting virtual tours to date.
However, we are seeing more sellers allowing showings now and more seem to be comfortable with our declarations of good health.
In summary, here are the statistics from our MLS Data for April, 2020:
RES homes sold = 913 ( a decrease of 55% from April 2019)
CONDOS sold= 213 ( a decrease of 51% from April 2019)
AVERAGE APRIL RES SOLD PRICE = $ 521, 694 ( this is an increase of 6.8% from April 2019)
AVERAGE APRIL CONDO SOLD PRICE = $327,613 ( this is an increase of 6.3% from April 2019)
Weather isn t Cooling the Resale Market
OTTAWA, December 4, 2019 - Members
of the Ottawa Real Estate Board sold
1,288 residential properties in November
through the Board s Multiple Listing
Service System, compared with 1,161
in November 2018, an increase of 10.9
per cent. November s sales included
958 in the residential-property class,
up 10.5 per cent from a year ago, and
330 in the condominium-property
category, an increase of 12.2 per
cent from November 2018. The
five-year average for November unit
sales is 1,133.
Even with the typical winter
slowdown, Ottawa s home resale
market still experienced a relatively
brisk pace in November. Our
inventory is not having a chance
to build as it is being absorbed as
quickly as it comes on the market.
That s why there are so many sales
every month even though the supply
stock is low, explains Dwight Delahunt,
President of the Ottawa Real Estate
Board.
November s average sale price for
a condominium-class property was
$313,734, an increase of 9.8 per cent
from last year while the average sale
price of a residential-class property was
$501,201, an increase of 16.9 per cent
from a year ago. Year to date figures show
an 8.9 per cent and 9.1 per cent increase
in average sale prices for residential and
condominiums, respectively.*
Prices have increased, and therefore
there is shortage of units available
in the lower end price range of both
condos and residential properties,
reports Delahunt. That being said, the
Ottawa market still remains strong and
sustainable with reasonable increases
in year to date average prices of 9% in
both the residential and condominium
property classes.
The most active price range in the
condominium market was $225,000-
$349,999, accounting for 57.5 per cent of
the units sold while $350,000 to $499,999
represented the most prevalent price point
in the residential market, accounting for
38.8 per cent of November s transactions.
Residential properties in the $500,000 to
$749,999 range increased to 32 per cent
of all residential resales.
As for the higher end of the market, we
are seeing substantial increases in the
number of properties sold in those price
ranges as well. In the $750K-$1M range,
65 units changed hands last month
compared to 24 sales last year at this
time, reveals Delahunt. Further, the
homes in the $1M+ plus range have
increased to 29 sales last month from
15 sold in November 2018.
Year to date totals show the larger
picture with a 41% increase in the
$750K-$1M range from 610 to 861
unit sales, and a 30% increase in
the $1M+ range from 266 to 345
transactions compared to this time
last year, he adds.
In addition to residential sales, OREB
Members assisted clients with renting
2,559 properties since the beginning
of the year.
* 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.
Another Stellar Year for Ottawa s Real Estate Market
OTTAWA, January 4, 2019 - Members of the Ottawa Real Estate Board sold 663 residential properties in December through the Board s Multiple Listing Service System, compared with 765 in December 2017, a decrease of 13.3 per cent. December s sales included 471 in the residential property class, a drop of 15.7 per cent from a year ago, and 192 in the condominium property class, a decrease of 6.8 per cent from December 2017.
Year to date activity increased by 2.4 per cent from 2017. The total number of residential and condo units sold throughout all of 2018 was 17,476, compared with 17,065 in 2017. Residential property class sales decreased slightly to 13,418 from 13,478 in 2017 and condominium property class sales were up 13.1 per cent with 4,058 units sold in 2018 versus 3,587 in the previous year.
For the last decade, we have experienced steady growth in our real estate market from volume to prices; however, the past two years have jumped significantly in activity with a 12.6% increase in unit sales from 2016. Ottawa, and its surrounding area, has excellent employment numbers and has proven to be one of the most affordable larger cities in the country, proclaims Ralph Shaw, Ottawa Real Estate Board s 2018 President.
What has come to a head in 2018 is the overall shortage of inventory which is extreme in certain pockets of the city. While this has caused unit sales to slide in the residential market, it has fueled the condominium market which has recovered and carried us through much of 2018. We have been predicting this will bode well for new construction in delayed high-rise projects, he adds.
Another significant factor affecting the market in 2018, and first-time homebuyers in particular, is the mortgage stress test an attempt by the federal government to cool two major markets in the country. It has also unfortunately made move-up buyers less likely to take that step and free up entry-level options, which is an important part of the resale market, Shaw points out.
The average sale price of a residential-class property sold in December in the Ottawa area was $453,011, an increase of 4.7 per cent over December 2017. The average sale price for a condominium-class property was $278,295, an increase of 9 per cent from this month last year. Year-end figures show an average sale price of $446,661 for residential-class properties in 2018, a 5.1 per cent increase from 2017 and $278,316 for condominium properties, up 3.2 per cent from last year.*
In 2019, we expect the economic fundamentals of supply and demand to be at play with upward pressure on prices due to limited supply and increasing demand. Buyers do have affordable options in outlying communities if they are willing to commute or they will simply have to pay more provided they can qualify. New builds and purpose-built rental housing could help ease some of the pressure, particularly if builders are able to provide a variety of quality options allowing for more movement in the market, Shaw concludes.
The $300,000 to $449,999 range continues to represent the most active price point in the residential market, accounting for nearly 45 per cent of December s sales while almost one in four sales were in the $500,000 to $750,000 price range. Between $175,000 to $274,999 remained the most prevalent price point in the condominium market, accounting for 55.7 per cent of the units sold. Year-end figures echoed these dominating price points holding 45.6 per cent of the residential market and 49.8 of the condo market respectively.
In addition to residential and condominium sales, OREB Members assisted clients with renting 2,713 properties since the beginning of the year down from 2,977 from this time last year.
* 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.
Real estate market ending on a high note
OTTAWA, December 5, 2018 - Members of the Ottawa Real Estate Board sold 1,239 residential properties in November through the Board s Multiple Listing Service System compared with 992 in November 2017, an increase of 24.9 per cent. The five-year average for November sales is 1,001.
November numbers are upholding the robust year we have been experiencing in the real estate market in 2018, Rick Eisert, President of the Ottawa Real Estate Boards states. Both residential sales and condo sales continue to steadily increase.
The average sale price of a residential-class property sold in November in the Ottawa area was $418,354, an increase of 3.2 per cent over November 2017. The average sale price for a condominium-class property was $257,212, a decrease of 7.6 per cent over November 2017. 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.
It is crucial in a market that is moving quickly, such as the one we are experiencing, to ensure you are pricing your property correctly. Having the guidance and market knowledge of a REALTOR is essential for home buyers and home sellers, suggests Eisert.
The most active price point in the residential market is the $300,000 to $450,000 range, accounting for 46 per cent of the market. While the most active price point in the condo market, between $150,000 and $275,000, accounts for 66 per cent of the market, says Eisert. In addition to residential and condominium sales, OREB Members assisted clients with renting 2,821 properties since the beginning of the year.
Leaves may be falling, but the real estate market is not
OTTAWA, November 2, 2018 Members of the Ottawa Real Estate Board sold 1,243 residential properties in October through the Board s Multiple Listing Service System, compared with 1,214 in October 2017, an increase of 2.3 per cent. The five-year average for October sales is 1,165.
As we enter the 3rd quarter of the year, we continue to see the resale market outpace last year s performance, which was also a stellar year, says Rick Eisert, President of the Ottawa Real Estate Board. October s sales included 261 in the condominium property class, and 982 in the residential property class. Condominium sales continue to drive the overall residential sales market, with a year to date increase of 21.4 per cent over the same time period last year.
The fall market is brisk and could be fueled by the impending tightening of mortgage regulations, says Eisert. Properties continue to sell much faster in comparison to this time last year with the average days on market for residential properties down 17.7 per cent from 55 to 45 days. Our market could still be described as balanced, though in some areas it continues to trend towards a Sellers market.
Eisert adds Slow but steady growth best describes Ottawa housing prices. The average sale price of a residential-class property sold in October in the Ottawa area was $425,256, an increase of 7.7 per cent over October 2017. The average sale price for a condominium-class property was $269,604, an increase of 6.7 per cent over October 2017. 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.
In the residential market, the $300,000 to $399,999 range remains the most active price point, accounting for 33.3 per cent of the market. While in the condo market, the most active price point is between $175,000 and $249,999, accounting for 45.2 per cent of the market, says Eisert. In addition to residential and condominium sales, OREB Members assisted clients with renting 2,607 properties since the beginning of the year.
Autumn Leaves are Falling; Home Prices are Not
OTTAWA, October 3, 2018 - Members of the Ottawa Real Estate
Board sold 1,393 residential properties in
September through the Board s Multiple
Listing Service System, compared
with 1,383 in September 2017, an
increase of only 0.7 per cent. The fiveyear
average for September sales is
1,303. September s sales included
1,046 in the residential property class, a
decrease of 2.5 per cent from a year ago,
and 347 in the condominium property
class, an increase of 11.9 percent from
September 2017.
We continue to experience supplyside
issues going into our fall market.
The fact is, the number of residential
sales would be much higher had we
more robust inventory to draw from,
states Ottawa Real Estate Board
President Ralph Shaw. Condos
continue to represent a greater
proportion of year-to-date unit sales
with a 15 per cent increase from this
time in 2017.
The average sale price of a residentialclass
property sold in September in the
Ottawa area was $449,613, an increase
of 7.9 per cent over September 2017. The
average sale price for a condominiumclass
property was $282,781, an increase
of 7.6 per cent from this month last year.*
Economic fundamentals are at play in
our market with a lack of supply putting
an upward pressure on prices in some
areas, Shaw asserts. Condo price
increases on a percentage basis are
finally recovering and are catching up
to the increases in residential prices
which is very encouraging news for
condo owners.
With the inventory of available apartment
condo units also declining month over
month; this trend of price improvements
may help kick-start some of the
mothballed condo projects to date, he
speculates.
The $300,000 to $449,999 range
remains the most active price point in the
residential market, accounting for 46 per
cent of home sales while the $500,000 to
$750,000 price range represents 22.5 per
cent of residential home sales this past
month. Between $175,000 to $274,999
was September s most active price point
in the condominium market, accounting
for almost 57 per cent of the units sold.
The low rental vacancy rate is spurring the
purchase of condominium units, and first time
home buyers wanting to enter the market are
having to choose between driving until they
qualify or purchasing a condominium at a
price point they can afford.
