Trending towards a balanced market.
EMC Ottawa South: Ottawa housing market balances as prices remain steady http://tinyurl.com/27bkphc
Friday, September 17, 2010
Friday, September 03, 2010
Better supply of properties for sale brings balance to housing market; prices rise steadily
Published Sept. 3, 2010 by the Ottawa Real Estate Board
Ottawa, September 3,2010 :
After an HST- influenced dip in sales in July, August saw a return to a more normal number of sales. Members of the Ottawa Real Estate Board sold 1,122 residential properties in August through the Board’s Multiple Listing Service® system compared with 1,211 in August 2009, a decrease of 7.3 per cent. Of those sales, 266 were in the condominium property class, while 856 were in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked 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 number of sales year-to-date is slightly ahead of last year’s sales for the same period, and last year’s sales volume was the highest ever. This shows the stability of the Ottawa Real Estate Market. ” said Immediate Past President Rick Snell. “The market is in a balanced position in relation to the number of homes for sale and the demand for properties. This is a good market for both buyers and sellers. I expect to see a normal fall market with longer selling times and stable prices,” he added.
The average sale price of residential properties, including condominiums, sold in August in the Ottawa area was $321,969, an increase of 2.1 per cent over August 2009. The average sale price for a condominium-class property was $262,999, an increase of 16.8 per cent over August 2009. The average sale price of a residential-class property was $340,294, an increase of 0.1 per cent over August 2009. The Board cautions that average sale 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 sale price is calculated based on the total dollar volume of all properties sold.
The Ottawa Real Estate Board is an industry association of 2,600 sales representatives and brokers in the Ottawa area. Members of the Board are also members of the Canadian Real Estate Association.
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.
Trademarks are owned or controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA (REALTOR®) and/or the quality of services they provide (MLS®).
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Ottawa, September 3,2010 :
After an HST- influenced dip in sales in July, August saw a return to a more normal number of sales. Members of the Ottawa Real Estate Board sold 1,122 residential properties in August through the Board’s Multiple Listing Service® system compared with 1,211 in August 2009, a decrease of 7.3 per cent. Of those sales, 266 were in the condominium property class, while 856 were in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked 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 number of sales year-to-date is slightly ahead of last year’s sales for the same period, and last year’s sales volume was the highest ever. This shows the stability of the Ottawa Real Estate Market. ” said Immediate Past President Rick Snell. “The market is in a balanced position in relation to the number of homes for sale and the demand for properties. This is a good market for both buyers and sellers. I expect to see a normal fall market with longer selling times and stable prices,” he added.
The average sale price of residential properties, including condominiums, sold in August in the Ottawa area was $321,969, an increase of 2.1 per cent over August 2009. The average sale price for a condominium-class property was $262,999, an increase of 16.8 per cent over August 2009. The average sale price of a residential-class property was $340,294, an increase of 0.1 per cent over August 2009. The Board cautions that average sale 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 sale price is calculated based on the total dollar volume of all properties sold.
The Ottawa Real Estate Board is an industry association of 2,600 sales representatives and brokers in the Ottawa area. Members of the Board are also members of the Canadian Real Estate Association.
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.
Trademarks are owned or controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA (REALTOR®) and/or the quality of services they provide (MLS®).
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A home is more than an investment
This week we feature guest columnist Joanne Tibbles, who is the President-Elect of the Ottawa
Real Estate Board. Courtesy of the Ottawa Real Estate Board Sept. 2, 2010
The late comedian George Carlin once famously joked that a house is nothing but “a place to
keep your stuff.” Obviously, most homeowners believe that their house is so much more than
that. A home is where we live. It’s where we sleep, shower, read, play, and relax. Some people
work from their homes. Sometimes, a home can be an investment, purchased in the hopes of
making a profit. But just because a home is one of the biggest purchases you will make in your
lifetime doesn’t mean that it’s always a good idea to treat a home as an investment with quick
returns. The cable TV channels are fond of shows where people “flip” homes – buy them
cheaply, fix them up nicely and sell them off at a profit – but in the real world that kind of quick
profit isn’t always a sure thing.
