Ottawa Market Update, August 2014

Posted on: September 9th, 2014 by Chris Scott

The children are back in school – a sure sign that summer is coming to an end!

Members of the Ottawa Real Estate Board sold 1,203 residential properties in August through the Board’s Multiple Listing Service® system, compared with 1,216 in August 2013, a decrease of 1.1 per cent. The five-year average for August is 1,199.  It is normal to have an end-of-summer slow-down and, although sales numbers are down slightly since last year, August’s sales are slightly higher than the five-year average. If we exclude condos, residential units are up four per cent year-over-year.  Average sale price has increased for both the residential and condo class.

The average sale price of residential properties, including condominiums, sold in August in the Ottawa area was $360,214, an increase of 3.4 per cent over August 2013. The average sale price for a condominium-class property was $263,996, an increase of 2.7 per cent over August 2013. The average sale price of a residential-class property was $381,628, an increase of 1.9 per cent over August 2013. The $300,000 to $399,999 price range continues to have the highest concentration of properties sold, followed by the $500,000 to $749,999 range – the later range up by 27.4 per cent from last year which may possibly be the contributing factor in the average house price increases this month.

One area of concern is the Ottawa condo market. Sales are down 19% in August compared with 2013. There is lots of inventory available right now. I see sales remaining flat in this segment for the remainder of the year.

Each area, however, is slightly different.  If you are thinking of buying or selling a home, I hope you will feel confident to come to me for assistance.  Real Estate transactions are what I love to do and I would be happy to help you in any way I can.

Chris

Move to former Nortel Campus Delayed

Posted on: August 26th, 2014 by Chris Scott

It now looks like the initial move of DND employees to the former Nortel Campus on Moodie Drive at Carling has been delayed until late 2015.  The original plan was for the first group of 3,300 employees to start moving in January of 2014.  Eventually, 8,500 military and civilian employees will move to the new site over a six-year period.

The delay (of almost two years)  has caused some scrambling to renew leases on locations such as 400 Cumberland and 305 Rideau.  It has, no doubt, also caused some concern on the part of  employees scheduled to be moved who were thinking of relocating from the east to the west end of Ottawa.

No explanation has been offered by DND, nor have any details been released relating to the associated costs of extending leases for various offices.  The move will eventually reduce the number of rented and leased defence locations in Ottawa-Gatineau from 47 to 7.

Chris

 

The House Between Friends

Posted on: August 22nd, 2014 by Chris Scott

Imagine going into a bidding war on a house against your best friend.

Well, I was the Realtor caught in the middle.

It was a cold, snowy night in Ottawa. I was on my way to show a house that had just come on the market to some really close friends of mine. It looked to be a perfect fit for them. It had only been on the market for a few hours. As I approached the house I got another call from another couple and very goods friends who wanted to see the same listing. You have to understand that these two clients were also very close friends themselves(in each others wedding party’s close). My first thought when I got the call was that this was going to be awkward. But really….what was the chance of this house being “the one” for both of them?

Well, that question was answered about an hour later. After showing it to each of them back to back; my first thought was bang on. This was going to be awkward!

They both loved the house and wanted to place an offer on it. We couldn’t find a solution where everyone was happy. So…. they went into a bidding war. What are the chances of facing off against a good friend for the same house!!!

I excused myself from dealing with my second friend (because they were call #2) and set them up with a top Realtor in another office. That way everything we did was confidential and I wasn’t in the more awkward position of representing both parties.

Naturally, the client I was working with ended up securing the house :) In the end my inspector Sean uncovered some issues the seller was trying to conceal. That was the end of that house. In the daylight some of the craziest neighbours I have ever seen were also revealed……but that is a story for another day.

All that agony, awkwardness, sleepless nights and no deal!

We have laughed about this many times since.  Both clients found great houses shortly thereafter and we are all still good friends today.  It could have been a lot worse!

Chris

Ottawa Market Update, July 2014

Posted on: August 10th, 2014 by Chris Scott

Second highest July sales on record

For those of you who like really hot weather, this has not been the best summer.  It has, however, been a good summer – at least so far – for real estate.  Members of the Ottawa Real Estate Board sold 1,445 residential properties in July through the Board’s Multiple Listing Service® system, compared with 1,336 in July 2013, an increase of 8.2 per cent. The five-year average for July is 1,317.

Sales from this past month are the second best on record for July, only comparable to the 1,578 sales in July 2009.  Strong sales in the past few months have brought year-to-date sales right on par with 2013. This year is shaping up to be another strong and stable year for the Ottawa market. This is surprising after the really slow first quarter of the Ottawa real estate market. There may be more sales this July but it does not mean it has been easier for sellers to sell. We still have more inventory available this year then in years past, especially on the condo side of things.

The average sale price of residential properties, including condominiums, sold in July in the Ottawa area was $356,735, a decrease of 0.8 per cent over July 2013. The average sale price for a condominium-class property was $261,663, a decrease of 5.3 per cent over July 2013. The average sale price of a residential-class property was $377,791, a decrease of 0.8 per cent over July 2013. The average sale price is down slightly since last year, partially because there were six fewer properties sold in the over $1 million range this July compared to July 2013.

If you have any questions about the Ottawa Real Estate market please do not hesitate to contact me. I am always happy to help!

Chris

Ottawa Market Update, June 2014

Posted on: July 4th, 2014 by Chris Scott

Ottawa’s housing market continues to be strong and balanced as June’s numbers indicate.  It is really a fair market for both Ottawa home buyers and sellers alike. This is indicated in a very reasonable “days on market” (the number of days from listing start until sold date). In Ottawa we have an average days on market that is holding steady at 42 days.

