The Ottawa resale market remains steady and strong!
This has been the most active May since 2009. Despite all the doom and gloom you hear on the news, the Ottawa real estate market remains very stable. The inventory levels are high which means lots of selection for buyers. By most accounts it would be considered a buyers’ market right now in Ottawa – especially in the central condo market.
Members of the Ottawa Real Estate Board sold 1,926 residential properties in May through the Board’s Multiple Listing Service® system, compared with 1,789 in May 2014, an increase of 7.7 per cent. The five-year average for May sales is 1,812.
The average cumulative days on market was 72 days in May, compared to 74 last month. The average sale price of a residential-class property sold in May in the Ottawa area was $411,791, an increase of 2.6 per cent over May 2014. The average sale price for a condominium-class property was $266,940, a decrease of 4.9 per cent over May 2014.
Since every area is slightly different, please don’t hesitate to give me a call if you are curious about what is happening in your neighborhood.
According to CMHC, MLS® sales are expected to remain flat between now and the end of 2016 and in spite of flat sales and rising listings, balanced market conditions will prevail in 2015. Listings will edge higher in 2016 and, as a result, the average price of a resale home will show a small increase.
Total housing starts are expected to decrease slightly mostly due to a reduction in condo apartment starts. The inventory of completed and unsold condo units will gradually decrease causing starts to edge up again in 2016.
Housing demand is expected to remain steady in Ottawa in 2015 due to low mortgage rates and affordable prices. This may change in 2016 with modest price growth and potentially higher mortgage rates.
An increase in the supply of secondary rental market units will provide more options for renters this year but this will be short-lived as the demand for rental units is expected to increase in 2016.
If you are curious about property values in your Ottawa neighbourhood feel free to get in touch.
The real estate market is in full swing at the moment. We had a really busy April. I was involved with 5 separate multiple bid situations in April. This is the surest sign that buyers are out of hibernation and eager to find something. This past month there were over 1570 residential properties sold. This is above the 5 year average for April of 1,531. Good sign that Ottawa remains a very stable place to invest in real estate.
The average sale price of a residential-class property sold in April in the Ottawa area was $403,239, an increase of 0.9 per cent over April 2014. The average sale price for a condominium-class property was $265,371, an increase of 2.7 per cent over April 2014. Higher end properties are starting to move which likely accounts for the residential average sale price entering the $400,000 range.
Average cumulative days on market has improved in April, coming in at 74 days, compared to 83 in March. Properties are moving faster and inventory is plentiful, with just under 9,000 residential properties, including condos, available for sale going into May. Every neighbourhood/segment has very different variables to consider. For information on whats happening in your area feel free to get in touch.
The Spring Market in Ottawa Real Estate is alive and well! Members of the Ottawa Real Estate Board sold 1,208 residential properties in March through the Board’s Multiple Listing Service® system, compared with 1,184 in March 2014, an increase of two per cent. The five-year average for March sales is 1,236. March’s sales, which numbered 356 more units than in February (a 41.8% increase), included 228 in the condominium property class, and 980 in the residential property class.
The only concern in the market remains the high level of inventory in some neighbourhoods and price ranges. For instance in Stittsville there is over 12 months of inventory available for buyers looking over $500,000.
The average cumulative days on market was 83 for the month of March, lower than the average of 99 days in February and 119 days in January indicating that properties are starting to move faster as we enter the second quarter of 2015. Average sales price has also increased, ever so slightly. So far, the 2015 resale market looks to be steady and stable.
The average sale price of residential properties, including condominiums, sold in March in the Ottawa area was $361,572, an increase of 0.7 per cent over March 2014. The average sale price for a condominium-class property was $251,666, no change over March 2014. The average sale price of a residential-class property was $387,141, no change over March 2014. The hottest segments of our market in March were sales between $300,000 and $400,000, followed by the $200,000 to $300,000 price range. If you want market statistics for your neighbourhood, please feel free to get in touch.
DND employees were supposed to start moving in to buildings at 3500 Carling Avenue site by the end of this year but that will be delayed for at least nine months as the federal government spends $30 million to fix the structural problems. Existing leases for DND offices around the Ottawa area will have to be extended until the new move-in dates.
The giant walls are made up of panels of glass windows. The seals on many of the windows have failed and the frames that support the glass are weak. All the windows will now have to be replaced. Because of the reconstruction of the outside glass walls, the move of the first DND employees to the campus will now take place in the fall of 2016.
DND will eventually transfer 8,500 military and civilian employees to the Carling Avenue location. Despite the initial delay, the move is still expected to be finished by 2020.
Government officials still insist the move of DND employees will save taxpayers $750 million over the next 25 years. The DND and Public Works have not released any information, however, to back up that claim.
Internal DND documents provide some of the reasons for the move to Nortel: reduced cab fares, less need for commissionaires to guard offices and an atmosphere that allows people to work better together.
If you have been transferred to Ottawa, feel free to get in touch. I specialize in military relocations and would be happy to be of service and can provide you with references from successful Ottawa House hunting trips over the past years.
If you are posted to Ottawa and are planning your house hunting trip, there are some important factors to consider. It is not easy to relocate to a new city and find a good neighbourhood, highly ranked school, and a suitable house. To do so in a few days is a daunting task. Having a good Realtor can certainly help! One with experience dealing with these type of relocations.
As you know, once you move to Ottawa you can be posted at a moments notice. That is why you need to find a house that is very re-sellable. For military clients we can use the 2 strikes approach. Do not buy anything that might have adverse effects on resale- If you do, make sure it has only one strike! examples being-
-houses on very busy streets
-houses backing onto or in close proxminity to power lines.