President Ralph Shaw offers one
final thought. Although the millennial
generation is comfortable sharing
their rides, they are not in the sharing
mindset for housing they want to
own, he contends. In a recent study
commissioned by the Canadian
Real Estate Association (CREA),
research conducted by Abacus Data
shows that Housing Affordability is
a key issue and the homeownership
dream is alive and well with this
demographic.
In addition to residential and
condominium sales, OREB
Members assisted clients with
renting 2,135 properties since the
beginning of the year.
* 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.
Summer Ends, Active Real Estate Market Continues
OTTAWA, September 6, 2018 - Members of the Ottawa Real Estate
Board sold 1,586 residential properties
in August through the Board s Multiple
Listing Service System, compared
with 1,535 in August 2017, an
increase of 3.3 per cent. The five-year
average for August sales is 1,417.
August s sales included 1,188 in the
residential property class, relatively
unchanged from a year ago, and
398 in the condominium property
class, an increase of 10.9 percent
from August 2017.
Our real estate market has had
a busier than usual summer
season, and we are shaping up
for a busy fall period as well,
affirms Ottawa Real Estate Board
President Ralph Shaw. An active
market is likely to be the new
normal for the foreseeable future,
he speculates.
The average sale price of a
residential-class property sold in
August in the Ottawa area was
$433,684, an increase of 3.1 per
cent over August 2017. The average
sale price for a condominium-class
property was $276,720, an increase
of 2.2 per cent from August 2017.*
Ottawa continues to be an
affordable place to buy property
and is experiencing sensible price
growth more in line with inflation. Our
inventory is very low (18% off last
year s inventory level) but other than
some pockets of the city, prices have
not yet been significantly affected,
Shaw reflects.
The reason we aren t yet supply
problematic, like some other markets,
is that we have the ability to expand
in all directions stretching the
buyer s purchasing power. Within
an easy 30-minute commute, there
are surrounding communities with
reasonably priced single-family
homes and all the fundamental
needs supplied within these
neighbourhoods.
The $300,000 to $449,999 range
remains the most active price point
in the residential market, accounting
for 45 per cent of home sales while
the $500,000 to $750,000 price
range represented a robust 22 per
cent of residential home sales this
past month. Between $175,000 to
$274,999 was August s most active
price point in the condominium
market, accounting for almost 56 per
cent of the units sold.
The demand for condos continues to
be a driving factor in the Ottawa real
estate market, likely due to the lack of
rental availability. This is helping
ease the oversupply of condos
we experienced in the past,
Shaw points out. Hopefully
this will encourage developers
to move forward with their
stalled condominium projects,
especially if the light rail is a go
in November.
In addition to residential and
condominium sales, OREB
Members assisted clients with
renting 1,890 properties since
the beginning of the year.
* 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.
A Sizzling Summer for Ottawa Real Estate
OTTAWA, August 3, 2018 - Members
of the Ottawa Real Estate Board sold
1,614 residential properties in July
through the Board s Multiple Listing
Service System, compared with
1,524 in July 2017, an increase of
5.9 per cent. The five-year average
for July sales is 1,501. July s sales
included 1,238 in the residential
property class, an increase of 3.6
per cent from July 2017 and 376 in
the condominium property class,
an increase of 14.3 percent from
a year ago.
Ottawa s condo market
continues to positively impact
overall residential sales trends
with year-to-date condo unit sales
up 16.5 percent from this time last
year, states Ralph Shaw, Ottawa
Real Estate Board President.
As well, our overall inventory
levels in both the residential
and condo market are improving
which will help ease pressure on
prices. Units available are currently
down 16 percent down from July
2017 rather than the 24 percent
we were down at the beginning
of the year.
The average sale price of a
residential-class property sold in July
in the Ottawa area was $441,206, an
increase of five per cent over July
2017. The average sale price for a
condominium-class property was
$280,526, an increase of 5.3 per
cent from July 2017.*
We are noticing a surge in unit sales
in the rural areas, particularly the
west end, notes Shaw. This is not
only driven by availability but likely
includes other attractive aspects in
these well-established communities
such as reasonable commute times,
convenient shopping options, and
great schools and recreational
facilities which aren t overtaxed.
Between $175,000 to $274,999 was
July s most active price point in the
condominium market, accounting
for almost 49 per cent of the
units sold. While the $300,000 to
$449,999 range remained the most
robust price point in the residential
market, accounting for 45 per cent
of home sales. In addition, the
$500,000 to $750,000 price range
represented almost one in five
residential home sales.
Ottawa s healthy real estate market
is a reflection of its strong economy
which is consistently firing on all four
cylinders due to a secure employment
base, reflects Shaw. It remains a
competitive market, and multiple
offers (when priced right) are
still the norm in some
neighbourhoods. Buyers
and sellers alike require a
REALTOR to pave the way
through the complexities of
the market.
In addition to residential and
condominium sales, OREB
Members assisted clients with
renting 1611 properties since
the beginning of the year.
* 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.
Condo Sales Keep Market from Over Heating
OTTAWA, July 5, 2018 - Members of
the Ottawa Real Estate Board sold 2,070
residential properties in June through the
Board s Multiple Listing Service System,
compared with 2,163 in June 2017, a
decrease of 4.3 per cent. The five-year
average for June sales is 1,914. June s
sales included 455 in the condominium
property class, an increase of 11.5 per
cent from June 2017 and 1,615 in the
residential property class, a decrease of
8 per cent from a year ago.
The first half of 2018 has performed
very well with the number of year to date
residential sales almost identical to this time
last year, states Ralph Shaw, Ottawa
Real Estate Board President. Condo
unit sales have led the way, increasing
by 16.8 per cent over the same period.
The robust condo numbers are likely
fueled by lack of inventory, particularly
in the lower price points of the singlefamily
resale market. For example, in
the first half of the year there has been a
decrease of 37 per cent in the number of
single-family units sold at the $250-275K
price point and a 41 per cent decrease
for the $275-300K price range, whereas
there is a corresponding increase in
condo sales of 49 per cent and 22 per
cent respectively for those same price
points, Shaw points out.
This suggests that at the lower end of
the single-family resale market, buyers
are turning towards condominium units
as a way of achieving ownership at a
price they can afford. The oversupply in
our condo market that once was an issue
is now helping to ease our overall
inventory shortage.
Further, with construction costs up
(concrete is one example) as well as
increasing development fees, and skilled
labour at a premium which is extending
build timelines, the price of purchasing a
new build is simply out of reach for many
entry-level buyers, he adds. The options
then become to move further outside the
urban boundary to less expensive markets
in surrounding communities.
The year to date average Days on
Market (DOM) for residential homes has
decreased 18 per cent from 46 days in
2017 to 37 days currently. For condos,
the DOM has decreased from 71 days
to 52 days, a 27 per cent decrease from
June 2017.
The decrease in DOMs indicates that
inventory is turning over much more
quickly, likely due to the lack of available
inventory in certain areas of Ottawa. To
increase the number of listings available,
we need the right product availability to
entice sellers to give up their homes,
particularly boomers. Many have indicated they would happily list their homes if we
could offer them a property that fits into
the lifestyle that they want. The downtown
apartment condo is not at the top of their
list, remarks Shaw.
The average sale price of a residentialclass
property sold in June in the Ottawa
area was $449,200, an increase of 3.4 per
cent over June 2017. The average sale
price for a condominium-class property
was $293,303, an increase of 1.2 per cent
from June 2017. Year to date, residential
properties have seen a 5.2 per cent
increase in average price with a 1.1 per
cent price increase for condominiums.*
Ottawa s real estate market continues
to move forward at a reasonable pace.
Undoubtedly, inventory remains low, but
our property prices continue to be stable
and affordable. We are very fortunate
not to be experiencing the volatility of
other markets in our country, Shaw
acknowledges.
In addition to residential and
condominium sales, OREB Members
assisted clients with renting 1,320
properties since the beginning of
the year.
* 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.
Ottawa s Spring Market Churning Along
OTTAWA, June 4, 2018 - Members
of the Ottawa Real Estate Board sold
2,279 residential properties in May
through the Board s Multiple Listing
Service System, compared with 2,294
in May 2017, a decrease of 0.7 per cent.
The five-year average for May sales is
2,041. May s sales included 485 in the
condominium property class and 1,794
in the residential property class
Although our overall inventory stock is
down in both the residential and condo
market, the number of listings coming onto
the market this month is typical spring
activity, states Ralph Shaw, President
of the Ottawa Real Estate Board. The
sheer number of home sales that took
place in May indicates that inventory is
turning over quickly certainly a sign
that Ottawa is a healthy real
estate market.
The average sale price of a
residential-class property sold in May
in the Ottawa area was $464,401, an
increase of 6.3 per cent over May
2017. The average sale price for a
condominium-class property was
$281,247, an increase of 3.4 per
cent from May 2017.*
In the first five months of 2018, the value
of a single-family home has increased
about 8% and approximately 6.5% for
condominiums, Shaw notes. This price
acceleration is encouraging news for
homeowners who have now seen an
average of 3% price growth per year for
the last five years.
Much of the total increase in property
values have been experienced since
the beginning of this year. Not only will
this help new homebuilders validate
their pricing since construction costs
and development fees are so high, but
it also will give baby boomers incentive
to sell their homes which will help
put inventory back onto the market,
he explains.
While our inventory stays at
historically low levels, especially in
some neighbourhoods, there will
continue to be upward pressure on
home prices. We definitely have the
demand for housing in this city not only
because it is still very affordable but
because all the fundamentals are solid
here. However, our city does need to
have a longer-term housing supply
strategy so that we aren t confronted
with future affordability challenges,
Shaw advises.
The $300,000 to $449,999 range
remains the most active price point in
the residential market, accounting for
45 per cent of home sales, while the
$500,000 to $750,000 range continues
to gain momentum, now representing
almost one-quarter of residential
home sales.
Between $150,000 and $249,999
was May s most active price point in
the condominium market, accounting
for 49 per cent of the units sold,
Shaw reports. Moreover, apartment
condos represent 52 per cent
of the sales. This is likely a
reflection of the low vacancy
rate in the rental market. If you
can scrape together a down
payment, the carrying costs of
one of these condos should
be less than renting, he suggests.
In addition to residential and
condominium sales, OREB Members
assisted clients with renting 1,020
properties since the beginning of
the year.
* 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.
Hot Market in an Icy April
OTTAWA, May 3, 2018 - Members of the Ottawa Real Estate Board sold 2,032 residential properties in April through the Board s Multiple Listing Service System, compared with 1,788 in April 2017, an increase of 13.6 per cent. The five-year average for April sales is 1,704. April s sales included 416 in the condominium property class and 1,616 in the residential property class.
