-
Here's the news release from the Ottawa Real Estate Board with a summary of home sales in the Ottawa area in January. As discussed in the release, increases relative to January 2009 reflect as much how last year there was a great deal of uncertainty at the beginning of the year and therefore a very timid market. Transactions were brisk this January, but appear even more so in comparison to last year.
A Great Start to 2010 for Ottawa’s Housing Market
February 3, 2010 : A Great Start to 2010 for Ottawa’s Housing Market
Members of the Ottawa Real Estate Board sold 713 residential properties in January through the Board’s Multiple Listing Service® system compared with 529 in January 2009, an increase of 34.8 per cent.
Of those sales, 156 were in the condominium property class, while 557 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.
“These numbers are more in line with what we might expect for a typical January, whereas 2009 started off abnormally slow due to uncertain financial and market conditions worldwide,” said Board President Pierre de Varennes. “Although listing inventory remains low, we expect that will change as we head into the spring market and interest rates remain low,” he added.
The average sale price of residential properties, including condominiums, sold in January in the Ottawa area was $320,966, an increase of 11.4 per cent over January 2009. The average sale price for a condominium-class property was $259,273, an increase of 22.5 per cent over January 2009. The average sale price of a residential-class property was $338,244, an increase of 8.2 per cent over January 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 2,540 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®.
-
OTTAWA, Ontario - defining Beacon Hill to include north and south neighbourhoods and to exclude Rothwell Heights and the Industrial Park for uniformity, the activity throughout 2009 in this core East End community was very strong. Sales to listings ratios of .84 and .79 for residential class and condominium class properties respectively place activity very firmly within Sellers' Market territory. Average days on market of about three weeks and well above average price gains in prime areas represent a return to the kind of behaviour we saw for several years in the first half of the decade but which had slowed in the past couple of years.
For more information on homes for sale in Beacon Hill or Real Estate marketing services in Beacon Hill, visit us at www.OttawaAgent.ca or give us a call at 613-788-7430.
-
Heron Park, Ottawa - The bungalow at 2438 Clementine Boulevard has been sold.
Property information
-
Summary statistics compiled by the Ottawa Real Estate Board and presented in a recent press release make it very clear that Ottawa is still a strong Seller's market for residential Real Estate. A shortage of listings prevails. It is our thinking at OttawaAgent.ca that inventory should begin to build to some degree in 2010 as more fence-sitting Sellers decide to take advantage of currently favourable conditions. However, as the Bank of Canada has also recently re-affirmed intentions to keep the prime rate at historically low levels through the second quarter of 2010 it is entirely possible that Buyer demand may continue to eat up any potential swell in the number of new listings. Prices are also rising at a rate that really is very surprising given the long run of year over year price increases. Ottawa, early in 2009, had income to housing cost ratios that gave us the most affordable major urban Real Estate market in Canada - if prices continue to rise as they are, it is conceivable Ottawa may finally begin to hit equillibrium sometime in 2011 or 2012 - sooner in some premium neighbourhoods where price increases have been close to sensational. If you are looking to buy, espeically in a premium neighbourhood, and you have the requisite downpayment available, you can hardly afford to wait. We know of buyers who have been holding on for a "deal" for over a year in prime neighbourhoods, and their buying power has declined in some cases by $20,000 to $50,000.
Read the press release here: November 2009 Ottawa Real Estate Market Update
Bruce Brown
Real Estate Broker
KELLER WILLIAMS OTTAWA REALTY, Brokerage
OttawaAgent.ca
-
|
| Su | Mo | Tu | We | Th | Fr | Sa |
|---|
| 29 | 30 | 1 | 2 | 3 | 4 | 5 |
| 6 | 7 | 8 | 9 | 10 | 11 | 12 |
| 13 | 14 | 15 | 16 | 17 | 18 | 19 |
| 20 | 21 | 22 | 23 | 24 | 25 | 26 |
| 27 | 28 | 29 | 30 | 31 | 1 | 2 |
| 3 | 4 | 5 | 6 | 7 | 8 | 9 |
Heron Park, Ottawa - We invite everyone to visit our open house at 2438 Clementine Boulevard on December 6 from 2:00 PM to 4:00 PM. Your host will be Bruce Brown, Real Estate Broker with Keller Williams Ottawa Realty.
Property information
-
About 8 years ago we declared quite loudly to any who were interested that Blackburn Hamlet was undervalued. Homes for sale in Beacon Hill and Chapel Hill on either side of Blackburn Hamlet were priced and selling for considerably more than Blackburn Hamlet, which is arguably better located than both. Okay, Beacon Hill is close to the River and Chapel Hill offers newer homes, and probably the biggest advantage for many buyers - deeper basements. Ottawans love their basements, and newer basements are better designed for finishing. However, for those who prefer to live above ground, Blackburn Hamlet is a good 10 minutes closer to downtown. In fact, while many folks we encounter think of Blackburn as a long way East of downtown, the reality is that outside of rush-hour it is less than 10 minutes to the market.
