Ottawa house prices post healthy second quarter gains

Price appreciation to cool modestly for the remainder of 2012 according to Royal LePage

OTTAWA, July 10, 2012 /CNW/ - The Royal LePage House Price Survey and Market Survey Forecast released today showed Ottawa has continued to sustain healthy year-over-year price appreciation for all housing types surveyed.

Prices for standard two-storey homes increased 5.5 per cent year-over-year to $392,000, while detached bungalows increased 4.9 per cent to $388,917. Standard condominiums rose 5.8 per cent to $259,667.
"Ottawa has a healthy local economy due to government employment and a thriving technology sector," said John Rogan, broker and manager of Royal LePage Performance Realty. "Despite the health of the local real estate market, Ottawa has witnessed several years of strong price appreciation and eventually the market has to wait until wages catch-up."
Royal LePage forecasts that the average home price in Ottawa will increase a healthy 3.5 per cent in 2012.
"Our forecast is for the full year of 2012 compared to 2011. Since the housing market has already exceeded price expectations, albeit modestly, price appreciation for the remainder of the year should slightly soften," said Rogan.
Rogan noted that the continuation of expected low interest rates and the recent increase in inventory, will be a good opportunity for buyers.
Nationally, in the second quarter, standard two-storey homes rose 4.7 per cent year-over-year to $408,423, while detached bungalows increased 5.5 per cent to $376,311. Average prices for standard condominiums increased 3.3 per cent to $245,825. During this period, signs from across the country clearly indicated that the national housing market was at a turning point, with some major regions continuing to grow unabated while others peaked and began to pull back for the first time in three years.
"We have had three years of solid house price appreciation in almost all regions of the country," said Phil Soper, president and CEO of Royal LePage Real Estate Services. "Confidence in Canada's real estate market is sound, but home prices cannot grow faster than salaries and the underlying economy indefinitely. Some regions have reached or perhaps even exceeded the current upper level of price resistance as buyers have embraced an era of historically low mortgage rates."
The first-time buyer segment of the population, which represents up to half or all transactions and where activity strongly correlates to low interest rates, is expected to be slowed by recent regulatory changes that will reduce access to insured mortgages.
"The most recent set of mortgage changes, the fourth in four years, is also the most aggressive. The cumulative impact of these new regulations has created a significantly higher hurdle for young buyers seeking their first home and comes at a time when the market was slowing of its own accord. The timing of this intervention was unfortunate," added Soper.
About the Royal LePage House Price Survey
The Royal LePage House Price Survey is the largest, most comprehensive study of its kind in Canada, with information on seven types of housing in over 250 neighbourhoods from coast to coast. This release references an abbreviated version of the survey which highlights house price trends for the three most common types of housing in Canada in 90 communities across the country. A complete database of past and present surveys is available on the Royal LePage Web site at www.royallepage.ca. Current figures will be updated following the complete tabulation of the data for the second quarter 2012. A printable version of the second quarter 2012 survey will be available online on August 9, 2012.
Housing values in the Royal LePage House Price Survey are Royal LePage opinions of fair market value in each location, based on local data and market knowledge provided by Royal LePage residential real estate experts.
About Royal LePage
Serving Canadians since 1913, Royal LePage is the country's leading provider of services to real estate brokerages, with a network of 14,000 real estate professionals in over 600 locations nationwide. Royal LePage is the only Canadian real estate company to have its own charitable foundation, the Royal LePage Shelter Foundation, dedicated to supporting women's & children's shelters and educational programs aimed at ending domestic violence. Royal LePage is a Brookfield Real Estate Services Inc. company, a TSX-listed corporation trading under the symbol TSX:BRE.
For more information, visit www.royallepage.ca.
For further information:
Laura Crochetiere
Fleishman-Hillard Canada
(416) 598-5790
laura.crochetiere@fleishman.ca
Tammy Gilmer
Director, Global Communications & Public Relations
Royal LePage Real Estate Services
(416) 510-5783

June sales indicate consistency in the Ottawa market

Ottawa Real Estate Board July 5, 2012

Members of the Ottawa Real Estate Board sold 1,660 residential properties in June through the Board's Multiple Listing Service® system, compared with 1,719 in June 2011, a decrease of 3.4 per cent.

