Call 1-855-695-9250 or 613-695-9250

Committed to being Canada’s Best Broker

Ottawa Real Estate News

 

Ottawa Real Estate Board Reports:

 

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 resale market goes out like a lion

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 to 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 is primed for 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”.
 

Home Inspection Act finally passed: Property Law

 
By Bob Aaron Property law Sat., May 6, 2017

Until the new legislation was passed last month, anyone with a flashlight and a business card could call himself or herself a home inspector.

The Ontario government last month finally passed legislation to regulate the home inspection industry and establish qualifications for home inspectors.

The Home Inspection Act 2017 establishes minimum standards for home inspection contracts, home inspection reports, disclosures and the performance of home inspections.

Under the new law, anyone performing a home inspection must be licensed and insured. A written contract with the homeowner must be signed, and a written report has to be delivered after the inspection.

Until now, anyone with a flashlight and a business card could hold himself or herself out as a home inspector. Without any rules for training, competence, insurance or oversight, the field was truly the Wild West.

Although the new law has received Royal Assent, it will not come into effect until the government drafts and proclaims regulations to implement the details of the legislation.

A regulating authority like the Law Society or the Real Estate Council of Ontario will be established by government regulation to oversee the profession.

Requirements for errors and omissions insurance will be implemented, and a code of conduct enacted to govern the conduct of registered inspectors. A discipline committee and an appeal committee will be established by regulation to enforce compliance.

A government announcement noted that these changes will ensure that consumers benefit from quality advice, are protected from surprise costs and are aware of safety issues before buying a home.

They will also create a level playing field for the home inspection industry, preventing inspectors with little or no training from competing with qualified professionals.

Back in 1994, the Ontario Association of Home Inspectors was established by an Ontario law, but membership was voluntary. The association pushed for a licensing regime for several years.

The government recognized the legislative vacuum and in December 2013, it commissioned a blue-ribbon panel to report on industry regulation. Not surprisingly, the panel’s report, entitled “A Closer Look: Qualifying Ontario’s Home Inspectors,” recommended setting up a governing body to license, govern and regulate home inspectors. Mandatory insurance, education standards and a code of ethics would be instituted.

The panel reconvened in 2015 and affirmed the 35 recommendations in its earlier report. Still the government took no action. In March 2016, Liberal MPP Han Dong (Trinity—Spadina) introduced a private member’s bill to regulate the home inspection industry.

The following month, David Orazietti — then Minister of Government and Consumer Services — told me that he felt strongly about the issue, and wanted greater regulation in this area.

“I’m committed to introducing legislation as soon as possible,” he said, adding that it would be “within this year.”

In August last year, no doubt prompted by Dong’s private member’s bill, the government announced its intention to introduce legislation.

The new law received first reading in the legislature in November, but was not passed until last month.

Ontario consumers have had to wait for this legislation more than three years after the first panel recommended regulating the industry. And there will be more waiting while the government drafts implementation regulations.

https://www.thestar.com/life/homes/2017/05/06/home-inspection-act-finally-passed-property-law.html

 

Comparitive Sales 2015-2016
Residential Units: 2015 2016
Number Sold 11,962 12,598
Average Value $391,745 $397,778
Condominium Units:
Number Sold 2,691 2,939
$259,910 $260,982
  • Terms
  • Posted Rates
  • Our Rates
  • Variable Rates
  • 2.70%
  • 1.80%
  • 1 YEAR
  • 2.99%
  • 2.29%
  • 2 YEARS
  • 2.84%
  • 2.34%
  • 3 YEARS
  • 3.39%
  • 2.39%
  • 4 YEARS
  • 3.89%
  • 2.69%
  • 5 YEARS
  • 4.64%
  • 2.29%
  • 7 YEARS
  • 3.39%
  • 3.19%
  • 10 YEARS
  • 6.10%
  • 3.79%

Free Reports

Download a list of useful references.

FEATURED PROPERTIES
3 found. Viewing page 1 of 3. Sort By: Default
Prev
Next
3 found. Viewing page 1 of 3. Sort By: Default
Prev
Next
View all properties...
Get Social

LAND
TRANSFER

Calculator

Calculate your Taxes

Subscribe To Our

Newsletter