Anyway, back to values. Homes in Blackburn Hamlet have indeed enjoyed huge increases in value over the past 8 years. And you will see from 2009 data below, that for the first time, for freehold homes at least, values have caught up and the increases have tempered. House values sat fairly flat this year, while the neighbourhood clearly remains a very strong Seller's market with a .9 sales to new listings ratio. This would be one of the highest in the City. Put a house on the market in Blackburn and it WILL sell unless it is overpriced or very badly maintained.
Looking for Homes for Sale in Blackburn Hamlet? Let us help you by notifying you immediately of all new listings and working with you at no cost to you to help you secure solid value in Blackburn.
-
|
| Su | Mo | Tu | We | Th | Fr | Sa |
|---|
| 25 | 26 | 27 | 28 | 29 | 30 | 31 |
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| 8 | 9 | 10 | 11 | 12 | 13 | 14 |
| 15 | 16 | 17 | 18 | 19 | 20 | 21 |
| 22 | 23 | 24 | 25 | 26 | 27 | 28 |
| 29 | 30 | 1 | 2 | 3 | 4 | 5 |
Heron Park, Ottawa - We invite everyone to visit our open house at 2438 Clementine Boulevard on November 29 from 2:00 PM to 4:00 PM. Your host is Paul Hargadon.
Property information
-
Here's an update on the Real Estate Market in the Ottawa west end neighbourhood of Bel Air. For our purposes, we include areas 5401, 5403, 5405, and 5406 which are Bel Air Park, Bel Air Heights, and the two Copeland Park neighbourhoods. 5402 (Braemer Park) and 5404 (Industrial) are excluded as they are less uniform in neighbourhood characteristics and as a result do not tend to have similar market values to the other area 54 neighbourhoods.
You may have read that YTD market data to the end of October shows Ottawa still in the heat of a strong Seller's market. Low inventory, sales to new listing ratios over .6, increasing prices and volume all continue. It is always much more interesting to look at specific neighbourhoods (or even Streets!) and compare to the city-wide results. End of October prices were up over 13% year over year, and volume was up more than 25% year over year. So Bel Air is doing well, but actually a little slower than the overall Ottawa average on price and volume. Days on market is very low, however, especially for Residential properties (non Condominium.)
Data is provided by the Ottawa Real Estate Board to its REALTOR members through the MLS system and statistical reports. Facts are believed to be accurate but are not warranted.
-
We are thrilled that our excellent clients, Derek and Carole Hamilton, were featured in an article in the Ottawa Citizen on Saturday, November 14th. The article is available online at househunting.ca here. Thank you to Carole and Derek for allowing us to identify in this Blog that they are our clients. We thoroughly enjoyed working with them to help them find the right home in Ottawa. Sometimes the right property is a new property, and we work hard to keep abreast of new developments and work with quality builders to introduce our clients to help them with the ins and outs of the process and to secure the best property for their needs. Domicile is one of Ottawa's best builders for quality, location, and re-sale value.
-
This is an update on Real Estate market activity in the Alta Vista area year to date as of November 12, 2009. We include MLS areas that we consider to be relatively equivalent or uniform from the standpoint of actually living in the community. There is always room for variation within a community but we work to draw boundaries that make more sense than the second level MLS area boundaries which, for example, may include an industrial park along with a residential neighbourhood. For our "Alta Vista" definition we have excluded the areas closest to the General Hospital and also those that border busier parts of Walkley Road. Those sub-areas will be tracked separately as property prices and the profile of typical buyers are quite different than in the heart of Alta Vista. The most accurate representation may delve right down to individual streets but this is too time consuming for a general neighbourhood market update. For our clients, Comparative Market Analyses that we prepare for buying or selling homes do carefully analyse property locations and features in detail.
As you have probably read in the media, Ottawa is enjoying a Seller's market this year, as measured by several metrics used to gauge the bias of a Real Estate Market. Individual neighbourhoods often vary from the city-wide trend, of course. The data here shows that Alta Vista closely follows the City trend: The Sales to Listings Ratio of .69 is indicative of a market biased toward Sellers. Most commonly, a balanced market is said to yield a sales to listings ratio between .4 and .6 with values below this range indicating a Buyer's Market and higher values indicating a Seller's Market.
The average days on market in Alta Vista of 26 is considerably more aggressive than the Ottawa average which has been hovering closer to 45 days this year. The average price increase over 2008 of .7% is less than the city-wide average increase of about 3%
Check back often for periodic updates on other great Ottawa Neighbourhoods.