The average sale price of a residentialclass property sold in April in the Ottawa area was $455,212, an increase of 4.2 per cent over April 2017. The average sale price for a condominium-class property was $269,294, an increase of 0.3 per cent from April 2017.*
Full employment and reasonable house prices in proportion to incomes are fueling our market. Ottawa is not only a beautiful and dynamic capital but also one of the
more affordable cities in Canada, observes Ralph Shaw, Ottawa Real Estate Board President. While prices and conditions do vary by area, the overall residential marketplace shows solid and steady performance on investment for homeowners, and offers a variety of property class options and price points for those looking to enter the market, he advises.
While sales were strong this month, certain areas in Ottawa continue to experience limited supply with both condo and residential inventory down 23.7% from the same month last year. With our low inventory, potential sellers are reluctant to put their home on the market if they are uncertain of their ability to acquire another
property.
April s colder than usual temperatures may have been one of the reasons potential sellers delayed listing their properties. However, there are other factors at play which are contributing to the lack of supply. Of course, the new mortgage stress test is affecting some homeowners who may no longer qualify to upsize their homes, Shaw points out.
Further compounding the issue within Ottawa proper is a restricted supply of serviceable land, and thus fewer new build opportunities. We need both the new build and resale inventory to be robust enough to meet demand on a consistent basis, he explains.
Moreover, Shaw elaborates, life adjustment sellers such as Boomers, lack suitable purchasing options due to urban engineering. Many of them do not want to live in downtown condominiums, preferring smaller homes with an attached garage and a decent sized yard where they can still host family BBQs and entertain. Our city council
would benefit from the input of Ottawa s long-serving REALTORS who truly understand the variety of needs of local home buyers and sellers, Shaw concludes.
In addition to residential and condominium sales, OREB Members assisted clients with renting 770 properties since the beginning of the year.
Buyers Get a Jump on the Spring Market
OTTAWA, April 5, 2018 - Members of the Ottawa Real Estate Board sold 1,660 residential properties in March through the Board s Multiple Listing Service System, compared with 1,478 in March 2017, an increase of 12.3 per cent. The five-year average for March sales is 1,339. March s sales included 358 in the condominium property class and 1,302 in the residential property class.
Inventory continues to fall below normal average, but we are still seeing more sales than last year because listings are not staying on the market, states Ralph Shaw, President of the Ottawa Real Estate Board. Properties that are priced well are selling quickly with days on market dropping to an average of 43 days from an average of 54 days on market in March 2017.
The average sale price of a residential-class property sold in March in the Ottawa area was $447,561, an increase of 8 per cent over March 2017. The average sale price for a condominium-class property was $275,592, an increase of 0.7 per cent from March 2017. 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 most active price point in the residential market continues to be the $300,000 to $449,999 range, accounting for 46 per cent of the market. In addition, the $500,000 to $750,000 market is a price point that is showing robust growth representing 21 per cent of the residential homes sold in March, Shaw acknowledges.
In the condominium market, between $175,000 and $274,999 is the most buoyant price point, accounting for 51 per cent of the market. We continue to believe it is due to low interest rates and the lack of supply of rental inventory pushing renters into the market, he adds.
Overall, as a result of the stable pricing in the condominium market and reasonable increases of 8 per cent in the residential market, Ottawa continues to be a healthy and vibrant real estate market, Shaw concludes.
In addition to residential and condominium sales, OREB Members assisted clients with renting 551 properties since the beginning of the year.
Wanted: Ottawa Homes for Sale
OTTAWA, March 5, 2018 - Members of the Ottawa Real Estate Board sold 979 residential properties in February through the Board s Multiple Listing Service System, compared with 1,002 in February 2017, a decrease of 2.3 per cent. The five-year average for February sales is 922. February s sales included 250 in the condominium property class and 729 in the residential property class.
There is no doubt our sales numbers would have been much higher if we had more properties available for sale. Buyer demand is there, but our inventory in both residential-class and condos continues to decline. This is creating a supply side issue in the Ottawa real estate market, concludes Ottawa Real Estate Board President, Ralph Shaw. If this trend continues, the market will move to favour sellers, and buyers will find themselves competing for a limited number of listings.
Compounding the supply issue is the fact that after a record year last year, new construction is hindered getting to market because builders just cannot find enough land as a result of the urban boundary and land prices going up, Shaw points out. Given this environment, it s a good opportunity for Sellers to get their property on the market, he advises.
The average sale price of a residential-class property sold in February in the Ottawa area was $429,600, an increase of 2.7 per cent over February 2017. The average sale price for a condominium-class property was $273,174, an increase of 5.6 per cent from February 2017. 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 most active price point in the residential market continues to be the $300,000 to $449,999 range, accounting for 47 per cent of the market. While the most active price point in the condo market, between $150,000 and $249,999, accounts for 56 per cent of the market, Shaw notes.
The reality is that condo sales are driving the number of properties sold at the moment. Due to demand, the condo market is experiencing some price recovery. Units in the lower price points of the condo market are likely moving rapidly because of the limited supply in the rental market which is yet another factor at play. The lack of availability is essentially forcing renters into condo ownership, he explains.
Ottawa is beginning to experience similar indicators that have ultimately led to challenging real estate markets in our larger metropolitan cities. It starts with supply shortages which eventually lead to affordability issues. The city in particular needs to have an intelligent vision about how to support and stimulate all aspects of the market from new construction through to the rental market availability, Shaw elaborates.
With this being a civic election year, we look forward to talking with our council and mayoral candidates about what measures need to be taken now to support affordability, before we develop the supply challenges of Toronto or Vancouver, he cautions.
In addition to residential and condominium sales, OREB Members assisted clients with renting 348 properties since the beginning of the year.
Low Inventory Could Leave Some Buyers Out in the Cold
OTTAWA, February 5, 2018 - Members of the Ottawa Real Estate Board sold 712 residential properties in January through the Board s Multiple Listing Service System, compared with 664 in January 2017, an increase of 7.2 per cent. The five-year average for January sales is 638.
While January is typically the month we see the lowest number of listings come onto the market, the numbers for this month are very low, Rick Eisert, 2017 President of the Ottawa Real Estate Board, observes. The five-year average for new listings in January is 1,396 for residential and 500 for condominiums. January 2018 s listings were at 994 and 406 respectively.
We saw this trend throughout 2017, and the result is our resale market is being challenged by decreasing supply in both the residential and condo markets. Furthermore, as the supply continues to be reduced, it will tend to put an upward pressure on prices. This is simple supply and demand economics, he adds.
The average sale price of a residential-class property sold in January in the Ottawa area was $427,487, an increase of 8.8 per cent over January 2017. The average sale price for a condominium-class property was $263,744, a decrease of 8.6 per cent from January 2017. 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.
January s sales included 173 in the condominium property class and 539 in the residential property class.
Sales in the residential property class this month were on par with January 2017 with a minor decrease of 1.1 per cent. Unit sales in the condo market, however, have seen an increase of 45 per cent from 119 units sold in January 2017 to 173 units in January 2018, Eisert explains.
The most active price point in the residential market is the $300,000 to $449,999 range, accounting for 47.5 per cent of the market. While the most active price point in the condo market, between $150,000 and $249,999, accounts for 55 per cent of the market, states Eisert. There is a marked increase in the number of condo units sold in the lower end of the market specifically. This is likely due to the attractive lower price point and the fact that the demand is there.
For homeowners thinking of selling, this is a good time to get your property on the market before spring, Eisert advises. Since inventory is currently low, sellers will certainly get attention because selection for buyers in some areas, in particular, is quite limited.
In addition to residential and condominium sales, OREB Members assisted clients with renting 166 properties since the beginning of the year.
A Strong Finish for Ottawa s Real Estate Market in 2017
OTTAWA, January 4, 2018 - Members of the Ottawa Real Estate Board sold 771 residential properties in December through the Board s Multiple Listing Service System, compared with 711 in December 2016, an increase of 8.4 per cent. The five-year average for December sales is 687.
December s sales included 205 in the condominium property class and 566 in the residential property class. The average sale price of a residential-class property sold in December was $434,098, an increase of 3.4 per cent over December 2016. The average sale price for a condominium-class property was $255,335, a decrease of three per cent from December 2016.
December saw an increase of 3.5 per cent in the number of units sold in residential sales and 25 per cent in condo sales. This could very well be attributed to the changes in the mortgage qualification rules implemented January 1, 2018, speculates Ralph Shaw, 2018 President of the Ottawa Real Estate Board.
2017 was another solid year for the Ottawa Real Estate market in both the number of transactions as well as the reasonable increase in prices, about seven per cent in residential and three per cent in the condo market, Shaw acknowledges. We continue to have a stable and balanced market. Although inventory tracked low all year and new listings were down each month, new home supply counteracted the impact somewhat.
The total number of residential and condo units sold through the Board s MLS System throughout all of 2017 was 17,083, compared with 15,526 in 2016, an increase of ten per cent. Overall, residential sales volume was up 16 per cent.
In 2017, the condo market rebounded with a 22 per cent increase in the number of units sold, which is quite significant. The relatively flat increase in prices suggests that we found the ideal price point in which to move the units, Shaw concludes. As for residential sales, there was a good availability of product under $500,000 considering almost 10,000 out of approximately 13,500 residential units sold fell in that range.
2017 s average residential sale price was $425,063, an increase of 6.8 per cent over 2016, while the average condominium sale price was $269,903, an increase of 3.4 per cent over 2016. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.
When asked for a 2018 forecast regarding the new mortgage rules stress test, Shaw points out, One factor that will soften the blow of the new mortgage rules is Ottawa s average price point in the $400,000s, which means our market will certainly fare better than those in Toronto or Vancouver.
Nevertheless, he cautions, we will continue to monitor the impact of the stress test. It is unlikely that we will truly see the results of this poorly conceived piece of legislation until the end of the second quarter.
In addition to residential and condominium sales in 2017, OREB Members have assisted clients with the sale of 419 commercial properties and 20 farms units, as well as with the rental of 2,977 properties.
November Blues? Not in the real estate market
OTTAWA, December 5, 2018 - Members of the Ottawa Real Estate Board sold 1,239 residential properties in November through the Board s Multiple Listing Service System compared with 992 in November 2016, an increase of 24.9 per cent. The five-year average for November sales is 1,001.
November numbers are upholding the robust year we have been experiencing in the real estate market in 2017, Rick Eisert, President of the Ottawa Real Estate Boards states. Both residential sales and condo sales continue to steadily increase.
November s sales included 294 in the condominium property class and 945 in the residential property class. This is not surprising though, Eisert remarks. The Office of the Superintendent of Financial Institution s (OSFI) announcement regarding the new stress tests for low- ratio borrowers may have buyers rushing into the market before the stricter mortgage regulations come into play in January 2018. If this keeps up, I expect December could be a busier than usual holiday season for REALTORS .
