2007 Best Year Ever for Ottawa Resale Housing Market

Members of the Ottawa Real Estate Board sold 583 residential units in December, bringing the total number of residential properties sold through the Board’s Multiple Listing Service® system in 2007 to 14,579,setting a new record. The previous record, set in 2006, was 13,782. There were 682 sales in December
2006.
“2007 was an amazing year for the housing market in Ottawa,” said Immediate Past President Diane Hatfield. “The powerhouse spring market certainly helped drive those numbers, but Ottawa saw constant, sustainable growth throughout the year, resulting in a year-end increase of nearly six per cent in sales over 2006,” Hatfield added.
The average price of residential properties, including condominiums, sold in December in the Ottawa area was $276,532, and for the year the average price was $272,618. 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.
The Ottawa Real Estate Board is an industry association of 2,325 sales representatives and brokers in the Ottawa area. Members of the Board are also members of the Canadian Real Estate Association and thus
are entitled to use the term REALTOR®.
The MLS® system is a member based service, paid for by the REALTOR® members of the Ottawa Real Estate Board. The MLS® mark symbolizes the cooperation among REALTORS® to effect the purchase and sale of real estate through real estate services provided by REALTORS®. MLS® commercial and residential listings are available for viewing on the Board’s internet site at www.OttawaRealEstate.org and on the national websites of The Canadian Real Estate Association at www.mls.ca and www.ICX.ca.
Information about listings and open houses is also available in the Board’s weekly newspaper, Ottawa Real Estate Guide, available free at 700 locations across the Ottawa area.

Ottawa Resale Home Sales Speeding Towards New Record

Members of the Ottawa Real Estate Board sold 1,054 residential units in October through the Board’s Multiple Listing Service® system compared with 1,008 in October 2006, an increase of 4.6 per cent. There were 1,111 sales in September 2007.
“With 13,069 sales so far this year, and with two months still left in 2007, Ottawa Real Estate Board members are on track to blow away last year’s record sales number of 13,783,” said Board President Diane Hatfield. “Homes also spent fewer days on the market this past month than they have since the summer months – perhaps the mild fall weather gave the market a little boost,” Hatfield added.
The average price of residential properties, including condominiums, sold in October in the Ottawa area was $273,441, an increase of 6.3 per cent over October 2006. 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.
The Ottawa Real Estate Board is an industry association of 2,300 sales representatives and brokers in the Ottawa area. Members of the Board are also members of the Canadian Real Estate Association and thus are entitled to use the term REALTOR®.
The MLS® system is a member based service, paid for by the REALTOR® members of the Ottawa Real Estate Board. The MLS® mark symbolizes the cooperation among REALTORS® to effect the purchase and sale of real estate through real estate services provided by REALTORS®. MLS® commercial and residential listings are available for viewing on the Board’s internet site at www.OttawaRealEstate.org and on the national websites of The Canadian Real Estate Association at www.mls.ca and www.ICX.ca. Information
about listings and open houses is also available in the Board’s weekly newspaper, Ottawa Real Estate Guide, available free at 700 locations across the Ottawa area.

Can Ottawa be Far Behind?-

Who will be the First Ottawa Councillor to Propose a land transfer tax for Ottawa?

Toronto City council has voted 26-19 to endorse Mayor David Miller's two controversial new taxes, one covering land transfers and the other for vehicle registrations.

The October 22nd vote was considered crucial to Mr. Miller's future political clout, after he suffered an unexpected defeat in July when council opted to defer the measures, forcing him to order unpopular budget cuts. After a daylong debate and weeks of intense lobbying, councillors supported a compromise package, endorsed by prominent developers and the Toronto Board of Trade.

Under the compromise tax package approved by Toronto Council, the buyer pays a tax based on the purchase amount, using a scale similar to the existing provincial land transfer tax. It is based on a tax rate of 0.5 per cent on the first $55,000, one per cent on the value between $55,000 and $400,000 and 2 per cent on the amount greater than $400,000. First-time buyers of new or resale homes would receive rebates of up to $3,725, meaning those buying homes worth up to $400,000 pay nothing. The tax would not apply to sale agreements signed before Dec. 31, 2007.