As the real estate market moves toward balance in Ottawa, homeowners may begin to worry that
their homes aren’t appreciating in value as quickly as they once were, and that so-called “bidding
wars” (multiple offers) are becoming less common occurrences. This is only cause for concern if
you absolutely have to sell your home in the next little while. If, like many homeowners, you
bought your home because you love it, it suits your family’s needs, and it provides you with
somewhere to sleep, eat, relax and keep your stuff, then there’s no need to panic.
Home values in the Ottawa area have historically increased at a steady pace as the years go by.
Since 1956, the average sale price on homes sold via Ottawa’s MLS® system has only decreased
five times, and never by more than 4.3 per cent (way back in 1961). Average home prices
increased by somewhere between two and eight per cent in 32 of those 54 years, which gives you
a much better idea of how the Ottawa housing market generally operates. Slow and steady
growth is our hallmark here, bolstered by a stable employment market whose backbone is, of
course, the federal government, but that also is not dependent on industry for its stability.
Double-digit average price increases, on the other hand, are rare, occurring in only ten of the last
54 years. History has shown that over the long term, prices will generally rise here in Ottawa, so
housing remains a great long-term investment - but it may not be the best market for a quick
flip. If you do need to sell after a shorter time period, an experienced real estate professional who
knows the Ottawa market can help you sell for a price you’ll be happy with. He or she can also
advise you on up-and-coming neighbourhoods where a home may be more likely to appreciate in
value over the short term. Contact a member of the Ottawa Real Estate Board at
www.OttawaRealEstate.org.
Buying a home you can live in and enjoy for the long haul is never a bad idea, and will likely
turn out to be a good investment. Plus, it gives you somewhere to keep your stuff
Real Estate Board. Courtesy of the Ottawa Real Estate Board Sept. 2, 2010
The late comedian George Carlin once famously joked that a house is nothing but “a place to
keep your stuff.” Obviously, most homeowners believe that their house is so much more than
that. A home is where we live. It’s where we sleep, shower, read, play, and relax. Some people
work from their homes. Sometimes, a home can be an investment, purchased in the hopes of
making a profit. But just because a home is one of the biggest purchases you will make in your
lifetime doesn’t mean that it’s always a good idea to treat a home as an investment with quick
returns. The cable TV channels are fond of shows where people “flip” homes – buy them
cheaply, fix them up nicely and sell them off at a profit – but in the real world that kind of quick
profit isn’t always a sure thing.
As the real estate market moves toward balance in Ottawa, homeowners may begin to worry that
their homes aren’t appreciating in value as quickly as they once were, and that so-called “bidding
wars” (multiple offers) are becoming less common occurrences. This is only cause for concern if
you absolutely have to sell your home in the next little while. If, like many homeowners, you
bought your home because you love it, it suits your family’s needs, and it provides you with
somewhere to sleep, eat, relax and keep your stuff, then there’s no need to panic.
Home values in the Ottawa area have historically increased at a steady pace as the years go by.
Since 1956, the average sale price on homes sold via Ottawa’s MLS® system has only decreased
five times, and never by more than 4.3 per cent (way back in 1961). Average home prices
increased by somewhere between two and eight per cent in 32 of those 54 years, which gives you
a much better idea of how the Ottawa housing market generally operates. Slow and steady
growth is our hallmark here, bolstered by a stable employment market whose backbone is, of
course, the federal government, but that also is not dependent on industry for its stability.
Double-digit average price increases, on the other hand, are rare, occurring in only ten of the last
54 years. History has shown that over the long term, prices will generally rise here in Ottawa, so
housing remains a great long-term investment - but it may not be the best market for a quick
flip. If you do need to sell after a shorter time period, an experienced real estate professional who
knows the Ottawa market can help you sell for a price you’ll be happy with. He or she can also
advise you on up-and-coming neighbourhoods where a home may be more likely to appreciate in
value over the short term. Contact a member of the Ottawa Real Estate Board at
www.OttawaRealEstate.org.
Buying a home you can live in and enjoy for the long haul is never a bad idea, and will likely
turn out to be a good investment. Plus, it gives you somewhere to keep your stuff
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