The housing market in Ottawa was hot again, despite not so great weather which (most think) fueled the resale housing market. Members of the Ottawa Real Estate board sold 1,577 residential properties in July 2009 compared to 1,414 in July 2008. That is an increase of 11.5 percent over 2008.

Home values saw an increase with the average condominium sale price rising 2.9 percent over July 2008 to $216,826. Residential homes saw an increase of 1.2 percent over July 2008 to $322,795.

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

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http://www.MattRichling.com

Matt Richling is a sales representative with RE/MAX Affiliates Realty Ltd., Brokerage, Independently Owned and Operated - The opinions of the authors expressed herein do not necessarily state or reflect those of the RE/MAX or RE/MAX Affiliates Realty Ltd., Brokerage.

"Chateau & Locks" by viamoi on Flickr

What a crazy month it has been! The last six weeks have been very busy around the office and it is great to see the statistics agreeing. The begining of the year was slower, and then the market just took off. When I speak to other agents, we are all seeing multiple offers, under 14 day DOM (days on market), many buyers taking advantage of the low financing rates.

What does this mean?
Be prepared. Get pre-approved. Know yourself, and know what you want. Have full communication with your real estate agent and tell him/her what you are thinking. In this type of market I can (and will) get you what you tell us that you are looking for, but if you are not ready, or if it is truly not the right property for you, we need to know!
I can go farther on this topic (stay tuned, another post for sure!), but will stay on topic of statistics for today.

Coles Notes Version: Number of sales over last May is up 3.9 per cent, and a 19 per cent over April 2009. Average price for is up 5.3 per cent over last May and condo price rose 4.6 per cent over last May.

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Members of the Ottawa Real Estate Board sold 1,969 residential properties in May through the Board’s Multiple Listing Service® system compared with 1,896 in May 2008, an increase of 3.9 per cent. That number also represents a 19 per cent increase over the 1,594 sales recorded in April 2009.

Of those sales, 348 were in the condominium property class, while 1,621 were in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, etc.) which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.

“This was the best May on record for residential resale home sales in Ottawa,” said Board President Rick Snell. “Homes in every price range are selling well, from starter homes to luxury properties. Homebuyers and sellers are showing a lot of confidence in the Ottawa real estate market,” he added.

The average sale price of residential properties, including condominiums, sold in May in the Ottawa area was $312,045, an increase of 5.3 per cent over May 2008. The average sale price for a condominium-class property was $231,351, an increase of 4.6 per cent over May 2008. The average sale price of a residential-class property was $329,368, an increase of 4.7 per cent over May 2008. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.

For the full release visit the Ottawa Real Estate Board Website.

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http://www.MattRichling.com

Matt Richling is a sales representative with RE/MAX Affiliates Realty Ltd., Brokerage, Independently Owned and Operated - The opinions of the authors expressed herein do not necessarily state or reflect those of the RE/MAX or RE/MAX Affiliates Realty Ltd., Brokerage.

Rideau Falls! Photo Credit to ViaMoi on Flickr

The monthly statistics were released by the Ottawa Real Estate Board (OREB) today and are showing a very positive vibe. Overall, we are seeing increases in price and sales which is a great sign.

Since this time last year, average prices have rose one percent in residential and 2.8 percent with condominium properties. Sales of both residential and condominium are also up a modest 2.2 percent over last year. Something that Rick Snell, the president of OREB mentioned in the news release below is that there are still multiple offer scenarios taking place. Many of you have heard me tell my story about the property that I showed to a client that sold within 48 hours for about $11,000 over asking price (at the 200k mark that is about 5%). Good properties are not lasting, and it is still important to have all of your “ducks in a row” when looking at homes.

You can read the full news release below.

Spring Market in full bloom in Ottawa

May 5, 2009 : Spring Market in full bloom in Ottawa

Members of the Ottawa Real Estate Board sold 1,594 residential properties in April through the Board’s Multiple Listing Service® system compared with 1,560 in April 2008, an increase of 2.2 per cent. There were 1,162 sales in March 2009

Of those sales, 323 were in the condominium property class, while 1,271 were in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, etc.) which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.

“Spring is historically the busiest time in the Ottawa real estate market, and it is clear that this year is no exception. Out-of-town buyers as well as local buyers are taking advantage of the low interest rates and our stable real estate market,” said Board President Rick Snell.

“I’m hearing from Board members that some properties are even attracting multiple offers, which shows me the confidence buyers have in our market,” he added. The average price of residential properties, including condominiums, sold in April in the Ottawa area was $298,150, an increase of 1 per cent over April 2008. The average price for a condominium-class property was $216,502, an increase of 2.8 per cent over April 2008. The average price of a residential-class property was $318,900, an increase of 0.7 per cent over April 2008. 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.

From the Ottawa Real Estate Board.

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http://www.MattRichling.com

Matt Richling is a sales representative with RE/MAX Affiliates Realty Ltd., Brokerage, Independently Owned and Operated - The opinions of the authors expressed herein do not necessarily state or reflect those of the RE/MAX or RE/MAX Affiliates Realty Ltd., Brokerage.