-buying in neighbourhoods with lowly ranked schools
-rural style houses. These can be more difficult to re-sell
-most expensive houses in a particular segment.
-houses with neighbours who do not care about the appearance of their homes.
-houses backing to other commercial buildings or busy streets
I can go on and on! The most important factor is making sure you pay a fair price. You can’t afford to overpay for a home. You could be on the move in a few years and don’t have time for the market to catch up to an over-inflated value. Of course I can help make sure this doesn’t happen.
If you want to chat about your upcoming posting or house hunting trip in Ottawa please feel to get in touch. My cell is 613-863-6999.
If you have been posted to Ottawa this year and are relocating to the city I have a few tips for you.
As you may know, DND headquarters is moving from its current building in downtown Ottawa to Nepean (Ottawa west) to take over the Nortel campus. This is a major project and will be happening over the next 3 years. This is definitely something to keep in mind if you have been posted to Ottawa. Some very popular neighbourhoods for my military clients are now Kanata and Stittsville. In previous years it was always Orleans. These neighbourhoods offer great schools, lots of amenities, and the homes tend to be newer. The house prices also tend to be reasonable compared with other marketplaces. Resale is also usually quick as this is an important consideration as you never know when your next posting message comes in.
It is important to note that there are buildings downtown, in Gatineau, Leitrim and on Startop rd in Ottawa east that will still be fully operational for years to come. It is important to know where you will be working. Stittsville is a great commute to the new DND but is across the city to Startop rd. and even further to Letrim.
Please feel free to get in touch with me if you are planning to relocate to Ottawa. I specialize in HHT’s and would be happy to be of service. I am always reachable on my cell at 613-863-6999.
Buyers are just starting to come out of hibernation. It was a harsh winter and this extra cold weather did have an effect on resale numbers in Ottawa. Ottawa Realtors sold 868 properties residential properties in Ottawa for February. Our 5 year average is 914. Condo sales were down 10% from the same period last year. Not bad numbers considering.
The average sale price of residential properties including condos was $358,206. The hottest segment of the Ottawa re-sale market is between $300,000-$400,000 followed by $200,000 – $300,000.
As I look through our monthly sales numbers one thing has caught my eye. The average days on market is way up as compared with last year. When I examine days on market(DOM) it looks like a reasonable 59 days as compared with 57 from last year at first glance. However, when you look at the combined days on market, the number is much higher. Some homes get re-listed a few times and this time on market is included with the CDOM. The number increases to a very high 106 days. Last year it was 58. With inventory levels up and buyers a little shy to pull the trigger; houses will take longer to sell this year. All of this is very neighbourhood dependant. Sellers will need to be extra patient this year.
The good news is that sales appear to be at steady levels and prices are holding. So far it is shaping up to be a stable 2015 housing market here in Ottawa. If you have any questions about your home feel free to get in touch!
The Ottawa housing market in January was reasonably brisk compared with sales numbers from one year ago.
Realtors in Ottawa sold 627 residential properties in January through the Multiple Listing Service® system, compared with 587 in January, 2014 – an increase of 6.8%. The 5-year average for January sales is 633. Essentially we are right on track for another year of steady sales.
The change in Ottawa’s housing market comes in the form of inventory. There are lots of choices for Ottawa home Buyers! The number of residential and condo properties listed in January (2,018) more than doubled the amount of newly listed properties from December. Many sellers this year are trying to get ahead of what might be a crowded spring listing season. Buyers will continue to have some good inventory to choose from.
The average sale price of residential properties, including condominiums, sold in January in the Ottawa area was $348,617, an increase of 0.5% over January 2014. The average condo property was $250,406, down 5.7% over January 2014. The average residential class property was $370,442, an increase of 0.5% over January 2014. Condos continue lag behind price gains on the residential side. This could be a challenging year again for condominium sellers.
The high amount of inventory and the record low interest rates will provide even more opportunity for Ottawa homebuyers. Our real estate market here in Ottawa remains stable, and the year ahead looks promising.
Every neighbourhood is different. If you are interested in knowing the value of your property – or maybe even the property down the street – give me a call. I’m always happy to help when it comes to real estate.
Ensuring your House Hunting Trip (HHT) is successful is my top priority. A standard HHT is 5 days and 5 nights for which you and or your spouse travel to the new location to find your new house. Having planned many Military HHTs within Ottawa, I have created a checklist to help prepare you for your Ottawa house hunting. Here are a few top tips:
Pick Your Dates!
Plan your trip at least 40-60 days before your report date. This will give the sellers enough time to move out and help accommodate your door to door move. The more time in advance the better.
Research, Research, Research
Familiarize yourself with your new location before your trip. Google Maps can be a great resource to search out the downtown core, schools, amenities and public transit. Ottawa has a variety of neighbourhoods in different price points. Your agent should help you understand what areas might be the right fit for you based on your unique circumstances. Communication with your agent before you arrive is key. We build a listing website of all available inventory that matches our clients needs and work from there. This site gives our military clients the ability to track listings, set-up favorites/possibility lists, and get a sense of the market activity.
Brainstorm & Communicate With Your Agent
Knowing exactly what you want in a new home is often difficult but expressing your needs to your agent can help them select the right properties for your HTT. Consider your lifestyle choices along with your “must haves” and communicate them to your agent. The clearer picture your agent has of your situation the more accurate your property matches will be.
Another great resource if you plan on taking public transportation is http://www.octranspo1.com/travelplanner/travelplanner
Of course these are just a few tips. If you would like to book a house hunting trip in Ottawa, please click on the link below.
Plan and book your house hunting trip with me today.