June's sales included 365 in the condominium property class, and 1,295 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.

"Although there is a slight decrease in the number of residential properties sold this June, compared to June 2011, it seems to be the norm throughout the years," says Ansel Clarke, President of the Ottawa Real Estate Board. "For the past 10 years, with the exception of June 2011, sales have consistently and marginally decreased from May to June. This shows stability in the market, and also represents a continued steady market."

The average sale price of residential properties, including condominiums, sold in June in the Ottawa area was $352,800, a slight decrease of 0.1 per cent over June 2011. The average sale price for a condominium-class property was $278,447, an increase of 0.8 per cent over June 2011. The average sale price of a residential-class property was $373,756, a slight decrease of 0.4 per cent over June 2011. 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.

I'm always Right..Right!!

The Insidious Need to Be Right

by Jackie Lapin

Growing up in my house(Jackie Lapin's) was filled with love. However it was not peaceful home. The reason was:   

Both of my parents always wanted to be right and to have the last word. They argued

incessantly. But it was usually over trivial things ... what night was it they went to the movies, how  was the best way to feed the dog, what to spend money on, where to go for dinner. ..etc. It was  constant bickering. They defended it by saying that arguing was essentially opening the pressure  valve in their marriage, so that they didn't harbor any lingering ill feelings toward each other.
  But the bickering didn't affect just them. I left home as early as I could, and at one point stopped speaking to them for six months, saying my time with them was too short to be spent listening to them argue over virtually everything-and nothing. And sometimes when they were with friends,you could see the discomfort in other people's eyes when my parents got into it.
My point here is that there is always a price for insisting on being right. The insidious need to always be right can destroy relationships, destroy reputations, destroy work environments, destroy lives and destroy the peace of everyone around you.
Certainly, there are times when standing up for what you believe is right is indeed the  right thing   to do. But there are other times When it isn't.

When:
• It pays diplomatically to let other people be right
• Matters aren't worth arguing about

• You are just insisting on your own way just to fee! powerful and fill your own need to dominate
• The cost of being right outweighs the point of being right
• You are being defensive because you feel attacked (regardless of whether you really are

being attacked or not)

• You insist on standing your ground because  vou are never wrong!

• You are defending your position because you think  you know what is right for other people

• You habitually have to have the last word and will beat people into the ground until they

agree with you

Please check to see if you are guilty of insisting on being right at the cost of your relationship to others. Allow people the rightness of their opinions, and even sometimes when their facts are wrong, you don't have to be the one to set them straight. Mention it once, but don't force it down their throats. And if people are not in full integrity with Universal Laws when they insist on their rightness, allow the Universe to give them a course correction ... it doesn't need to be you.

Use your diplomacy and recognize when there is nothing to be gained by being right.

Let your choices be toward harmony with all, and allow yourself to be a force for equanimity and peace in the world.

Jackie Lapin is the world leader in educating, mentoring and coaching people on Practical  

Conscious Creation. She is the bestselling author of ''The Art of Conscious Creation; How
You Can Transform the World" and "Practical Conscious Creation: Daily Techniques to
Manifest Your Desires." Filled with specific and imaginative practices, Practical Conscious
Creation offers 70 articles with step-by-step actions to achieve greater empowerment and

a more satisfying lifestyle. To learn how to become a better , faster manifestor, secure a

free chapter of "Practical Conscious Creation" or receive Jackie Lapin's daily manifesting

tips, visit www.jackielapin.com         

 

 

 

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Beware and Be Wary-

Please note employer assisted guaranteed home sales plans are light years removed from the following. Employer plans are designed to actually assist and benefit the employee.

Guaranteed home sales plans are not the good deal for the seller proponents advertise them to be. They are a gimmick to give a sales representative a foot in the door. Once at the "kitchen table" the plan is explained and the conditions detailed and more often than not the seller rejects the plan.

 

BEWARE 'Guaranteed Sale' Programs.

