So it is the middle of the month. PERFECT opportunity to breakdown the current statistics for the Ottawa Condo Market. We are going to talk about three markets - Entire Ottawa, Downtown Core, and West Ottawa North.

ENTIRE OTTAWA

Currently in Ottawa there are 560 condo properties for sale across the entire Ottawa Real Estate board (107 of which are conditionally sold, but not sold firm). The average price for all these listed is $350,101. Over the last month (most accurate current information), the average price listed was $234,115 with the average sale being $230,111 - providing a 98% list to sale price ratio with average of 30 DOM (days on market). Total amount of condominiums sold in Ottawa, year to date is 2,650.

DOWNTOWN OTTAWA CORE

Currently in the downtown Ottawa core (see above map) there are 124 condominium properties for sale (16 which are conditional sold, but not sold firm). The average list price for these units is $543,868, which is high, mainly due to a fair number of new construction buildings listing the penthouse/larger units - in return raises the average). Over the last month (most accurate current information), the average price listed was $335,025 with the average sold price being $333,799 - providing a 100% list to sale price ratio with an average of 13 DOM (days on market). Total amount of condominiums sold in the downtown core, year to date is 375.

WEST OTTAWA NORTH

Currently in the west Ottawa north area (see above map) there are 62 condominium properties for sale (12 which are conditional sold, but not sold firm). The average list price for these units is $439,958, which is high, due to a couple high priced resale listings. Over the last month (most accurate current information), the average price listed was $294,412 with the average sold price being $289,578 - providing a 99% list to sale price ratio with an average of 39 DOM (days on market). Total amount of condominiums sold in the west Ottawa north area, year to date is 221.

RECAP

What does this mean? If you are looking in the downtown core, units are NOT lasting on the market. If you are relying on solely checking the MLS website, *YOU WILL MISS OUT ON PROPERTIES* especially in this market. Get signed up on an auto-notification search through your Realtor. Ensure he/she is sending you the listings asap, not one a one email per day or week setup. Also this data also shows that if you are willing to move outside the downtown core how much you can save. In most cases $40,000 or even up to $100,000 for certain parts of the city. Where do you want to live? What is your pre-approved (through a mortgage broker) amount, and what is your budget (sometimes these are two very separate numbers)?

If you would like more specific data about your area, or would like to talk about selling your home, please contact Matt Richling directly 613-286-9501 or by email Matt@MattRichling.com.

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http://www.MattRichling.com

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.

Who ever said that Ottawa was a boring government town with no taste, is proven wrong again with 669 Edison Avenue in Westboro. Both sides of this 2009 semi-detached home are available for purchase, which just recently had the finishing touches put in place. The units, which are mirrors of each other both boast three generous sized bedrooms, and three bathrooms (with the rough in for the fourth in the basement). The interior, all hardwood except the basement with Berber carpet and bathrooms with tile, were designed for entertaining with the open concept main level, chef’s quality kitchen and high nine foot ceilings. The basement is fully finished including over sized windows, and plenty of room for storage. No expense spared on the exterior either, with full landscaping in the front and fully fenced, maintenance-free backyard.

Did we mention the homes are both Energy Star qualified! Meaning that there are features through out the home designed to save you money, have improved air quality, and expand fewer pollutants than non-qualified homes. For more information on Energy Star and what exactly it requires - go here.

Both homes are listed on the Multiple Listing Service for $464,900 per side and are available with a short closing period. For a private tour please contact Matt Richling directly at 613-286-9501.

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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.

Earlier last week I asked around Twitter and Facebook (add me!) for anyone that had a question about real estate that they would like to have answered. Below are the first three questions I was asked. Do you have a question - Ask me!

Kim P on Facebook asked - I am thinking about moving to Calgary, can you refer me to an agent out there?

Of course! Before I set you up with an agent that works in a specific area, I want to find out exactly what your needs are and get a better feel for the type of agent you would “mash” well with. Whenever I refer someone, it reflects back on me, so I will work extra hard to ensure that you are being taken care of!

Also it is good to note that I attend a high number of networking events that allow me to meet agents from all over the world specifically for this reason. To be able to help any of my clients that are moving, regardless if it is in Ottawa, Halifax, or a small remote town in Asia, I can and will be able to refer an agent.

mstrpln on Twitter asked - Where’s the best (and modest) neighborhood to move to in Ottawa?

I had a chuckle with this question. I would love to spit out an answer but I do not believe that there is a perfect answer to this question. Each client is going to be looking for different features in a neighborhood and will find different pros and cons that will matter to her/his family. This is where knowing what you want (see link to previous post) is important and will help you (and me) figure out what you might find to be modest compared to the next person (or even your significant other!). While one neighborhood might be seen as cheap and rough, the next person see’s as affordable and a great entry into the market.

spiche on Twitter asked - In your opinion, if buying new, where should we focus our money when upgrading to get the most return when we sell later on?

Great question and one I get asked often by clients who are buying new from builders. I like to start the answer with asking how long you are planning on staying at that home? If you are staying for a period of time that allows you to enjoy the property then take your preferences towards how you will use the property in high regard. For example, if you enjoy cooking and will spend many evenings cooking and entertaining, then spending money in the kitchen will not only benefit you as the home owner living in the unit for the next five years, but also benefit the buyer when you sell. If you

If your answer is more in the shorter time frame or you just don’t like the question, focus on your typical renovation areas - kitchen, bathrooms, flooring, basement (finishing the basement and bathroom).

Buyers are just like you (…they ARE you!)  and are for the most part, going to be looking for the same things you are. Not every home will work with every client, but if you are going to be investing upgrades into your general areas (kitchen, bathroom, flooring, basement etc) then feel asured. Want a more specific answer to your situation? - Ask me!

Do you have a question that you would like answered? Let me help you and help others by answering your question! Email me, Twitter me, or message me on Facebook.

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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.

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.

"Spring Flowers" in the Byward Market! Credit to Justin S. Campbell on Flickr

WOW! Has the market ever picked up. Over the last two weeks there has been a huge shift in activity and sales. Open Houses, sign calls, and web questions have doubled almost tripled over the past few months and I think it is safe to say people are “coming out of hiding”.
I was showing a client an entry-level investment rental property on Sunday and it was a circus, the only thing missing was an elephant. During the three hours that the listing agent could schedule showings (the tenants work nights and sleep during the day) there was 15 showings including mine. So if you can imagine an actual line-up of people on this street at 10am with coffee in one hand, feature sheets, flashlights and measuring tapes in the other. All trying to be the first ones in. It did not work out for my buyer, but as you can imagine it went to a competing offer scenario and went above asking price. This is not the first time I have heard of this happening as of late in Ottawa. If you follow me on Twitter, or Facebook, (Add me!) then you might see the amazement from the other agents outside of Ottawa who do not understand. I had another agent from Toronto ask, on my Facebook, for other peoples confirmation that this is the true environment, and that I was not just pushing a load of positive-ness.

As the weather continues to get better (today I believe we hit 18 degrees!!) so will the market activity!

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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.