The average sale price of a residential-class property sold in November in the Ottawa area was $418,354, an increase of 3.2 per cent over November 2016. The average sale price for a condominium-class property was $257,212, a decrease of 7.6 per cent over November 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.
It is crucial in a market that is moving quickly, such as the one we are experiencing, to ensure you are pricing your property correctly. Having the guidance and market knowledge of a REALTOR is essential for home buyers and home sellers, suggests Eisert.
The most active price point in the residential market is the $300,000 to $450,000 range, accounting for 46 per cent of the market. While the most active price point in the condo market, between $150,000 and $275,000, accounts for 66 per cent of the market, says Eisert. In addition to residential and condominium sales, OREB Members assisted clients with renting 2,821 properties since the beginning of the year.
Leaves may be falling, but the real estate market is not
OTTAWA, November 2, 2017 Members of the Ottawa Real Estate Board sold 1,243 residential properties in October through the Board s Multiple Listing Service System, compared with 1,214 in October 2016, an increase of 2.3 per cent. The five-year average for October sales is 1,165.
As we enter the 3rd quarter of the year, we continue to see the resale market outpace last year s performance, which was also a stellar year, says Rick Eisert, President of the Ottawa Real Estate Board. October s sales included 261 in the condominium property class, and 982 in the residential property class. Condominium sales continue to drive the overall residential sales market, with a year to date increase of 21.4 per cent over the same time period last year.
The fall market is brisk and could be fueled by the impending tightening of mortgage regulations, says Eisert. Properties continue to sell much faster in comparison to this time last year with the average days on market for residential properties down 17.7 per cent from 55 to 45 days. Our market could still be described as balanced, though in some areas it continues to trend towards a Sellers market.
Eisert adds Slow but steady growth best describes Ottawa housing prices. The average sale price of a residential-class property sold in October in the Ottawa area was $425,256, an increase of 7.7 per cent over October 2016. The average sale price for a condominium-class property was $269,604, an increase of 6.7 per cent over October 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.
In the residential market, the $300,000 to $399,999 range remains the most active price point, accounting for 33.3 per cent of the market. While in the condo market, the most active price point is between $175,000 and $249,999, accounting for 45.2 per cent of the market, says Eisert. In addition to residential and condominium sales, OREB Members assisted clients with renting 2,607 properties since the beginning of the year.
Steady September contributes to strong third quarter for 2017
OTTAWA, October 4, 2017 Members of the Ottawa Real Estate Board sold 1,387 residential properties in September through the Board s Multiple Listing Service System, compared with 1,365 in September 2016, an increase of 1.6 per cent. The five-year average for September sales is 1,250.
We are seeing no slowdown in the condo market. Sales have been increasing in this property class since February, with the average increase per month coming in at 25.5 per cent, says Rick Eisert, President of the Ottawa Real Estate Board. The boost in condo sales has impacted our year-to-date unit sale figures and is putting us on track for a strong year-end finish.
September s sales included 311 in the condominium property class, and 1,076 in the residential property class. Inventory levels and the number of new listings continue to tighten compared to the same time last year, explains Eisert. REALTORS are reporting substantial increases in attendance at open houses over the past few months. The low inventory and the late summer weather have certainly contributed to this increased traffic.
The Ottawa market is showing signs of stabilizing after the record-setting spring and summer. All indications suggest that it will be a typical selling season heading into the fall, says Eisert. Although properties continue to sell much faster in comparison to this time last year, our market is still balanced, though trending toward a Sellers market. The average increase in sale price has not skyrocketed, but rather has increased gradually due to more homes selling in the $450+ price range compared to last year.
The average sale price of a residential-class property sold in September in the Ottawa area was $416,464, an increase of 8.2 per cent over September 2016. The average sale price for a condominium-class property was $261,548, an increase of 3.9 per cent over September 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 most active price point in the residential market continues to be the $300,000 to $399,999 range, accounting for 36.2 per cent of the market. While the most active price point in the condo market, between $150,000 and $249,999, accounts for 51 per cent of the market, says Eisert. In addition to residential and condominium sales, OREB Members assisted clients with renting 2,364 properties since the beginning of the year.
Condo sales help set new record for August unit sales
OTTAWA, September 6, 2017 Members of the Ottawa Real Estate Board sold 1,538 residential properties in August through the Board s Multiple Listing Service System, compared with 1,481 in August 2016, an increase of 3.8 per cent. The five-year average for August sales is 1,343.
Condo sales continue to strengthen the Ottawa resale market, says Rick Eisert, President of the Ottawa Real Estate Board. These numbers also assisted in setting a new record for the number of units sold in August, pushing August 2016 unit sales into second-place. In comparison to last year the number of condo units sold was up 22.1 per cent, whereas residential units have held steady with a less than one per cent decrease over this time last year. We are actually seeing very similar numbers to that of July 2017.
August s sales included 359 in the condominium property class, and 1,179 in the residential property class. The number of new listings and inventory levels for the month of August continued their steady downwards trend compared to last year, explains Eisert. However, prices continue to remain relatively steady, especially in comparison to other markets in Canada. Over the past several years, Ottawa has been more or less on par with inflation rates.
While REALTORS have reported fewer multiple offer situations in the past month, we are seeing Sellers receive asking price or very close to it, says Eisert. Cumulative days on market have tightened significantly since last year. Residential listings are selling almost 30 per cent faster than this time last year, and condo units are selling just over 10 per cent faster than last year. Although, keep in mind that while some areas within the Ottawa market are quite active, other areas of the city remain less active.
The average sale price of a residential-class property sold in August in the Ottawa area was $420,335, an increase of 7.6 per cent over August 2016. The average sale price for a condominium-class property was $270,768, a decrease of 0.4 per cent over August 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 55.6 per cent of the market. Within the condo market, the most active price point was between $150,000 and $249,999, accounting for 49.5 per cent of the market, says Eisert. In addition to residential and condominium sales, OREB Members assisted clients with renting 2,153 properties since the beginning of the year.
Condo sales drive the Ottawa resale market in July
OTTAWA, August 3, 2017 Members of the Ottawa Real Estate Board sold 1,530 residential properties in July through the Board s Multiple Listing Service System, compared with 1,490 in July 2016, an increase of 2.7 per cent. The five-year average for July sales is 1,446.
The Ottawa resale market continued its steady pace into mid-summer, with condo sales really bolstering the market this past month, says Rick Eisert, President of the Ottawa Real Estate Board. We ve actually been seeing this positive trend since February. The condo market had been in a slump for the past few years because it was overbuilt. Some owners who had difficulty selling their condos rented them instead, thereby decreasing supply. Now as rental leases are coming due, combined with evidence of stronger condo sales, these owners are placing these units back on the market for sale. Meanwhile, residential sales have remained virtually the same in comparison to this time last year.
July s sales included 332 in the condominium property class, and 1,198 in the residential property class. The number of new listings coming onto the market continues to be on the lower end of the five-year average, especially where residential units are concerned, explains Eisert. Inventory levels continue to tighten, however the choice for buyers continues to be decent, with both entry-level properties and higher-end properties available, particularly in the condo market.
Cumulative days on market has been holding pretty steady throughout the course of 2017, says Eisert. However, when compared to numbers from 2016, residential properties in July 2017 are selling almost 22 per cent faster and condos just over 11 per cent faster than July of last year.
The average sale price of a residential-class property sold in July in the Ottawa area was $420,335, an increase of 5.3 per cent over July 2016. The average sale price for a condominium-class property was $267,641, an increase of 2.8 per cent over July 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.
Ottawa buyers are beginning to see prices climb in certain areas of the Ottawa market, so they are getting in on the market now, says Eisert. We continue to see an increase in the number of lifestyle properties sold the $750+ price range. As prices and the number of units sold in higher-end price ranges increase, so does the total sales volume. The condo market sales volume is up 32 per cent over last year, while the residential market is up by 16.5 per cent.
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 56.1 per cent of the market. Within the condo market, the most active price point was between $150,000 and $249,999, accounting for 50.7 per cent of the market, says Eisert. In addition to residential and condominium sales, OREB Members assisted clients with renting 1,825 properties since the beginning of the year.
Ottawa resale market proves strong in first half of 2017
OTTAWA, July 6, 2017 Members of the Ottawa Real Estate Board sold 2,162 residential properties in June through the Board s Multiple Listing Service System, compared with 1,985 in June 2016, an increase of 8.9 per cent. The five-year average for June sales is 1,818.
We re having a stellar year so far in 2017. Year-to-date sales numbers for the first half of the year are up in both the residential and condo property classes, combined coming in at a 13.5 per cent increase over the same time period in 2016, says Ralph Shaw, President-Elect of the Ottawa Real Estate Board. Average sale price in both the residential and condo class is up in the first half of 2017 compared to last year, although not a significant amount.
June s sales included 408 in the condominium property class, and 1,754 in the residential property class. Listings and inventory levels continue to trend downwards, and REALTORS report an increase in multiple offers on properties in some pockets around the city, says Shaw. While some areas within the Ottawa market are very active in sales, there are other areas of the city that remain very balanced and steady.
Something we hadn t seen for years, is the recent rise in the lifestyle market in both the residential and condo property class, with 46 over $1 million units sold in June, and 171 units over $1 million sold since the beginning of the year, says Shaw. Both numbers are more than double the amount sold last year. It indicates that home buyers are looking beyond their basic needs to check off more boxes from their wish lists such as view, downtown location, or acreage property.
Since the announcement in April by the Ontario Liberal government of cooling measures in Toronto, it s no surprise that the Ottawa market has been thriving. Not only is Ottawa an affordable place to live, it s also very desirable, says Shaw. We have a great mix of city life and rural expanses. It s no wonder MoneySense just named Ottawa as Canada s best place to live in 2017.
The average sale price of a residential-class property sold in June in the Ottawa area was $434,502, an increase of 8.8 per cent over June 2016. The average sale price for a condominium-class property was $289,905, an increase of 9.4 per cent over June 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 most active price point in the residential market continues to be the $300,000 to $399,999 range, accounting for 35.1 per cent of the market. Within the condo market, the most active price point was between $150,000 and $249,999, accounting for 50.8 per cent of the market, says Shaw. In addition to residential and condominium sales, OREB Members assisted clients with renting 1,496 properties since the beginning of the year.
Condo sales lead the way for stellar performance in May
OTTAWA, June 2, 2017 Members of the Ottawa Real Estate Board sold 2,300 residential properties in May through the Board s Multiple Listing Service System, compared with 1,919 in May 2016, an increase of 19.9 per cent. The five-year average for May sales is 1,946.