A NOTE ABOUT 'GUARANTEED SALE' PROGRAMS

From: Zillow.com

If the real estate agent or broker you're interviewing offers you a 'guaranteed sale' program as an enticement to list with them, ask yourself three questions:

1) How much below what your home is really worth will they have to price your home to get it sold in the timeframe they are promising? And if the super-low price doesn't net a buyer in the allotted time,

2) How much of your equity are you giving up when the broker 'buys' you out at the sales price THEY picked? Finally,

3) How will you feel if your home sells for tens of thousands of dollars more than you received shortly after your broker buy-out?

If you've thought through this and are willing to potentially leave that kind of money on the table, then a guaranteed sale program may be right for you. But if you're not, your best bet is to get the finest representation available in your marketplace.

Pick the agent that you feel is the most professional, competent and compatible with you. AFTER you've picked your agent, THEN price your home.

There are future consequences for every decision you make with regards to selling your home. Let us show you how our second-to-none listing consultation can prepare you to tackle these consequences head on and with your eyes 'wide open.'

Be Wary of GUARANTEED HOME SALE Programs

Thanks to: Al Maxwell Coldwell Banker-Marietta Georgia

You may have seen the ads..."YOUR HOME SOLD IN 90 DAYS OR WE BUY IT!" or "IF I CAN'T SELL YOUR HOME, I'LL BUY IT!"

It sounds like a great offer and certainly worth checking out, right? Well, most ads that sound too good to be true usually are. Some consider a Guaranteed Home Sale Program to be a scam. Programs like these are used by some agents to get their foot into the door (and your living room) and then lay out the many strings that are attached.

Here's a basic scenario and rules for these programs:

YOU MUST BUY ONE OF THE AGENT'S OTHER LISTINGS: Odds are you probably won't want to buy one of his/her few homes that they currently have. Most agents carry 1-10 listings. You have to like & buy one of these homes to qualify.

 

THE "GUARANTEED PRICE" WILL BE PRE-DETERMINED: The "Guaranteed price" may be much lower than what you want for it. You may list it to the general market for $425,000, but the price that is "Guaranteed" may be significantly less (usually 75% or 80% of the original list price). This Guaranteed price will be put in writing.

 

GUARANTEE PROGRAM FEE: Once you agree on a price (above), there may be a FIVE PERCENT GUARANTEED SALE "FEE" which will come off the (low) price that you agreed upon! This nets you 5% less than even the agreed upon price.

 

MAXIMUM ALLOWED PRICE: Many times, they will not take a house priced over $300,000 or $400,000.

 

As mentioned, the attractive sell line "Your Home Sold In 90 Days Or We Buy It" gets an agent into many homes to lay out the GUARANTEED PLAN. Most home sellers don't go for it once they see the details, but they go ahead and list under a normal agreement.

 

 

March Sales Ottawa

Source: Ottawa Real Estate Board

Members of the Ottawa Real Estate Board sold 1,396 residential properties in March through the Board's Multiple Listing Service® system, compared with 1,240 in March 2011, an increase of 12.6 per cent. The five-year average for March sales is 1,276.

 

March's sales included 277 in the condominium property class, and 1,119 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.

 

"Along with the increasing temperatures and the arrival of spring, March saw a substantial increase in residential sales," notes Ansel Clarke, President of the Ottawa Real Estate Board. "With interest rates continuing to be low, it is no surprise that the market remains healthy and balanced."

 

The average sale price of residential properties, including condominiums, sold in March in the Ottawa area was $353,684, an increase of 2.1 per cent over March 2011. The average sale price for a condominium-class property was $267,308, an increase of 5.7 per cent over March 2011. The average sale price of a residential-class property was $375,065, a slight decrease of 0.2 per cent over March 2011. 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.

Bathroom décor blues?

All it takes is a little creativity to go from drab to fabulous

 

By: Ian Ponting

 

Are you getting that same drab feeling every time you enter your bathroom? Perhaps it's time to make some changes. Redecorating a bathroom does not always require extensive work or money. In fact, significant changes can be accomplished with just a few accessories and a creative touch. So stop researching contractors, worrying over expensive renovations and fretting about what you'll do without your bathroom while it is under repair – and consider implementing these quick, inexpensive and imaginative redecoration techniques.         