The residential and condo unit inventory on hand is just over 8,500, compared to approximately 7,500 last year. While this moderate increase of 13 per cent in the inventory of residential and condo units has created more selection for buyers, and increased competition for sellers, this is consistent with an active housing market.

Members of the Ottawa Real Estate Board sold 1,661 residential properties in June through the Board’s Multiple Listing Service® system, compared with 1,593 in June 2013, an increase of 4.3 per cent. The five-year average for June is 1,636.  Ottawa is also doing well in comparison to the first six months of 2013. With positive numbers in May and June, year-to-date units sold are now only off by 106 units; while the average sale price has increased 1.5 per cent over a year ago.

The average sale price of residential properties, including condominiums, sold in June in the Ottawa area was $364,264, an increase of 1.4 per cent over June 2013. The average sale price for a condominium-class property was $258,135, a decrease of 2.8 per cent over June 2013. The average sale price of a residential-class property was $389,198, an increase of 1.8 per cent over June 2013. Each area, however, is slightly different.  If you are interested in knowing what your home is worth on today’s market, or even the house down the street, give me a call.

I hope you will call me if you are thinking of buying or selling.  By the way, referrals play a huge role in the success of my business so please think of me and do mention my name if you hear of anyone who is considering a move. I’d be delighted to have the opportunity to provide them with my real estate services.

Chris

 

Posting Season of 2014

Posted on: June 11th, 2014 by Chris Scott

This year was a very active posting season here in Ottawa. I had the opportunity to work with some wonderful military clients relocating to the city. Every HHT is different. Just to give you an idea where my 2014 Ottawa HHT clients have purchased so far:

  • Bridlewood (Kanata)
  • Carlingwood (near Westboro)
  • Morgans Grant (Kanata)
  • Half Moon Bay (Barrhaven)
  • Embrun- small community just East of Ottawa. 

With the exception of my Embrun clients, who are planning to retire soon, the location of choice  for my HHT clients is now west of downtown. It is important to consider the future DND headquarters that will be at the Nortel Campus about 15 min west of Downtown Ottawa.

If you or anyone you know is being relocated into or out of Ottawa, feel free to get in touch. It would be my pleasure to help you with your real estate needs.

Chris

Ottawa Market Update, May 2014

Posted on: June 5th, 2014 by Chris Scott

Spring Buyers have come out of hibernation! Members of the Ottawa Real Estate Board sold 1,792 residential properties in May through the Board’s Multiple Listing Service® system, compared with 1,797 in May 2013, a decrease of 0.3 per cent. The five-year average for May is 1,765. April was a bit slow for the Ottawa market but May sales are up 26.2 per cent from April – or 372 units. The inventory on hand continues to grow, and prices remain stable.

If we look at the residential property class alone, the units sold year over year are up 1.2 per cent. The market for condos, however, has been sluggish. We’re seeing a 19 per cent increase in the amount of inventory on hand over this time last year and unit sales are down 7.1 per cent. If you are looking to buy and hold, the selection and prices are attractive. Let me know if a condo is what you are looking for and we can discuss the pros and cons and timing.

The average sale price of residential properties, including condominiums, sold in May in the Ottawa area was $381,172, an increase of 3.2 per cent over May 2013. The average sale price for a condominium-class property was $280,661, an increase of 6.9 per cent over May 2013. The average sale price of a residential-class property was $401,626, an increase of 2.1 per cent over May 2013.

Every area has slightly different market values.  If you would like to know the value of your property – or if you are thinking of buying or selling, please do not hesitate to contact me.  I am always available to take your call.

Chris

Ottawa Market Update, April 2014

Posted on: May 5th, 2014 by Chris Scott

Members of the Ottawa Real Estate Board sold 1,420 residential properties in April through the Board’s Multiple Listing Service® system, compared with 1,569 in April 2013, a decrease of 9.5 per cent.  With a late spring in terms of weather, it isn’t unexpected to see the market have a later upswing than normal.

That being said, properties sold in April were on the market an average of 45 days, a few days less than what was indicated in March.  In addition, 233 more properties changed hands in April than was the case in March so there has been a continued steady pace upwards since year-beginning.

Average sale prices are on par with prices from a year ago, even year-to-date price comparisons remain steady.  The average sale price of residential properties, including condominiums, sold in April in the Ottawa area was $374,015, an increase of 0.8 per cent over April 2013. The average sale price for a condominium-class property was $258,500, a decrease of three per cent over April 2013. The average sale price of a residential-class property was $399,541, an increase of 0.9 per cent over April 2013.

Every area, however, shows different trends.  If you are interested in knowing the value of your property, please give me a call.

Chris

Announcing our Contest Winner

Posted on: April 25th, 2014 by Chris Scott

Ottawa Market Update for March 2014

Posted on: April 5th, 2014 by Chris Scott
The spring home buying and selling season is coming into bloom.

Members of the Board sold 1,189 residential properties in March through the MLS® System, an increase of 2.5% over March of 2013. Things are heating up.

The average sale price of residential properties, including condominiums, sold in March in the Ottawa area was $358,741, an increase of 0.3 per cent over March 2013. The average sale price for a condominium-class property was $251,580, a decrease of 2 per cent over March 2013. The average sale price of a residential-class property was $386,553, an increase of 0.2 per cent over March 2013.

Every area is, however, slightly different so please give me a call if you are interested in knowing the value of your property.
 
I hope you will call me if you are thinking of buying or selling.  By the way, referrals play a huge role in the success of my business so please think of me and do mention my name if you hear of any family, friends, neighbours or colleagues who are considering a move. I’d be delighted to have the opportunity to provide them with my real estate services.
Chris