The President of the Toronto Real Estate Board remains concerned about the potential impact of the second land transfer tax and disappointed that the public's opinion of the issue was ignored.

Market Driven by Single Homes in September

October 4, 2007
Members of the Ottawa Real Estate Board sold 1,116 residential units in September through the Board’s Multiple Listing Service® system compared with 1,084 in September 2006, an increase of 3 per cent. There were 1,312 sales in August 2007. “The big story in September was single-family homes, whose sales increased by four per cent over last year at this time,” said Board President Diane Hatfield. “Meanwhile, condo sales numbers held steady right where they
were last year, but condos are still a hot commodity – those sold in September spent an average of just 31 days on the market,” she added.

The average price of residential properties, including condominiums, sold in September in the Ottawa area was $272,500, an increase of 6.4 per cent over September 2006. 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.

The Ottawa Real Estate Board is an industry association of 2,300 sales representatives and brokers in the Ottawa area. Members of the Board are also members of the Canadian Real Estate Association and thus are entitled to use the term REALTOR®.
The MLS® system is a member based service, paid for by the REALTOR® members of the Ottawa Real Estate Board. The MLS® mark symbolizes the cooperation among REALTORS® to effect the purchase and sale of real estate through real estate services provided by REALTORS®. MLS® commercial and residential listings are available for viewing on the Board’s internet site at www.OttawaRealEstate.org and on the national websites of The Canadian Real Estate Association at www.mls.ca and www.ICX.ca . Information about listings
and open houses is also available in the Board’s weekly newspaper, Ottawa Real Estate Guide, available free at 700 locations across the Ottawa area.

August Housing Market Calmer, But Still Active

Members of the Ottawa Real Estate Board sold 1,316 residential units in August through the Board’s Multiple Listing Service® system compared with 1,245 in August 2006, an increase of 5.7 per cent. There were 1,455 sales in July 2007.
“After a sizzling July, the August market settled down a bit, but remained steady, with year-to-date home sales now edging close to the 11,000 mark,” said Board President Diane Hatfield. “Also, people buying homes have plenty of choice – at the end of August there were almost 4000 homes on the MLS® market in Ottawa,” Hatfield added.
The average price of residential properties, including condominiums, sold in August in the Ottawa area was $267,014, an increase of 2.5 per cent over August 2006. 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.
The Ottawa Real Estate Board is an industry association of 2,300 sales representatives and brokers in the Ottawa area. Members of the Board are also members of the Canadian Real Estate Association and thus are entitled to use the term REALTOR®.
The MLS® system is a member based service, paid for by the REALTOR® members of the Ottawa Real Estate Board. The MLS® mark symbolizes the cooperation among REALTORS® to effect the purchase and sale of real estate through real estate services provided by REALTORS®. MLS® commercial and residential listings are available for viewing on the Board’s internet site at www.OttawaRealEstate.org and on the national websites of The Canadian Real Estate Association at www.mls.ca and www.ICX.ca . Information about listings and open houses is also available in the Board’s weekly newspaper, Ottawa Real Estate Guide,
available free at 700 locations across the Ottawa area.