A good place to begin is with your bathroom lighting. Adding more light to a room can actually give the illusion that the room is larger than it actually is. One simple way to do this is by increasing the size of the light fixtures. For example, if you have a three light fixture, make your room brighter with a five light fixture, or increase your light bulb size to achieve the desired brightening effect. If there is ample counter space or room for furniture, lighting can be greatly improved with a small table lamp, which also adds elegance and warmth.

Furniture usually only works in bathrooms that are large enough to not appear cramped. But if you are blessed with a big bathroom, try moving an old cupboard or chest into an empty corner. It can add style and storage at the same time. A chair or bench also adds panache and functionality to large bathrooms, as it provides the perfect place to sit while manicuring your nails or waiting for a bath to draw.

If you have a smaller bathroom, limit the amount of accessories lying around. Storage space is likely a premium, so finding room for a cabinet or a bin is probably impossible. In this case, consider installing a shelf or two on the wall behind your toilet where you can store extra toilet paper and towels, as well as smaller toiletries, like shampoo and hairbrushes. To keep these items organized use display containers, which can often be found in a kitchen. For example, a ceramic jar can hold cotton balls while mugs can be used for holding makeup brushes. Baskets are also great for hiding miscellaneous items.

If your bathroom can benefit from a new colour, why not spend a weekend painting. Before you begin, decide if you'll be matching the wall colour with the rugs and fabrics already in your bathroom, or if you'll be purchasing new materials. An easy and imaginative alternative to painting is stencilling, which can be done around the ceilings, window areas and mirrors. Artwork can also do wonders to spice up bare bathroom walls. Try some inexpensive framed prints, which can be used to complement any decorating theme.

There are an assortment of affordable but luxurious touches that can be added to your bathroom. Radio or compact disc players can be used to play soothing sounds and add tranquility while scented candles can provide a relaxed and refreshing aroma. A built-in hair dryer may at first seem lavish, but think about how much you appreciate it in a hotel restroom and you might find that it is worth the money.

So if you feel it is time to give your bathroom a new and improved look, remember that it doesn't have to include bulldozers and bricks, just a bit of creative thinking.

 

 

 

Canadian Housing Market to Remain Steady

OTTAWA, February 13, 2012 — Housing markets are expected to remain steady in 2012 and 2013, according to Canada Mortgage and Housing Corporation's (CMHC) first quarter 2012 Housing Market Outlook, Canada Edition¹.

"With the Canadian economy set to expand at a moderate pace and mortgage rates expected to remain low, activity levels in 2012 in both new home construction and sales of existing homes will stay close to levels seen in 2011," said Mathieu Laberge, Deputy Chief Economist for CMHC.

Housing starts will be in the range of 164,000 to 212,700 units in 2012, with a point forecast of 190,000 units. In 2013, housing starts will be in the range of 168,900 to 219,300 units, with a point forecast of 193,800 units.

Existing home sales will be in the range of 406,000 to 504,500 units in 2012, with a point forecast of 457,300 units. In 2013, MLS^®2 sales are expected to move up in the range of 417,600 to 517,400 units, with a point forecast of 468,200 units.

The average MLS^® price is forecast to be between $330,000 and $410,000 in 2012 and between $335,000 and $430,000 in 2013. CMHC's point forecast for the average MLS^® price is $368,900 for 2012 and $379,000 for 2013. The moderate increases in the average MLS^® price are consistent with the balanced market conditions that occurred in 2011, and that are expected to continue in 2012 and 2013.

As Canada's national housing agency, CMHC draws on more than 65 years of experience to help Canadians access a variety of quality, environmentally sustainable and affordable housing solutions. CMHC also provides reliable, impartial and up-to-date housing market reports, analysis and knowledge to support and assist consumers and the housing industry in making informed decisions.

CMHC Market Analysis standard reports are also available free for download at http://www.cmhc.ca/housingmarketinformation.

¹ The forecasts included in the Housing Market Outlook reflect information available as of January 18, 2012. Where applicable, forecast ranges are also presented in order to reflect financial and economic uncertainty.

² Multiple Listing Service^® (MLS^®) is a registered trademark owned by the Canadian Real Estate Association.

Information on this release:

Charles Sauriol, Media Relations
613-748-2799
csauriol@cmhc-schl.gc.ca