Not only was May 2017 the best May on record for unit sales, it also surpassed the record for highest unit sales in a single month ever; blowing the previous record out of the water by 315 units, says Rick Eisert, President of the Ottawa Real Estate Board. One of the reasons for these stellar numbers can be attributed to the condo market, which has really helped strengthen the whole market over the past several months. This is quite evident in May, where units sold increased by 44.6 per cent over May 2016.
May s sales included 444 in the condominium property class, and 1,856 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.
Sales activity continued to trend towards a sellers market, as evidenced by lower than normal inventory levels and listing averages for May, more multiple offer situations, and fewer days on market, but prices still remain relatively steady, explains Eisert. If we were in a true sellers market, we would expect to see a much higher spike in prices.
The average sale price of a residential-class property sold in May in the Ottawa area was $436,625, an increase of 7.4 per cent over May 2016. The average sale price for a condominium-class property was $270,993, an increase of 2.3 per cent over May 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.
Higher-end residential units in the $750,000+ range continue to outperform sales from last year, especially in the $1 million+ range, where unit sales have almost doubled those in May 2016, says Eisert. We are not seeing quite the same trend for condo units though, where there are increases in units sold in almost all price ranges.
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 56.4 per cent of the market. Within the condo market, the most active price point was between $150,000 and $249,999, accounting for 50.7 per cent of the market, says Eisert. In addition to residential and condominium sales, OREB Members assisted clients with renting 1,551 properties since the beginning of the year.
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.
March real estate market surges ahead
OTTAWA, April 5, 2017 - Members of the Ottawa Real Estate Board sold 1,485 residential properties in March through the Board s Multiple Listing Service System, compared with 1,160 in March 2016, an increase of 28 per cent. The five-year average for March sales is 1,240.
The busy spring selling season descended upon Ottawa early this year, remarks Rick Eisert, President of the Ottawa Real Estate Board. Unit sales for March marked the second-best on record, only 13 units down from the record set in March 2010. We re also starting to see properties move faster, with the average cumulative days on market sitting at 82 days. With all these positive numbers, it s still important to emphasize that price and conditions vary from neighbourhood to neighbourhood.
March s sales included 314 in the condominium property class, and 1,171 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 re seeing a lot more multiple offers than we ve experienced in a while, mostly due lower inventory levels, says Eisert. The number of properties listed in March also experienced a decrease over last year, and is about 100 units shy of the five-year listing average for March.
The average sale price of a residential-class property sold in March in the Ottawa area was $415,467, an increase of 5.3 per cent over March 2016. The average sale price for a condominium-class property was $272,597, an increase of 5.3 per cent over March 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.
We re seeing a trend since the beginning of the year, with 50 properties sold over $1 million in the first quarter of 2017, compared to only 22 in the first quarter of 2016, explains Eisert. Again this month, a higher number of properties in the over $1 million price range were sold. These gains were in both the residential and condominium property classes, with seven more residential units and four more condo units sold this year over last year. These high-end property sales are taking place throughout the market with Rockcliffe Park, The Glebe, and Westboro leading the way.
The two most active price points in the residential market in March were the $300,000 to $399,999 and the $400,000 to $499,999 range, accounting for 53.7 per cent of the market. Within the condo market, the most active price range was in the $150,000 to $249,999, accounting for 51.2 per cent of the market, says Eisert. In addition to residential and condominium sales, OREB Members assisted clients with renting 639 properties since the beginning of the year.
Spring market primed for a competitive season ahead
OTTAWA, March 3, 2017 - Members of the Ottawa Real Estate Board sold 1,010 residential properties in February through the Board s Multiple Listing Service System, compared with 908 in February, an increase of 11.2 per cent. The five-year average for February sales is 872.
Numbers continue to indicate a positive trend for Ottawa as a whole, says Rick Eisert, President of the Ottawa Real Estate Board. Even with the additional day in February last year due to the leap year, sales this year are up in both the residential and condo property classes. Keep in mind though, that all real estate is local, and that prices and conditions will vary from neighbourhood to neighbourhood.
A total of 2,066 homes were listed this month, up almost 25 per cent from January, while inventory on hand still remains low compared to last year, explains Eisert. Now is a great time to list your home in anticipation of the increase of buyer interest in the spring that will pick up as early as March.
February s sales included 233 in the condominium property class, and 777 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, townhouse, etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.
The average sale price of a residential-class property sold in February in the Ottawa area was $417,374, an increase of 8.5 per cent over February 2016. The average sale price for a condominium-class property was $258,397, an increase of four per cent over February 2016.
This month revealed a larger average price gain in the residential property class than usual due to an increase in the number of properties sold in the $750,000 to $999,999 and over $1 million price range, similar to what occurred with condo prices last month, explains Eisert. For example, in the over $1 million price range alone, there was a significant increase in sales over last year; 20 units sold in 2017 versus 6 units in 2016. It is important to note that dramatic changes in the average sale price is not indicative of all property values. We encourage buyers and sellers to talk to a REALTOR for more information about the housing market outlook where they live, or want to live.
In the residential market the most active price point was the $300,000 to $399,999 range for the month of February, followed by the $400,000 to $499,999 range, combined accounting for 54.6 per cent of the market. The condominium market was most active in the $150,000 to $249,999 price range, accounting for 54.9 per cent of the market, says Eisert. In addition to residential and condominium sales, OREB members assisted clients with renting 392 properties since the beginning of the year.
Sales shoot up in June
OREA - Ottawa, July 2, 2016 - Members of the Ottawa Real Estate Board sold 1,985 residential properties in June through the Board s Multiple Listing Service System, compared with 1,691 in June 2015, an increase of 17.4 per cent. The five-year average for June sales is 1,717.
Sales this past month contributed not only to the highest June on record, it also turned out to be the highest sales in any month ever in the history of the Ottawa market, remarked Shane Silva, President of the Ottawa Real Estate Board. The closest comparable sales figures are from May 2009 with 1,967 units sold. Normally the resale market has a slight dip in units sold from May to June each year. May is routinely the peak month for units sold; however, this year June sales increased by 3.3 per cent over May.
It s hard to say what fuelled this surge for June. It could be a combination of great weather and buyer activity from other markets, or it could be an anomaly. We will be closely watching the trend over the summer when sales typically slow down as buyers turn their attention to summer activities, Silva went on to explain.
June sales included 331 in the condominium property class, and 1,654 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.
Year-to-date units sold for the first half of 2016 are also performing quite well compared to the first half of last year, up 5.4 per cent. While year-to-date average sale price remains the same compared to last year, says Silva. A total of 3,220 residential and condo properties were listed in June, capping the month off with approximately 8,300 properties on the market, down 11.5 per cent from June 2015.
The average sale price of a residential-class property sold in June in the Ottawa area was $399,382, a decrease of 1.3 per cent over June 2015. The average sale price for a condominium-class property was $264,913, a decrease of 2.4 per cent over June 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.
Residential two-storey and bungalows continue to have the highest concentration of buyers in June, says Silva. In addition to residential and condominium sales, OREB Members have assisted clients with renting over 1,500 properties since the beginning of the year.
Sales on the rise in April
OREA - Ottawa, May 5, 2016 - Members of the Ottawa Real Estate Board sold 1,714 residential properties in April through the Board s Multiple Listing Service system, compared with 1,567 in April 2015, an increase of 9.4 per cent. The five-year average for April sales is 1,568.
The Ottawa resale market continued its steady pace upwards in April, making it the best April for unit sales on record since 2010, says Shane Silva, President of the Ottawa Real Estate Board. Units sold are up 548 since March, increasing in both the residential and condominium property class.
April s sales included 264 in the condominium property class, and 1,450 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.
In April, 3,644 homes were listed, up 13.8 per cent since March, and down by 2.8 per cent over April 2015, says Silva. Inventory levels at the end of the month remain healthy heading into, what is normally, the most active month of the year for Ottawa Real Estate Board Members.
The average sale price of a residential-class property sold in April in the Ottawa area was $403,603, an increase of 0.2 per cent over April 2015. The average sale price for a condominium-class property was $261,017, a decrease of 1.8 per cent over April 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 April were sales in the $300,000 to $400,000 price range, followed by the $200,000 to $300,000 price range, says Silva. Residential two-storey and bungalows have the highest concentration of buyers in April. In addition to residential and condominium sales, OREB Members have assisted clients with renting 937 properties since the beginning of the year.
Extra day in leap year causes jump in sales for February
OREA - Ottawa, March 1st, 2016 - Members of the Ottawa Real Estate Board sold 911 residential properties in February through the Board's Multiple Listing Service system, compared with 850 in February 2015, an increase of 7.2 per cent. The five-year average for February sales is 908.
"Although the weather was very unpredictable this month, with many highs and lows and several winter storms, the Ottawa resale market only saw activity pick up," says President of the Ottawa Real Estate Board, Shane Silva. "Residential and condo sales combined increased by 52.3 per cent since last month. However, we need to factor in the leap year, which added an extra day to the month of February, and 46 sales on that day."
February's sales included 199 in the condominium property class, and 712 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.
"In February, 2,312 homes were listed, up 26.6 per cent since January, and inventory on hand at the end of February rose by 10.7 per cent since January," says Silva. "We're starting to see more homes coming onto the market in preparation for the busy spring selling season. If you're thinking of putting your home on the market, this is a great time to do so."
The average sale price of a residential-class property sold in February in the Ottawa area was $384,632, an increase of 1.2 per cent over February 2015. The average sale price for a condominium-class property was $249,727, a decrease of 6.8 per cent over February 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 highest concentration of properties sold continues to be in the $300,000 to $400,000 price range, followed by the $200,000 to $300,000 range," says Silva. "These price ranges continue to have the highest concentration of properties sold - residential and condo - while two-storey, bungalow, and one-level condos have the highest concentration of buyers. In addition to residential and condominium sales, OREB Members assisted clients with renting 414 properties since the beginning of the year."
Ottawa resale market eases off with cooler January weather
OREA - Ottawa, February 1st, 2016 - Members of the Ottawa Real Estate Board sold 601 residential properties in January through the Board's Multiple Listing Service system, compared with 626 in January 2015, a decrease of four per cent. The five-year average for January sales is 618.
"The market momentum gained from the warmer weather in the latter part of 2015 has eased off with the arrival of typical winter weather in January," says President of the Ottawa Real Estate Board, Shane Silva. "We are seeing a drop in the number of residential and condo properties listed this January over the year before. However, the number of properties listed almost doubled the amount listed in December - a normal occurrence at the beginning of the year as people begin to plan for the year ahead."
January's sales included 129 in the condominium property class, and 472 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.