July Resale Housing Market Sizzles-

Ottawa, August 8, 2007 : Members of the Ottawa Real Estate Board sold 1,456 residential units in July through the Board’s Multiple Listing Service® system compared with 1,234 in July 2006, an increase of 18 per cent. There were 1,645 sales in June 2007.
“Sales activity through the MLS® system continues to set records,” said Board President Diane Hatfield. “Members had the busiest July ever for sales. Unlike June, we saw increases in both the number of residential (freehold) and condominium properties.”
The average price of residential properties, including condominiums, sold in July in the Ottawa area was $269,245, an increase of over six percent over July 2006. 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.
The Ottawa Real Estate Board is an industry association of 2,300 sales representatives and brokers in the Ottawa area. Members of the Board are also members of the Canadian Real Estate Association and thus are entitled to use the term REALTOR®.
The MLS® system is a member based service, paid for by the REALTOR® members of the Ottawa Real Estate Board. The MLS® mark symbolizes the cooperation among REALTORS® to effect the purchase and sale of real estate through real estate services provided by REALTORS®. MLS® commercial and residential listings are available for viewing on the Board’s internet site at www.OttawaRealEstate.org and on the national websites of The Canadian Real Estate Association at www.mls.ca and www.ICX.ca . Information about listings and open houses is also available in the Board’s weekly newspaper, Ottawa Real Estate Guide, available free at 700 locations across the Ottawa area.

Brisk Real Estate Resales Heat Up June

Ottawa, July 10, 2007: Members of the Ottawa Real Estate Board sold 1,651 homes in June through
the Board's Multiple Listing Service® system, compared with 1,855 in May 2007. There were 1,600
sales in June 2006.
“Homes are still selling at a brisk pace, spending an average of just 34 days on the market before
being snapped up,” said Board President Diane Hatfield. “With more than 8,000 homes sold
already in 2007, the Ottawa resale housing market is on track for another record-breaking year.”
“It’s also interesting to note that condo sales continue to drive growth – that segment accounts for
the entire difference between sales in June 2006 and June 2007, making it clear that condos are still
a hot commodity in Ottawa,” Hatfield added.
The average price of the homes sold in June through the MLS® system in the Ottawa area was
$279,429, an increase of 7.8 per cent over June 2006. 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.
The Ottawa Real Estate Board is an industry association of 2,280 REALTORS® in the Ottawa
area. Members of the Board are also members of the Canadian Real Estate Association and thus
are entitled to use the term REALTOR®.
The MLS® system is a member based service, paid for by the REALTOR® members of the Ottawa
Real Estate Board. The MLS® mark symbolizes the cooperation among REALTORS® to effect
the purchase and sale of real estate through real estate services provided by REALTORS®. MLS®
commercial and residential listings are available for viewing on the Board's internet site at
www.OttawaRealEstate.org and on the national websites of The Canadian Real Estate Association
at www.mls.ca and www.ICX.ca. Information about listings and open houses is also available in
the Board's weekly newspaper, Ottawa Real Estate Guide, available free at 700 locations across the Ottawa area.

Affordable homes, hot condo market warm up chilly April

Ottawa, May 8, 2007: Members of the Ottawa Real Estate Board sold 1,554 homes in April through the Board's Multiple Listing Service® system, compared with 1,305 in March 2007. There were 1,439 sales in April 2006.
“Condo sales continue to lead the way in the Ottawa resale housing market,” said Board President Diane Hatfield. “Sales in that sector are up by more than 12 per cent over last April, proving that they are still a very popular choice with Ottawa homebuyers.”
“Also, it is noteworthy that more home purchases made in April were priced below the average than above it, showing that consumers have plenty of affordable housing choices in the Ottawa area,” Hatfield added.
The average price of the homes sold in April through the MLS® system in the Ottawa area was $276,440, an increase of 5.9 per cent over April 2006. 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.
The Ottawa Real Estate Board is an industry association of 2,280 REALTORS® in the Ottawa area. Members of the Board are also members of the Canadian Real Estate Association and thus are entitled to use the term REALTOR®.
The MLS® system is a member based service, paid for by the REALTOR® members of the Ottawa Real Estate Board. The MLS® mark symbolizes the cooperation among REALTORS® to effect the purchase and sale of real estate through real estate services provided by REALTORS®. MLS® commercial and residential listings are available for viewing on the Board's internet site at www.OttawaRealEstate.org and on the national websites of The Canadian Real Estate Association at www.mls.ca and www.ICX.ca. Information about listings and open houses is also available in the Board's weekly newspaper, Ottawa Real Estate Guide, available free at 700 locations across the Ottawa area.