This was sent over to me from another agent in Toronto, who knew that I would just love to see and post about this. If you get a chance go grab this month’s copy of Canadian Business Magazine when you are in chapters. I will include my coles note version below.

- It is a buyers market, and great market for first time buyers entering the market.
- High end sales (+1 Million) are slow.
- Real Estate is STILL and will continue to be your best investment. Compared to stocks - On March 30th 09, the S&P/TSX composite index dropped 42% from its 52 week high, while real estate dropped only 11% since last may. (keep in mind this is the average across Canada, Ottawa has only dropped 3.3% since last feb)
- 48% of Canadians under the age of 35 plan to buy a home within two years (last year that number was 36%)
- Flipping homes in this market is not going to work, we still don’t really know what is going to happen.
- Rental markets are extremely strong, which are great for income producing real estate.
- There is also a chunk of the article on commercial real estate, so message me below if you would like to hear about that.

Check out the article and let me know what you think.

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http://www.MattRichling.com

Matt Richling is a sales representative with RE/MAX Affiliates Realty Ltd., Brokerage, Independently Owned and Operated - The opinions of the authors expressed herein do not necessarily state or reflect those of the RE/MAX or RE/MAX Affiliates Realty Ltd., Brokerage.

I came across this recent interview with Micheal Polzler on CTV News about first time buyers and the current impact that they play on our market. Micheal Polzler is the RE/MAX Eastern Ontario Atlantic Canada regional director and executive vice president. Great little clip which you can watch HERE.

It touches on a couple interesting points:
- It can be cheaper to own rather than to rent
- All of you first time single women are not alone (you are the largest demographic of first time buyers)
- There are many great/amazing deals and this is the time to be buying
- The largest barrier to entry is going to be your down payment and closing costs

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http://www.MattRichling.com

Matt Richling is a sales representative with RE/MAX Affiliates Realty Ltd., Brokerage, Independently Owned and Operated - The opinions of the authors expressed herein do not necessarily state or reflect those of the RE/MAX or RE/MAX Affiliates Realty Ltd., Brokerage.

The Farmers Market in the Byward Market. Ottawa market is getting HOT! Photo Credit to suellen1111_s on Flickr!

As I recently reported, the spring market has picked up and Ottawa is certainly bucking the national trends. Our sales for last month compared to March 2008 have just been released by the Ottawa Real Estate Board.

Ottawa spring market off to a good start

April 3, 2009 : Ottawa spring market off to a good start

Members of the Ottawa Real Estate Board sold 1,162 residential properties in March through the Board’s Multiple Listing Service® system compared with 1,084 in March 2008, an increase of 7.2 per cent. There were 788 sales in February 2009.

Of those sales, 250 were in the condominium property class, while 912 were in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, etc.) which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.

“This is a good beginning to the spring market. Confident buyers are taking advantage of the great opportunities that are available to them right now, such as historically-low interest rates and a good supply of properties for sale,” said Board President Rick Snell. “We’re very fortunate to have a stable economy here in Ottawa, and I think buyers are acting cautiously but feeling positive about our resale housing market this spring,” Snell added.

The average price of residential properties, including condominiums, sold in March in the Ottawa area was $286,888, virtually unchanged over March 2008. The average price for a condominium-class property was $208,936, an increase of 0.6 per cent over March 2008. The average price of a residential-class property was $308,256, a decrease of 1.4 per cent over March 2008. 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.

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http://www.MattRichling.com

Matt Richling is a sales representative with RE/MAX Affiliates Realty Ltd., Brokerage, Independently Owned and Operated - The opinions of the authors expressed herein do not necessarily state or reflect those of the RE/MAX or RE/MAX Affiliates Realty Ltd., Brokerage.

Rideau Street, Hudsons Bay Department Store in the evening. Photo is actually "stiched" using many smaller photos to make one large panoramic.

Below is another article that I found which was printed in The Financial Post. It provides the results from the RBC home-ownership survey which was conducted by IPSOS REID. For more articles like below, check out the media section.

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Homebuyers in good mood: poll
Confidence particularly high among first-time buyers, bank says

Becky Rynor, The Financial Post

In spite of the economic downturn, most Canadians still believe it is a homebuyer’s market, with more first- timers planning to jump into the market, according to a study released Wednesday by the Royal Bank of Canada.

“The current economic environment does not appear to have dampened Canadians’ overall confidence in the housing market,” said Royal Bank spokeswoman Karen Leggett.

“Canadians continue to have an overwhelming belief in the long-term value of a home and we’re seeing this in the buying intentions of many first-time homebuyers this year.”

In the 16th annual RBC home-ownership survey, 65 per cent of Canadians said they think it’s a buyer’s market, with 27 per cent saying they intend to buy a new home over the next two years.

RBC said that’s up from 23 per cent in 2008.

The survey, conducted by Ipsos Reid, shows that almost half of respondents, 48 per cent, said it makes sense to buy a home now instead of waiting until next year.