"Residential unit sales this month were down, while condominium unit sales were up, over last year," says Silva. "Residential two-storey and bungalow homes continue to have the highest concentration of buyers, with three-storey homes increasing in sales by over 50 per cent since this time last year. Two-storey condominium properties had a similar increase, showing the same amount of unit sales as one-level properties."
The average sale price of a residential-class property sold in January in the Ottawa area was $386,839, an increase of 4.6 per cent over January 2015. The average sale price for a condominium-class property was $247,205, a decrease of 1.3 per cent over January 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.
"A possible explanation for the increase in residential average sale price this month over last year is that the amount of properties sold over $1 million doubled that of last year, with six properties sold this month," notes Silva. "Nevertheless, the hottest segments of our market in January were sales in the $300,000 to $400,000 range, followed closely by the $200,000 to $300,000 range. In addition to residential and condominium sales, OREB members assisted clients with renting 200 properties in January."
Best September on record for number of Ottawa resales
OREA - Ottawa, October 2nd, 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.
"Inventory levels continued to decline; by over 4 per cent since last month, bringing the Ottawa resale market into balanced territory," says Oikle. "Cumulative days on market increased slightly to 93 days, up from 89 days in August. In addition, the average sale price remains steady."
The average sale price of a residential-class property sold in September in the Ottawa area was $385,142, an increase of 0.5 per cent over September 2014. The average sale price for a condominium-class property was $257,303, an increase of 1.3 per cent over September 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.
Typical summer resale market in Ottawa
OREA - Ottawa, August 3rd, 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.
"The $300,000 to $400,000 price range continues to have the highest concentration of properties sold, followed by the $200,000 to $300,000 range and then the $400,000 to $500,000 range," says Oikle. "Two-storey residential properties continue to have the highest concentration of buyers in Ottawa. In addition to residential and condominium sales, OREB members assisted clients with renting 344 properties in July, and 1,829 since the beginning of the year."
The Ottawa resale market remains steady and strong in May
OREA - Ottawa, June 1st, 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."
The April resale market in full bloom
OREA - Ottawa, May 4th, 2015 - 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."
Busy spring season arrives amidst March snow banks
OREA - Ottawa, April 2nd, 2015 - 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."
Resale buyers brave the February freeze
OREA - Ottawa, March 2nd, 2015 - 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."
Homebuyers undeterred by January cold
OREA - Ottawa, February 2nd, 2015 - 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."
October sales set a near record as market heads into buyer's territory
OREA - Ottawa, November 4th 2014 - Members of the Ottawa Real Estate Board sold 1,121 residential properties in October through the Board's Multiple Listing Service system, compared with 1,089 in October 2013, an increase of 2.9 per cent. The five-year average for October sales is 1,076.
"Sales from this past month are the second best on record for October, only comparable to the 1,199 sales in October 2009," explained Randy Oickle, President of the Ottawa Real Estate Board. "Our residential listing inventory is up 12.5 per cent from 2013, with 7,550 active listings at the end of October this year. Year-to-date sales have now slightly surpassed year-to-date numbers from last year, and we are up 0.2 per cent over 2013. Interestingly, although sales volume is slightly ahead of last year - when we were in a balanced market - the higher listing volume this year has moved us into a buyer's market."
October's sales included 194 in the condominium property class, and 927 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 $355,813, a decrease of 1.2 per cent over October 2013. The average sale price for a condominium-class property was $290,224, an increase of 7.3 per cent over October 2013. The average sale price of a residential-class property was $369,540, a decrease of 3.2 per cent over October 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.
"Again this month, the $300,000 to $399,999 price range continues to have the highest concentration of properties sold, followed by the $500,000 to $749,999 range," says Oickle. "Fifteen properties were sold in the over $1 million range, with six of these properties being condominiums. No condos were sold in this price range last year, which is a possible explanation for the large increase in average sale price for condos this October compared to last."
In addition to residential and condominium sales, OREB members have assisted clients with renting over 2,100 units so far this year. OREB members also assist clients with the sale of building lots, businesses, farms and recreational properties, and the leasing of commercial space.
Steady as she goes for September real estate sales in Ottawa
OREA - Ottawa, October 2nd 2014 - Members of the Ottawa Real Estate Board sold 1,133 residential properties in September through the Board's Multiple Listing Service system, compared with 1,118 in September 2013, an increase of 1.3 per cent. The five-year average for September sales is 1,103.
"Our community is fortunate to enjoy one of the most stable real estate markets in Canada," says Randy Oickle, President of the Ottawa Real Estate Board. "This is evidenced by the fact that the units sold and the average sale price in August and September has stayed within a few percentage points from the year before. We are also right on par with sales and average sales price year-to-date compared with 2013."
September's sales included 232 in the condominium property class, and 901 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 $356,915, an increase of three per cent over September 2013. The average sale price for a condominium-class property was $254,036, a decrease of 1.2 per cent over September 2013. The average sale price of a residential-class property was $383,406, an increase of 3.2 per cent over September 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 $399,999 price range continues to have the highest concentration of properties sold, followed by the $500,000 to $749,999 range, which is closely followed by the $275,000 to $299,999 price range," explains Oickle. "Condos performed better in September than in August, which could be a contributing factor in the latter price range having a higher concentration of properties sold than in the past."
In addition to residential and condominium sales, OREB members have assisted clients with renting almost 2,000 units so far this year. OREB members also assist clients with the sale of building lots, businesses, farms and recreational properties, and the leasing of commercial space.
Sales in August on the rise
OREA - Ottawa, September 2nd 2014 - Members of the Ottawa Real Estate Board sold 1,203 residential properties in August through the Board's Multiple Listing Service system, compared with 1,216 in August 2013, a decrease of 1.1 per cent. The five-year average for August is 1,199.
"As usual, we are seeing a typical end-of-summer slowdown, especially in comparison to July's record sales," says Randy Oickle, President of the Ottawa Real Estate Board. "Although sales numbers are down slightly since last year, August's sales are slightly higher than the five-year average, and continue to be on par with year-to-date sales compared to last year."
August's sales included 219 in the condominium property class, and 984 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.
"Units sold in the residential property class alone, excluding condos, are up four per cent year-over-year. And average sale price has increased for both the residential and condo class," says Oickle. "If you are planning on buying or selling a home, we encourage you to consult one of our member REALTORS to get in depth advice on prices in your neighbourhood."
The average sale price of residential properties, including condominiums, sold in August in the Ottawa area was $360,214, an increase of 3.4 per cent over August 2013. The average sale price for a condominium-class property was $263,996, an increase of 2.7 per cent over August 2013. The average sale price of a residential-class property was $381,628, an increase of 1.9 per cent over August 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 $399,999 price range continues to have the highest concentration of properties sold, followed by the $500,000 to $749,999 range - the later range up by 27.4 per cent from last year," explains Oickle. "This increase may possibly be the contributing factor in the average house price increases this month."
Second highest July sales on record
OREA - Ottawa, August 4th 2014 - Members of the Ottawa Real Estate Board sold 1,445 residential properties in July through the Board's Multiple Listing Service system, compared with 1,336 in July 2013, an increase of 8.2 per cent. The five-year average for July is 1,317.
"Sales from this past month are the second best on record for July, only comparable to the 1,578 sales in July 2009," indicated Randy Oickle, President of the Ottawa Real Estate Board. "Also, strong sales in the past few months have brought year-to-date sales right on par with 2013. This year is shaping up to be another strong and stable year for the Ottawa market, despite the lackluster sales in the first few months of 2014."
July's sales included 262 in the condominium property class, and 1,183 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 July in the Ottawa area was $356,735, a decrease of 0.8 per cent over July 2013. The average sale price for a condominium-class property was $261,663, a decrease of 5.3 per cent over July 2013. The average sale price of a residential-class property was $377,791, a decrease of 0.8 per cent over July 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 average sale price is down slightly since last year, partially because there were six fewer properties sold in the over $1 million range this July compared to July 2013," says Oickle. "The price range of $300,000 to $349,999 had the highest concentration of properties sold, followed by $350,000 to $399,999 range, then the $400,000 to $449,999 range. These numbers are indicative of first-time homebuyers still coming into the market, taking advantage of the continuing low interest rates. Buying or selling is always a very personal decision and we encourage consumers to contact one of our member REALTORS for professional advice."
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.
Spring buyers have come out of hibernation
OREA - Ottawa, June 3rd 2014 - Members 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 Spring resale market remains stable in April
OREA - Ottawa, April 3rd 2014 - Members of the Ottawa Real Estate Board sold 1,126 residential properties in March through the Board's Multiple Listing Service system, compared with 1,160 in March 2013, a decrease of 2.9 per cent.
"Sales picked up month over month, with 256 more properties switching hands in March than in February," says Randy Oickle, President of the Ottawa Real Estate Board. "That's a 29.7 per cent increase, which is to be expected of a spring market."
March's sales included 230 in the condominium property class, and 896 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.
"A total of 2,776 properties were listed in March, indicating that sellers were getting ready the busy spring market," explains Oickle. "The average days on market stood at 49 for the month of March, lower than the average of 61 days in January and February, indicating that properties are starting to move faster as we enter the second quarter of 2014."
The average sale price of residential properties, including condominiums, sold in March in the Ottawa area was $359,051, an increase of 0.3 per cent over March 2013. The average sale price for a condominium-class property was $251,381, a decrease of 2.1 per cent over March 2013. The average sale price of a residential-class property was $386,690, an increase of 0.2 per cent over March 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.
"It's a great time to buy or sell real estate," 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."
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 resale market remains stable in February
OREA - Ottawa, March 4th 2014 - Members of the Ottawa Real Estate Board sold 870 residential properties in February through the Board's Multiple Listing Service system, compared with 903 in February 2013, a decrease of 3.7 per cent.
"February sales are down slightly year-over-year, despite the less than favourable weather, and possible distraction of the Olympics," says President-Elect of the Ottawa Real Estate Board, David Oikle. "Typical of a burgeoning spring market, Ottawa's resales gained momentum in February. Looking at this month's sales, in comparison to last month's sales, the market has picked up as we approach the busiest time of the year - 282 more homes were sold in February, over January."
February's sales included 197 in the condominium property class, and 673 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.
The average sale price of residential properties, including condominiums, sold in February in the Ottawa area was $353,407, an increase of two per cent over February 2013. The average sale price for a condominium-class property was $257,752, a decrease of 2.3 per cent over February 2013. The average sale price of a residential-class property was $381,407, an increase of 2.1 per cent over February 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 hottest segments of our market in February are sales between $175,000 to $225,000 and $275,000 to $400,000. This could be indicative of first-time homebuyers being active buyers," explains Oikle. "With an increased inventory of listings going into March, we could see this momentum transfer to other market segments as first-time sellers re-enter the market as buyers and help contribute to continued market stability."
