Ottawa, Ontario
June 2011
Solid June for Ottawa home sales
Members of the Ottawa Real Estate Board sold 1,712 residential properties in June through the Board’s Multiple Listing Service® system compared with 1,543 in June 2010, an increase of 11 per cent. The five-year average for June sales is 1,695.
Of those sales, 378 were in the condominium property class, while 1,334 were in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.), which is registered as a condominium, as well as properties, which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.
“It’s obvious that the dream of home ownership is alive and well in Ottawa, with solid sales numbers like these. First-time buyers are out in the market in a big way, due to continued low interest rates, and after last year’s HST-affected spring, we’re seeing a return to what the June resale market usually looks like in Ottawa,” said Board President Joanne Tibbles.
The average sale price of residential properties, including condominiums, sold in June in the Ottawa area was $353,560, an increase of 8 per cent over June 2010. The average sale price for a condominium-class property was $275,996, an increase of 9.6 per cent over June 2010. The average sale price of a residential-class property was $375,539, an increase of 7.3 per cent over June 2010. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.
The Ottawa Real Estate Board is an industry association of 2,680 sales representatives and brokers in the Ottawa area, and in 2011 is celebrating 90 years of service to its members. Members of the Board are also members of the Canadian Real Estate Association.
The MLS® system is a member based service, paid for by the REALTOR® members of the Ottawa Real Estate Board. The MLS® mark symbolizes the cooperation among REALTORS® to affect the purchase and sale of real estate through real estate services provided by REALTORS®. MLS® commercial and residential listings are available for viewing on the Board’s internet site at www.OttawaRealEstate.org and on the national websites of The Canadian Real Estate Association at www.REALTOR.ca and www.ICX.ca.
News And Views On The Ottawa Real Estate Market ast year's residential resale market can easily be divided into two parts. Because of changes to federal mortgage regulations and the introduction of the provincial HST, many buyers and sellers came into the market earlier than normal. That resulted in a hot start to 2010, where unit sales increased substantially over 2009, but quickly dipped once we got into May and beyond. By year's end, unit sales for 2010 (both residential and condominium) as reported by the Ottawa Real Estate Board (OREB) totaled 14,199 - a drop of 3.6% from 14,734 sales the year before. Perhaps the surprise of the year was the strength in price, as the average MLS® sales price rose 7.7% from $303,887 in 2009 to $327,225 in 2010.
The unit sales volume changes from year to year. But it is instructive to note a couple of points. First, 2009 represented a record year for MLS® sales in Ottawa. Second, some of that 2009 sales volume was a spillover from 2008, when the newspapers were filled with negative stories about the troubels in the US real estate market. What we saw was a strong last 10 months of 2009, due to carryover from postponed buying decisions in 2008, and a strong first 4 months of 2010, as buyers (and some sellers accelerated their decisions ahead of the amended mortgage rules and new HST. And underlying all of that were mortgage interest rates that were back down to a point approximating their 50 year low.
Average price level was very soft as we got deeper into a buyer's market that marked 2008. February 2009 even showed a decline in average price compared to the same month in 2008. But the market quickly changed in March 2009, and before long we were experiencing a seller's market. So there was really not a lot "normal" about the past 3 years, at least when it comes to making year over year comparisons.
If there is something normal to comment on, it is the simple fact that the economy of Ottawa, and subsequent employment, continues to be stable. We have always maintained that Ottawa is one of the most consistent real estate markets in Canada, even though people's buying and selling decisions can just as much affected by their perception of the world around them as by the day to day changes in personal employment and lifestyle.
Many other real estate markets experience dramatic price swings. But Ottawa enjoys a high level of public sector employment. Public administration, education and health care services account for 40% of employment in Ottawa. That figure does not include a myriad of professional and other services (including retail) that tie directly to the public sector base. Overall employment in Ottawa grew last year, wiping out recessionary job losses, and that upward trend is expected to continue.
October 2008
Click on the article to read the rest of the statistics.
