Take a look at this perfect starter home. This three bedroom and two bath semi-detached is great for those looking for more space. Entertain in the open kitchen, dining room and living room. Go outside to the cedar deck and smell the bbq steak! Relax in your huge spa complete with soaker tub, rain shower head, and large master bedroom. Close to schools, river, boat launch, parks. Storage Shed, extra large paved driveway, ALL stainless steel appliances, backsplash… TONS of upgrades throughout.

For a private showing or for more information please call Matt Richling directly at 613-286-9501 or email Matt[at]Mattrichling.com .

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http://www.MattRichling.com

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.

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.

Just released from the Ottawa Real Estate Board. Below is the information regarding November’s sales information.

Members of the Ottawa Real Estate Board sold 646 residential properties in November through the Board’s Multiple Listing Service® system compared with 890 in November 2007, a decrease of 27.4 per cent. There were 964 sales in October 2008.

“These numbers are right in line with the Canada Mortgage and Housing Corporation’s just-released forecast for resale home sales in Ottawa for the remainder of 2008,” said Board President Heather Skuce. “Sales are moderating to near-2006 levels; in fact, 2008’s year-to-date sales numbers are still slightly ahead of 2006. In that year, 13,090 homes had been sold by November 30, versus 13,264 so far this year. Sale prices continue to rise, and CMHC says Ottawa is now becoming a balanced market, which offers plenty of opportunity for both buyers and sellers,” Skuce added.

The average price of residential properties, including condominiums, sold in November in the Ottawa area was $291,441, an increase of 7.7 per cent over November 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 entire press release can be found here.

Http://www.MattRichling.com - Matt Richling - Ottawa Real Estate

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

Yes, I understand how corney this picture is. Thank goodness its not me holding it.... If you can find a better picture I'll send you a $10 starbucks giftcard!

There’s been a lot of talk about real estate in the news in recent months. We’ve heard about declining housing starts, falling existing home sales, double-digit price depreciation, subprime fallout and foreclosures – in the United States. Fortunately, we live in Canada. And Canadian real estate markets are far-better positioned than their American counterparts for a good number of reasons.

1. Subprime mortgages represent less than five per cent of our market nationally.
2. Foreclosures occur in about one quarter of one per cent of mortgage transactions in this country.
3. Canadians have more equity in their homes.
4. We have less debt than our neighbours south of the border.
5. Speculation has played little or no role in existing home sales in Ontario.
6. The fundamentals of our economy are relatively solid. Of the G8 countries, only Canada is expected to show growth in 2008 and 2009.
7. The Canadian banking system is one of the best in the world, relying more on old-fashioned lending than innovative financial products geared toward profit.
8. The Canadian job market is stronger than the US, adding more than 200,000 jobs so far this year.
9. Interest rates remain favourable.
10. Housing values in Ontario major centres did not experience serious, double-digit price appreciation year-after-year for an extended period. Our markets were characterized by stable, healthy growth.
11. Immigration continues to play a key role in housing markets. Between 2001 and 2006, more than 1.1 million immigrants came to this country, with about half settling in the province of Ontario. Immigrants tend to purchase a home within the first five years of living in Canada.

Real estate is cyclical. There will be peaks and valleys. The more restrained the peak, the more modest the valley.

There is no question that market conditions have moderated from 2007’s record pace. More listings, softer housing values, longer days on market – but most centres are relatively solid. While some buyers and sellers will adopt a wait-and-see attitude, there are those that will continue to venture forward.

That said, sellers will need to be realistic in setting a selling price. Listing a property at fair-market value will ensure that it will sell in a reasonable amount of time. This is not the time to test the market. Those that are truly interested in selling their properties know that over-priced homes risk stagnation. Buyers in today’s market will need to be careful not to overextend themselves. They should know exactly what they can afford. Pre-approval for a mortgage loan is ideal because it lets buyers know exactly how much they can spend on their new home.

Looking forward, we anticipate a continuation of stable market activity, minus the urgency present in past. Gone are the multiple offers that left both buyers and sellers dissatisfied. The increase in the number of homes listed for sale are a definite advantage for purchasers who now have the luxury of time in making one of the most important decisions of a lifetime. For sellers, the time to trade-up has never been better.

Canadians are great believers in homeownership – a fact underscored by the close to 70 per cent who own homes in this country. History has proven time and time again that real estate is a solid, long-term investment that appreciates at a rate of about five per cent annually. You can’t live in your mutual fund, and after the last month in the financial markets, quite frankly, we’re not sure you’d want to.

Earlier today the OBJ posted the released Ottawa Real Estate Board statistics for the month of september. (Which is very odd, usually agents get it before if not the same day and I cant seem to find them anywhere yet. Hmmmm) Anyways, the meat:

- Overall housing sales jumped 9.3 per cent to 1,208 units for the month.
- This is after two months of declines and six months of weak sale numbers.
- “Prices continued to rise at a gentle but steady pace, similar to what we’ve been seeing for the past few months, which is great news for sellers,” said board president Heather Skuce.
- Average price for both (freehold and condominius) sold in September was $288,006, a 6.1 per cent increase from last year.
- Multi-unit’s averaged per unit price of $205,510 a 8.1 per cent increase from last month.
- Freehold homes sold for an average price of $309,971, a 5.8 per cent increase from last year.

So what does all this mean to you? If you are looking at selling, the above numbers show that September marked the beginning of the fall rush and it would be a good idea to get your property on the market to maximize your return.

If you are wearing the buyer hat, prices are going to stay at the levels they are at till December, if not rise. The next couple of months will have a high amount activity, a lot more buyers, and a lot more sellers. Be prepared and have all of your ducks in the row - Financing/Mortgage, preferred closing dates, and knowing exactly what you are looking for in a home. If you do not come to the table prepared you risk getting beat by another buyer.

Long term? Prices are still rising. Personally I believe that prices will continue to rise during peak periods (spring/fall) and will either slightly level out or remain the same during the “off periods” (summer/winter).

Http://www.MattRichling.com