Younger Canadians, those under 35 years old, are most likely to spark an upsurge in homes sales, with 48 per cent saying they plan to buy a home. That’s up sharply from 36 per cent last year.

And renters appear to be saying they’re tired of paying someone else’s mortgage.

The survey shows 38 per cent of the renters plan on becoming homeowners in the next two years.

“Low mortgage rates and favourable housing prices are influencing home purchase intentions this year and may be the reason why more Canadians are poised to purchase over the next two years,” RBC said.

A large majority of Canadians, 83 per cent, remain positive that home ownership is a good investment.

That is down slightly from 85 per cent in 2008 and from the all-time high of 90 per cent in 2006.

In a marked change from last year, 54 per cent of Canadians said they believe housing prices will be lower in 2009, up from 31 per cent in 2008.

The survey found that in Ontario, home-buying intentions have increased over last year, with 30 per cent saying they are likely to purchase a home within the next two years. That’s up from 21 per cent in 2008.

In Quebec, 22 per cent of respondents said they are likely to purchase a home within the next two years, up from 21 per cent in 2008 and 19 per cent in 2007.

Likewise in Alberta, where the survey found 35 per cent of Albertans were likely to purchase a home within the next two years, well above the national average of 27 per cent and up from 29 per cent in 2008.

RBC also predicts increased home-buying activity in Atlantic Canada, where 25 per cent indicated they were likely to purchase a home within the next two years, up from 20 per cent in 2008 and 24 per cent in 2007.

In Manitoba and Saskatchewan, 25 per cent of those responding to the survey said they intend to buy a home in the next two years, compared with 21 per cent in 2008. However, 60 per cent think it makes more sense to wait until next year to buy.

The survey found that home-buying intentions in British Columbia remain unchanged from last year, with 26 per cent of residents saying they intend to buy in the next two years. A majority, 55 per cent think it makes more sense to wait until next year to purchase a home.

The online survey of 2,026 adults was conducted between Jan. 6 and 9. Ipsos Reid said the results are accurate within plus or minus 2.2 percentage points, 19 times out of 20.

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http://www.MattRichling.com

Matt Richling is a sales representative with RE/MAX Affiliates Realty Ltd., Brokerage, Independently Owned and Operated - The opinions of the authors expressed herein do not necessarily state or reflect those of the RE/MAX or RE/MAX Affiliates Realty Ltd., Brokerage.

Picture credit to Samirdiwan on Flickr

The Ottawa Real Estate Board just posted the statistics for market sales in February. In the press release they indicate what the number of sales for the month were, but do not talk about the change in price. You can see a copy of the press release below.

March 4, 2009 : Dazed and confused?

Members of the Ottawa Real Estate Board sold 787 residential properties in February through the Board’s Multiple Listing Service® system compared with 980 in February 2008, a decrease of 19.7 per cent. There were 530 sales in January 2009.

“What I am hearing from fellow REALTORS® is that many buyers are out there looking, but seem nervous about making offers. They’re confused by what they’ve been reading and hearing about the state of the real estate market. The fact is, although sales and prices have both declined here in Ottawa, they have remained relatively steady when compared with the sharp decreases seen in other parts of Canada,” said Board President Rick Snell.

“Ottawa’s resale housing market is balanced, which offers opportunities for both sellers and buyers, especially first-time buyers,” Snell added. “More competitively-priced homes combined with current low interest rates make it a fantastic time for first-time buyers to get into the market.”

“Ottawa’s resale housing market is balanced, which offers opportunities for both sellers and buyers, especially first-time buyers,” Snell added. “More competitively-priced homes combined with current low interest rates make it a fantastic time for first-time buyers to get into the market.”

http://www.MattRichling.com

Matt Richling is a sales representative with RE/MAX Affiliates Realty Ltd., Brokerage, Independently Owned and Operated

***The opinions of the authors expressed herein do not necessarily state or reflect those of the RE/MAX or RE/MAX Affiliates Realty Ltd., Brokerage.***

The Ottawa Real Estate Board has released this information regarding housing statistics on real estate in Ottawa for Janurary 2009. Once again it is almost the opposite that you are hearing on the news, especially when they are reporting on B.C. or Alberta.

This article has been added to the Media section, where you can find other articles on Ottawa real estate.

Neither boom nor bust, but holding steady

Members of the Ottawa Real Estate Board sold 530 residential properties in January through the Board’s Multiple Listing Service® system compared with 652 in January 2008, a decrease of 18.7 per cent. There were 467 sales in December 2008.

“While the market in Ottawa may not be booming, it’s certainly not a bust either. Sales declined the same amount in January as they did in December, which tells me that buyer confidence is holding steady here in the national capital,” said Board President Rick Snell.

“Also, most homes in Ottawa are holding their value, in spite of the fact that winter is always a quieter time of year for real estate, and in the face of a generally pessimistic economic outlook across Canada,” Snell added.

The average price of residential properties, including condominiums, sold in January in the Ottawa area was $288,105, an increase of 1.5 per cent over January 2008. 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.