Ottawa Market Update – November 2014

Posted on: December 3rd, 2014 by Chris Scott

‘Tis the Holiday Season!  It sure came around quickly!  Let’s hope the winter passes by just as quickly!!

Members of the Ottawa Real Estate Board sold 893 residential properties in November through the Board’s Multiple Listing Service® system, compared with 888 in November 2013, an increase of 0.6 per cent. The five-year average for November sales is 935.  Inventory levels are starting to dip slightly which is normal for this time of year.  Average sale prices are keeping steady with last year – all in all, a fairly typical year (so far) for the Ottawa Real Estate Market – steady, and fluctuating between a balanced and a buyer’s market.

November’s sales included 170 in the condominium property class, and 723 in the residential property class.   The rental market continues to be hot in Ottawa with 175 properties rented in November.  Sales are taking longer so sellers have to be patient with the market.  New condo developments are likely the cause of resale condos being slightly behind last year’s volume.  Although the market slows a bit in December, Buyers often start their search over the holiday period, statistically the highest property search period of the year.

The average sale price of residential properties, including condominiums, sold in November in the Ottawa area was $356,900, an increase of 0.4 per cent over November 2013. The average sale price for a condominium-class property was $250,425, a decrease of three per cent over November 2013. The average sale price of a residential-class property was $381,936, an increase of 0.7 per cent over November 2013.

Since every area can have slight differences, if you are interested in knowing what your property is worth on today’s market – or even the house down the street, give me a call.  I’ll be happy to help.

Chris

Ottawa Market heads into Buyer’s Territory

Posted on: November 6th, 2014 by Chris Scott

Members of the Ottawa Real Estate Board sold 1,121 residential properties in October through the Board’s Multiple Listing Service® system, compared with 1,089 in October 2013, an increase of 2.9 per cent. The five-year average for October sales is 1,076.  The local residential listing inventory is up 12.5% from 2013, with 7,550 active listings at the end of October this year.  This has moved us into a “Buyers’ Market”.

Since each area – and even each neighbourhood – can be different, if you are curious to know what your home (or that of your neighbour) is worth on today’s market, give me a call.  I’m always happy to help when it comes to real estate!

Chris

Ottawa Market Update, Sept 2014

Posted on: October 6th, 2014 by Chris Scott

Our community is fortunate to enjoy one of the most stable real estate markets in Canada.  Overall the Ottawa real estate numbers for September are right in line with 2013’s. Condos are the only segment that is struggling a little bit right now. Inventory in this segment remains very high. This is putting downward pressure on prices.

Members of the Ottawa Real Estate Board sold 1,133 residential properties in September through the Board’s Multiple Listing Service® system, compared with 1,118 in September 2013, an increase of 1.3 per cent. The five-year average for September sales is 1,103.  September’s sales included 232 in the condominium property class, and 901 in the residential property class.

The average sale price of residential properties, including condominiums, sold in September in the Ottawa area was $356,915, an increase of three per cent over September 2013. The average sale price for a condominium-class property was $254,036, a decrease of 1.2 per cent over September 2013. The average sale price of a residential-class property was $383,406, an increase of 3.2 per cent over September 2013. Condos performed better in September than in August. 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, which is closely followed by the $275,000 to $299,999 price range.

Each area, however, is slightly different.  If you are thinking about a move, please do give me a call.

Chris

Breaking The Ice: Embarrassing Story

Posted on: September 26th, 2014 by Chris Scott

We were talking today about some embarrassing moments being a Realtor. I have had a few.  The front runner was pretty easy to identify. 

I was waiting in my car for my chance to present an offer on behalf of my clients. We were in a multiple bid situation. It was an unusually dark night.  I had a junior agent with me and was teaching him how to present offers. I felt pretty cool that I was a senior agent. It was late, must have been 10pm.

Anyways, I was called to present and had one thing on my mind- get this deal together for my clients. As I approached the front door I could see everyone looking at me at the dining room table. The door was open so I walked right in. However, I failed to spot the mesh wire of a front screen door and walked into it at a very fast pace. If you have ever been fortunate enough to witness someone walking into a screen door you can appreciate just how hilarious it looks.  Not the first impression I was looking for. I think the screen actually bounced me back into the junior agent. It was like walking into a trampoline!!  Some of the screen also ripped open on the side. It did break the ice!   The sellers were cool.

We all had a good laugh at my expense. I felt they may have laughed a little longer then I would have liked. But in the end everyone left happy. The sellers got more then asking, the buyers a house,  and the junior agent left with a good story.

Chris

Change to the Canadian Military Relocation Policy

Posted on: September 22nd, 2014 by Chris Scott

Following a number of high-profile news stories describing some very expensive same-city moves, a change has been announced for the Canadian Military Relocation Policy. 

The federal government will no longer cover moving costs for retiring members who are relocating within a 40km radius.  This change will align the IPR policy with those of other federal departments and agencies, such as the RCMP.

DND said they will make “compassionate exceptions for medical reasons and extenuating personal circumstances”.

The retirement resettlement policy was designed to allow soldiers and their families to expense one final move when they retire so they can choose where they will live.  It makes fiscal sense to exclude same-city moves, however this will put significant pressure on the last house-hunting trip.  It is very difficult to find the perfect retirement home on a 5-day, jam-packed, HHT, often handled without input from the spouse.

If you are posted to Ottawa, I would be happy to help you with your HHT.

Chris

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