Information provided by
Barb Paquette (Click here to contact agent)
Coldwell Banker Interactive Realty
September 2008
Click on the article to read the rest of the statistics
Information provided by
Barb Paquette (Click here to contact agent)
Coldwell Banker Interactive Realty
August 2008
|
Homes selling faster, prices still rising Ottawa, September 5, 2008 : Members of the Ottawa Real Estate Board sold 1,187 residential properties in August through the Board’s Multiple Listing Service® system compared with 1,307 in August 2007, a decrease of 9.2 per cent. There were 1,418 sales in July 2008. “Making comparisons with 2007 is always difficult, because it remains the best year on record by such a significant margin. When you compare this year’s sales numbers to 2006, which still stands as the second-best year on record for sales, it becomes much more apparent that Ottawa’s resale housing market is very steady. In fact, year-to-date sales are up over the same time period in 2006. At the end of August of that year, members of the Board had sold 10,141 homes. As of the end of August 2008, members have sold 10,469 homes in the Ottawa area this year,” said Board President Heather Skuce. The average price of residential properties, including condominiums, sold in August in the Ottawa area was $280,806, an increase of 5.1 per cent over August 2007. The Board cautions that average 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 price is calculated based on the total dollar volume of all properties sold. The Ottawa Real Estate Board is an industry association of 2,400 sales representatives and brokers in the Ottawa area. Members of the Board are also members of the Canadian Real Estate Association and thus are entitled to use the term REALTOR®. The MLS® system is a member based service, paid for by the REALTOR® members of the Ottawa Real Estate Board. The MLS® mark symbolizes the cooperation among REALTORS® to effect the purchase and sale of real estate through real estate services provided by REALTORS®. MLS® commercial and residential listings are available for viewing on the Board’s internet site at www.OttawaRealEstate.org and on the national websites of The Canadian Real Estate Association at www.mls.ca and www.ICX.ca. Information about listings and open houses is also available in the Board’s weekly newspaper, Ottawa Real Estate Guide, available free at 700 locations across the Ottawa area. Property Number Total Sales Average Average Month Class of Sales Volume Sale Price DOM ------------------------------ |
|
August RES 914 $274,866,111 $300,729 38 CON 273 $58,451,112 $214,107 31 ------------------------------ 1,187 $333,317,223 $280,806 |
|
|
Information provided by
Barb Paquette (Click here to contact agent)
Coldwell Banker Interactive Realty
July 2008
Members of the Ottawa Real Estate Board sold 1,390 residential properties in July through the Board's Multiple Listing Service® system compared with 1,451 in July 2007, a decrease of 4.2 per cent. There were 1,691 sales in June 2008.
"It's normal for the Ottawa market to have fewer sales in July, after the busy spring market cools off a little. Also, listing inventory has declined, so the market is becoming more balanced, and a balanced market is an ideal environment in which to buy or sell a property," said Board President-Elect Rick Snell. "Condominium sales are holding steady at 2007 levels, and the average sale price of residential properties sold on MLS® continues to rise. The Ottawa real estate market's fundamentals of affordability, buyer demographics, interest rates and gradual price growth are all favourable," he added.
The average price of residential properties, including condominiums, sold in July in the Ottawa area was $294,410, an increase of 9 per cent over July 2007. The Board cautions that average 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 price is calculated based on the total dollar volume of all properties sold.
Click to read the rest of Ottawa's monthly sales report
Click to read the rest of Ottawa's Year-to-Date statistics
Information provided by
Barb Paquette (Click here to contact agent)
Coldwell Banker Interactive Realty
June 2008
Rainy June Can't Dampen Home Buyers' Enthusiasm
Members of the Ottawa Real Estate Board sold 1,691 residential units in June through the Board's Multiple Listing Service® system compared with 1,640 in June 2007, an increase of 3.1 per cent. There were 1,897 sales in May 2008.
"Despite much wetter than usual weather in June, buyers obviously liked what they were seeing on the market. Condo sales are on par with last year and freehold homes continue to see increased sales over 2007," said Board President Heather Skuce. "Higher-end properties, in particular, saw a big jump in June. Board members sold 27 homes priced between $750,000 and $1 million, which is a 52.4 per cent increase in that price category over last June," added Skuce.
The average price of residential properties, including condominiums, sold in June in the Ottawa area was $298,484, an increase of 7 per cent over June 2007. The Board cautions that average 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 price is calculated based on the total dollar volume of all properties sold.
Click on the images to see a larger view of the statistics.
June Year to Date Sales
June Sales
June - Number of Units
Information provided by
Barb Paquette (Click here to contact agent)
Coldwell Banker Interactive Realty
From RBC's Special Report on Housing Affordability across Canada published March 2008:
Ottawa - balance still tilted toward a seller's market
Healthy housing market fundamentals continue to underscore Ottawa's market. The market is moderately tilted toward seller's territory with the sales-to-new listings ratio currently teetering around 0.7. Price gains are holding steady in the 5% year-over-year range. Price gains relative to incomes are manageable and have helped keep the market in affordable territory. The market witnessed only a slight deterioration in conditions in the final quarter of 2007. Affordability is expected to improve in 2008 due to mortgage rate relief and somewhat slower housing demand. New home construction looks to be tapering down but should remain at elevated levels. Support from the growing multiples sector will be a critical driver of housing starts this year.
Mortgage Carrying Costs
House Prices
Resale Market
Ontario - slower economy, improved affordability
As the province teeters on the brink of recession through 2008, we expect the impacts of slower growth (largely stemming from slower job growth and wage gains) to restrain housing activity in 2008. The annual pace of income growth for the fourth quarter of 2007 came in at the slowest pace among the provinces. Housing starts are still expected to remain elevated but should decline from 2007 levels. Affordability conditions deteriorated across all home segments but the pace of deterioration slowed. We expect this trend to continue in 2008 as some affordability relief materializes through a lower mortgage rate environment, softer price gains, and an overall slower economic growth profile.
September 2007
Information provided by
Barb Paquette (Click here to contact agent)
Coldwell Banker Interactive Realty
&
Earl Villeneuve (Click here to contact agent)
Coldwell Banker Coburn Realty
Average MLS® Residential & Condominium Sale Prices by Year for the Ottawa-Carleton Region with Percentage Change over the previous year:
Information provided by
Laura Hillary (Click here to contact agent)
Coldwell Banker First Ottawa Realty