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's resale market lands softly in January's deep freeze
OREA - Ottawa, February 4th 2014 - Members of the Ottawa Real Estate Board sold 589 residential properties in January through the Board's Multiple Listing Service system, compared with 594 in January 2013.
"Residential sales this January were virtually identical to January 2013. Our members sold five more freehold residential properties and 10 fewer residential condos. Statistically, the difference is less than one per cent," says President of the Ottawa Real Estate Board, Randy Oickle. "The market activity is encouraging for homeowners considering the deep freeze Ottawa experienced this past month - a time when people are more apt to stay in and stay warm instead of venturing out to search for a home."
January's sales included 126 in the condominium property class, and 463 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 that are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.
"The number of properties listed in January more than doubled the amount from the previous month - a normal occurrence at the beginning of the year as the holidays draw to a close and people begin to plan for the year ahead," explains Oickle. "Interest rates continue to be low, with some whisperings of the rates decreasing and not increasing, as had been predicted in the last half of 2013. The Ottawa resale market has remained steady. There have been no major increases or decreases in sales or prices notwithstanding the government's intervention in mortgage rules over a year ago."
The average sale price of residential properties, including condominiums, sold in January in the Ottawa area was $346,744, an increase of one per cent over January 2013. The average sale price for a condominium-class property was $265,775, a decrease of 1.1 per cent over January 2013. The average sale price of a residential-class property was $368,779, an increase of 0.9 per cent over January 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 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 remains stable in 2013, devoid of large fluctuations
OREA - Ottawa, January 6th 2014 - 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.
OREB Stats Charts for the end of November
Click image for 7-page PDF report
November resale market on par with last year's results
OREA - Ottawa, December 3rd 2013 - The snowy month of November brought with it a slower than average resale market in Ottawa. Members of the Ottawa Real Estate Board sold 891 residential properties in November through the Board's Multiple Listing Service system, compared with 928 in November 2012, a decrease of four per cent. The five-year average for November sales is 939.
"The number of residential properties sold in November, excluding condos, was only down by five units compared to this time last year," says Tim Lee, President of the Ottawa Real Estate Board. "Sales for the first eleven months of the year are at 13,267, just slightly below the year-to-date sales for 2012."
November's sales included 174 in the condominium property class, and 717 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 November in the Ottawa area was $356,675, an increase of 1.9 per cent over November 2012. The average sale price for a condominium-class property was $258,118, no change from November 2012. The average sale price of a residential-class property was $380,593, an increase of 1.2 per cent over November 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.
"Keep in mind that market fluctuations do occur, and the Ottawa market remains in stable territory," explains Lee. "It is important for buyers and sellers to talk to an Ottawa area REALTOR for more information about the housing market outlook in the neighbourhood they live, or want to live. Ottawa continues to be a great place to buy and/or sell a home."
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.
Residential sales remain level to 2012 in October
OREA - Ottawa, November 4th 2013 -
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.
Residential sales jump in September
OREA - Ottawa, October 3rd 2013 -
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.
Condo sales dip below average, residential units remain steady
OREA - Ottawa, July 3rd 2013 -
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.
May Market cools as heat picks up
OREA - Ottawa, June 3rd 2013 -
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.
April sales up with Spring
OREA - Ottawa, May 3rd 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.
March sales down
OREA - Wednesday April 3, 2013 -
Members of the Ottawa Real Estate Board sold 1,167 residential properties in March through the Board's Multiple Listing Service system, compared with 1,388 in March 2012, a decrease of 15.9 per cent.
"The Ottawa market has been described as steady and stable for the past few years. It's not going up drastically, and it's not going down drastically," says Tim Lee, President of the Ottawa Real Estate Board. "The market was forecasted to slow down in 2013 as a result of recent mortgage changes, and indeed it has."
"According to chief economists at the Canadian Real Estate Association (CREA) and intelligence garnered from large mortgage lenders, large mortgage brokers, and large real estate brokers, the most recent changes to mortgage rules and guidelines has largely impacted first-time buyers by forcing them to focus on more affordably priced homes. They were, to a much lesser extent, priced out of the market," explains Mr. Lee. "When the changes were first announced, those who were actively shopping had to re-evaluate how much home they could afford to finance. Another factor for the slow-down of the Ottawa market could be the role of public service employment cuts in the local economy. "
March's sales included 253 in the condominium property class, and 914 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 March in the Ottawa area was $358,102, an increase of one per cent over March 2012. The average sale price for a condominium-class property was $267,604, a decrease of 4.1 per cent over March 2012. The average sale price of a residential-class property was $386,197, an increase of 2.7 per cent over March 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.
January sales steady
OREA - Monday February 4, 2013 - Members of the Ottawa Real Estate Board sold 602 residential properties in January through the Board's Multiple Listing Service system, compared with 682 in January 2012, a decrease of 11.7 per cent.
"The Ottawa resale market, which started to flatten out in November and December - potentially as a result of the governments' aim to "cool down" the market - maintained its steadiness into January," says Tim Lee, President of the Ottawa Real Estate Board. "January 2013 isn't too far off from the numbers we've seen in recent years, and although the units sold are a tad lower, Ottawa remains a healthy market."
An economic summary of expansion in Ottawa by Shore-Tanner and Associates indicated that the rates of growth in residents over the age of 55, and particularly in the formation of single and two-person households, will continue to rise in the coming years. Consequently, these trends indicate that there will soon be a strong demand for small apartments, condominiums, and retirement homes. "Within some areas of Ottawa, we are already starting to see condo sales on the rise," says Lee.
January's sales included 136 in the condominium property class, and 466 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 January in the Ottawa area was $342,458, a slight decrease of 1.8 per cent over January 2012. The average sale price for a condominium-class property was $268,604, an increase of 6.1 per cent over January 2012. The average sale price of a residential-class property was $364,011 a decrease of 2.5 per cent over January 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 2,800 sales representatives and brokers in the Ottawa area. Members of the Board are also members of the Canadian Real Estate Association.
November sales cool down
OREA - Tuesday December 4, 2012 - With the cooler weather, comes a slight "cool down" in the Ottawa resale market. While the average sale price increased, the number of units sold decreased on a year over year analysis. Members of the Ottawa Real Estate Board sold 931 residential properties in November through the Board's Multiple Listing Service system, compared with 1,023 in November 2011, a decrease of nine per cent. The five-year average for November sales is 890.
"Last year was the best November on record for resale home sales in Ottawa, while this November the sales have come back down to their normal levels," says Ansel Clarke, President of the Ottawa Real Estate Board. "Sales for the first eleven months of the year are at 13,692."
November's sales included 208 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, 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 November in the Ottawa area was $350,020, an increase of one per cent over November 2011. The average sale price for a condominium-class property was $258,500, a decrease of 2.6 per cent over November 2011. The average sale price of a residential-class property was $376,349, an increase of one per cent over November 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.
August sales take a mini-vacation
OREA - Tuesday September 4, 2012 - Members of the Ottawa Real Estate Board sold 1,141 residential properties in August through the Board's Multiple Listing Service system, compared with 1,328 in August 2011, a decrease of 14.1 per cent. The five-year average for August sales is 1,193.
August's sales included 248 in the condominium property class, and 893 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 number of residential properties sold has decreased compared to August 2011, while the average price has slightly increased," indicates Ansel Clarke, President of the Ottawa Real Estate Board. "The new mortgage rules came into effect in early July, and this could be an explanation for the decrease in properties sold. Potential home buyers may be waiting to save a bit more money before purchasing a property. This summer, we also experienced exceptionally hot weather, which may be a factor in the market slow down. This August's sales are still in line with the five-year average, so the Ottawa market remains steady despite a small dip in units sold." Clarke also notes that the total number of year-to-date properties sold is up 2.8 per cent and the average sale price is up 2.2 per cent from this time last year.
The average sale price of residential properties, including condominiums, sold in August in the Ottawa area was $346,949, an increase of 2.5 per cent over August 2011. The average sale price for a condominium-class property was $272,367, an increase of 7.6 per cent over August 2011. The average sale price of a residential-class property was $367,661, an increase of 1.7 per cent over August 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.
Steady summer sales in the Ottawa housing market
OREA - Friday August 3, 2012 - Members of the Ottawa Real Estate Board sold 1,366 residential properties in July through the Board's Multiple Listing Service system, compared with 1,321 in July 2011, an increase of 3.4 per cent. The five-year average for July sales is 1,360.
July's sales included 304 in the condominium property class, and 1,062 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 number of residential properties sold has slightly increased compared to July of 2011, while the average price has slightly decreased," notes Joanne Tibbles, Past President of the Ottawa Real Estate Board. "This may be because lower priced properties in certain areas of the city continue to sell quickly, while higher priced or unique properties are taking somewhat longer to sell. Nonetheless, the Ottawa market generally remains stable."
The average sale price of residential properties, including condominiums, sold in July in the Ottawa area was $337,518, a slight decrease of 1.2 per cent over July 2011. The average sale price for a condominium-class property was $265,903, a decrease of 1.7 per cent over July 2011. The average sale price of a residential-class property was $358,018, a decrease of 1.4 per cent over July 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.
June sales indicate consistency in the Ottawa market
OREA - Tuesday July 3, 2012 - Members of the Ottawa Real Estate Board sold 1,660 residential properties in June through the Board's Multiple Listing Service system, compared with 1,719 in June 2011, a decrease of 3.4 per cent.
June's sales included 365 in the condominium property class, and 1,295 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.
"Although there is a slight decrease in the number of residential properties sold this June, compared to June 2011, it seems to be the norm throughout the years," says Ansel Clarke, President of the Ottawa Real Estate Board. "For the past 10 years, with the exception of June 2011, sales have consistently and marginally decreased from May to June. This shows stability in the market, and also represents a continued steady market."
The average sale price of residential properties, including condominiums, sold in June in the Ottawa area was $352,800, a slight decrease of 0.1 per cent over June 2011. The average sale price for a condominium-class property was $278,447, an increase of 0.8 per cent over June 2011. The average sale price of a residential-class property was $373,756, a slight decrease of 0.4 per cent over June 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.
May Sales at a High for the Year
OREA - Monday June 4, 2012 - Members of the Ottawa Real Estate Board sold 1,896 residential properties in May through the Board's Multiple Listing Service system, compared with 1,659 in May 2011, an increase of 14.3 per cent.
May's sales included 364 in the condominium property class, and 1,532 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.
"Year-over-year for May, the Ottawa market is experiencing a significant increase in the number of sales, with an accompanying moderate increase in the average sale price," remarks Ansel Clarke, President of the Ottawa Real Estate Board. "The number of sales since the beginning of the year has also been on a steady incline, which coupled with increased inventory and gradual price increases, signifies a continued strong, steady market."
The average sale price of residential properties, including condominiums, sold in May in the Ottawa area was $362,837, an increase of 3.2 per cent over May 2011. The average sale price for a condominium-class property was $268,831, an increase of 2.5 per cent over May 2011. The average sale price of a residential-class property was $385,172, an increase of 2.1 per cent over May 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.
February News Release, Residential sales up from January
OREA - Wednesday March 14, 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.
Home sales steady in January
OREA - Friday February 10, 2012 - Members of the Ottawa Real Estate Board sold 684 residential properties in January through the Board's Multiple Listing Service#&174 system compared with 677 in January 2011, an increase of one per cent. The five-year average for January sales is 652.
Of those sales, 138 were in the condominium property class, while 546 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 results indicate it's been a typical month of January for the Ottawa and area resale housing market" said Board President Ansel Clarke. "It is interesting to note that the inventory of properties for sale is considerably higher than a year ago, offering a lot of choice to buyers."
The average sale price of residential properties, including condominiums, sold in January in the Ottawa area was $349,415, an increase of 5.6 per cent over January 2011. The average sale price for a condominium-class property was $253,210, an increase of 6.8 per cent over January 2011. The average sale price of a residential-class property was $373,731, an increase of 5.5 per cent over January 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.
Continued smooth sailing for home sales in October
OREA - Thursday November 3rd, 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 2.3 per 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.
Smooth sailing for home sales in September
OREA - Friday October 7th, 2011 - 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.
Resale homes sold quickly in August
OREA - Tuesday September 6, 2011 - Members of the Ottawa Real Estate Board sold 1,329 residential properties in August through the Board's Multiple Listing Service system compared with 1,099 in August 2010, an increase of 20.9 per cent. The five-year average for August sales is 1,225.
Of those sales, 285 were in the condominium property class, while 1,044 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.
"Through the summer, the resale housing market has picked up some momentum and made up for the quiet start to 2011; this year's unit sales to date are now within a percentage point of the number of homes sold by this time last year. However, we are seeing that homes are taking slightly longer to sell than they did in July," said Board President Joanne Tibbles. "Interest rates are still low, which continues to motivate many buyers and sellers, but a more balanced market means more properties for buyers to choose from, which often leads to a longer selling time," she added.
The average sale price of residential properties, including condominiums, sold in August in the Ottawa area was $337,372, an increase of 6.2 per cent over August 2010. The average sale price for a condominium-class property was $252,999, an increase of 3.1 per cent over August 2010. The average sale price of a residential-class property was $360,405, an increase of 6.3 per cent over August 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 residential averages sales chart (1956-2010)
Mortgage Qualifying rate down to 5.39%
Mortgage Alliance - Accumetrix
June 2011 Mortgage Rates
REGIONAL MARKET SUMMARIES - April 16th, 2011
Halifax witnessed the largest year-over-year price gains in Atlantic Canada and some of the highest gains nationally, including the largest increase in standard condominiums rising 13.1 per cent.
Montreal continued to post strong gains as standard condominiums posted a year-over-year increase of 8.7 per cent, while detached bungalows rose 7.6 per cent.
Ottawa s first-time buyers continue to drive the housing market as the region saw year-over-year price appreciation ranging between 5.2 to 5.9 per cent across all housing types surveyed this quarter.
Toronto s detached bungalows and standard condominiums made healthy gains increasing 4.5 per cent and 3.7 per cent respectively. Demand for detached bungalows was driven by first-time buyers concerned with potentially rising interest rates and developers who are rebuilding or renovating the homes into larger units.
Winnipeg s standard two-storey homes posted strong year-over-year gains rising 7.1 per cent to an average price of $297,125, second only to Vancouver in growth and tied with Halifax for this housing type.
While Saskatoon s housing market posted modest changes, the three housing types surveyed in Regina made healthy year-over-year gains ranging from 3.2 per cent to 5.4 per cent.
Edmonton s housing market stabilized with year-over-year price changes ranging from minus 1.8 per cent to increases of 2.3 per cent. Calgary s house prices saw modest year-over-year depreciation across all three housing types surveyed as a result of an increase in inventory. This coupled with low interest rates has presented attractive opportunities for potential buyers.
Driven by low interest rates, single family homes in Vancouver again dominated house price gains as two-storey houses rose year-over-year by 9.7 per cent. Although inventory is down slightly from last year, listings are keeping pace with demand.
Overnight rate stays at 1% - Mortgage qualifying rate up to 5.69%
Mortgage Alliance - Accumetrix
March sales back to normal after HST-fueled 2010
Wednesday April 6, 2011 - Members of the Ottawa Real Estate Board sold 1,232 residential properties in March through the Board's Multiple Listing Service system compared with 1,495 in March 2010, a decrease of 17.6 per cent. The five-year average for home sales in March is 1,256.
Of those sales, 296 were in the condominium property class, while 936 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.
"As you can see, last month we experienced a typical average March in terms of resale home sales. That certainly was not so last year for the same period. The effects of the introduction of the Harmonized Sales Tax in July were already being felt last March as more buyers leapt into the market to try to avoid taxes on the services associated with a real estate transaction," said Board President Joanne Tibbles.
"Years in which there are unusual market forces, such as the HST in 2010, tend to create skewed comparisons with subsequent years. Despite the lower volume of units sold, the average price continues to rise slightly, indicating that we are still in a healthy balanced market. Ottawa's housing market is actively moving along as it typically does in early spring," Tibbles added.
The average sale price of residential properties, including condominiums, sold in March in the Ottawa area was $346,148, an increase of 4.9 per cent over March 2010. The average sale price for a condominium-class property was $253,763, an increase of 6.5 per cent over March 2010. The average sale price of a residential-class property was $375,364, an increase of 5.6 per cent over March 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.
Mortgage Qualifying rate drops to 5.34%
Energy Saving Tips
Resale homes sold more quickly in February
OREA - Monday March 6, 2011 - Members of the Ottawa Real Estate Board sold 936 residential properties in February through the Board's Multiple Listing Service © system compared with 1,030 in February 2010, a decrease of 9.1 per cent.
Of those sales, 213 were in the condominium property class, while 723 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.
"Once again we're seeing sales numbers very close to the five-year average for February, which is 962 sales. It's important to note that the homes that sold last month did so far more quickly than in January, spending an average of just 33 days on the market. As well, prices rose slightly more than they had in the previous two months which indicate we still have a very steady market here in Ottawa," said Board President Joanne Tibbles. "This tells us that there is a demand for resale homes in Ottawa, and that when buyers see the home they want, they're going after it, perhaps even going up against other bidders," Tibbles added.
The average sale price of residential properties, including condominiums, sold in February in the Ottawa area was $338,408, an increase of 6.7 per cent over February 2010. The average sale price for a condominium-class property was $260,112, an increase of 6 per cent over February 2010. The average sale price of a residential-class property was $361,475, an increase of 6.9 per cent over February 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.
Steadier housing market seen ahead
Financial Post - Thursday, Feb. 17, 2011 - OTTAWA - Housing starts are expected to stabilize this year and next, after slowing in the second half of 2010, Canada Mortgage and Housing Corp. said Thursday.
Construction will total between 157,300 and 192,900 units in 2011 and range from 154,600 to 211,200 units in 2012, the federal agency said.
"Modest economic growth will continue to push employment levels higher this year and next," said CMHC chief economist Bob Dugan.
"This, in conjunction with relatively low mortgage rates, will continue to support demand for new homes. Housing starts will remain in line with long term demographic fundamentals over the course of 2011 and 2012."
CMHC said existing home sales will be between 398,500 and 485,500 units this year, and increase to between 406,300 and 519,700 units in 2012.
Mr. Dugan added that the market will "remain in the balanced to sellers' market range in 2011 and 2012," the average price is expected to "remain in line with economy-wide inflation in 2011 and 2012."
CREA Boosts Annual Resale Housing Forecast
February 9, 2011 - Yesterday the Canadian Real Estate Association (CREA) revised its 2011 forecast for home sales activity via the Multiple Listing Service (MLS) Systems of Canadian real estate Boards and Associations, and extended it to 2012.
Sales in the second half of 2010 rebounded faster than CREA had previously expected."The hand-off going into 2011, together with the highs and lows for sales activity posted in 2010, provided guidance for CREA's revised forecast," said Gregory Klump, CREA Chief Economist.
"Home buyers recognize that low mortgage interest rates represent a once in a lifetime opportunity. At the same time, they expect that rates will rise, so they're doing their homework in order to understand what it could mean in terms of higher mortgage payments down the road before they make an offer," said Georges Pahud, CREA President. "The housing market and buyer psychology is different now than it was at the beginning of last year, so buyers and sellers would do well to consult their REALTOR to understand local market trends."
The upward revision to CREA's forecast for 2011 reflects recent improvements in the consensus economic outlook and a further expected improvement in consumer confidence. National sales activity is now expected to reach 439,900 units in 2011, representing an annual decline of 1.6 per cent. In 2012, CREA forecasts that national sales activity will rebound by three per cent to 453,300 units, which is roughly on par
with the ten year average.
"Recent additional changes to mortgage regulations will further ensure that buyers don't buy more home than they can afford when interest rates inevitably rise," said Klump. "The announcement of the new changes to mortgage regulations will likely bring forward some sales into the first quarter that would have otherwise occurred later in the year, particularly in some of Canada's more expensive housing markets. This is expected to produce a milder version of the volatility in sales activity that we saw last year which resulted from additional transitory factors."
Three transitory factors contributed to volatility in sales activity last year: changes in mortgage regulations announced last February, the early withdrawal by the Bank of Canada of its conditional commitment to keep interest rates on hold until the second half of 2010, and the introduction of the HST in BC and Ontario during the summer of 2010. CREA expects that home sales activity will gain traction after dipping in the second quarter as the economic recovery and job growth continue, incomes grow, and consumer confidence further improves. "Even though mortgage interest rates are expected to rise later this year, they will still be within short reach of current levels and remain supportive for housing market activity. Strengthening economic fundamentals will keep the housing market in balance, which will keep home prices stable," said Klump.
The national average home price is forecast to rise 1.3 per cent in 2011 and 2012, to $343,300 and $347,900 respectively. Average price is expected to rise modestly in most provinces, reflecting the continuation of a healthy balance between supply of, and demand for, homes listed for sale. Although the supply of new listings is expected to trend higher, the expected continuation of sellers' market conditions in Manitoba is forecast to result in a bigger percentage increase in average price in 2011 and 2012 compared to other provinces.
Ottawa Real Estate Board MLS Residential Sales