-
Trend Village, Nepean - This home was exquisitely maintained. It was also staged, marketed, and priced to perfection. It sold in two days for more than asking price, having received multiple offers. If you're hoping to secure a home of this calibre, you need to hire a REALTOR member of the Ottawa Real Estate Board. It is just too difficult to find, and understand how to negotiate, to acquire a home of this quality that is in high demand. And think about it - what is the best indication of purchasing excellent value? It is the fact that many people are clambouring to purchase it. When it comes to re-sale, the same will be true.
It was satisfying to see our clients, the Sellers, very happy with the results of the transaction - especially because the Buyer was also so pleased to find just what they'd been looking for. Seller and Buyer shared passions for cooking and gardening, for which this home was perfectly prepared.
Property information
-
• 1,800 sq. ft., 2 bath, 3 bdrm ranch - 
MLS® $329,900
Trend Village, Nepean - Beautiful living space inside and out! Practical separation between spacious living, dining, & family rooms ideal for family life and entertaining. Expanded & updated eat-in kitchen opens to relaxing two-level deck and fabulous yard backing on school property. Quality windows with energy saving cellular blinds, high efficiency furnace, ductwork, central air and exchanger all since 2002. Location, quality, and a great price to boot!
Property information
-
Heron Park, Ottawa - Announcing a price reduction on 2438 Clementine Boulevard, a 1 bath, 3 bdrm bungalow. Now 
MLS®$299,900 - New Price - Great Value!.
Property information
-
Brand New Unit!
• 574 sq. ft., 1 bath, 1 bdrm apartment - MLS®$1,500 CADMonthly
Centretown, Ottawa - Be the first to occupy this Urban Chic Loft unit on the 19th floor. High quality finishes with stainless appliances, quality finishes, towering over Ottawa's downtown business and entertainment districts. Available December 1st or shortly before. Heat & hydro included.
Property information
-
This article from the Globe and Mail provides some interesting analysis/opinion on Canadian prime rate policy.
Virginia Galt Globe and Mail Tuesday October 20, 2009
Why interest rates will remain low
The Bank of Canada left its benchmark interest rate at a record low 0.25 per cent Tuesday, stating that while the Canadian economy is recovering, the current strength of the Canadian dollar “is expected, over time, to more than fully offset the favourable developments since July.”
Here's what the analysts had to stay after parsing the bank's statement:
Bank Governor Mark Carney ‘a man in no hurry'
“Financial markets tend to get edgy sitting still, but Bank of Canada Governor Carney is a man in no hurry to act,”
Avery Shenfeld, chief economist at Canadian Imperial Bank of Canada, said in a research note.
“Drawing a parallel with Australia, where a rate hike came earlier than expected, investors have recently been pushing up Canadian short-term yields in anticipation that Canada wouldn't be far behind. To those expecting an early rate
hike in Canada, the bank's message was ‘not so fast.'
“After citing a list of fresh positives – including better-than-expected global growth and improvements in financial market conditions – the Bank asserts that these will be ‘more than offset' by the drag from persistent Canadian dollar
strength,” Mr. Shenfeld said.
“For the near term, before the currency impacts have had a chance to bite, the bank has ‘slightly' raised its 2009 second half forecast,” Mr. Shenfeld said. “Hitting its -2.4 per cent real GDP [gross domestic product] forecast for 2009 as a whole implies that the bank's forecast for fourth quarter growth must be close to 4 per cent.”
‘The bank is serious about implications of a further rise in the loonie to above parity'
Investment adviser Andrew Pyle of ScotiaMcLeod said the Bank of Canada employed some of “its toughest language” in warning about the threat to economic growth posed by the high level of the Canadian dollar.
Mr. Pyle said the bank's comments tell us two things:
“The Bank is serious about the implications of a further rise in the loonie to above parity [and] it is not going to pull an Australia and raise interest rates prematurely.”
Some of the loonie's recent appreciation has been attributed to speculation that the Bank of Canada would follow the lead of the Reserve Bank of Australia and raise its benchmark interest rate sooner than originally planned. However, on Tuesday, the bank repeated its conditional commitment to keep the rate at 0.25 per cent until well into next year.
“Now if we were to see sustained momentum in the U.S. economy, from the domestic sector, then the bank might ease off on this stance, but so far we're not seeing signs of that,” Mr. Pyle said in a research note.
“The U.S, is getting pumped off exports and inventories this half, while Canada is left to get its growth from
consumers and builders. This combination cannot persist forever, especially if the loonie goes back and retests the highs of November, 2007 [when it hit a peak of $1.10 U.S.]”
Bank of Canada ‘sticks to its guns' on rates
“The Bank of Canada has clearly dealt a blow to the near-term rate-hike camp, recommitting to leave the overnight rate unchanged through mid-2010,” economist Eric Lascelles of TD Securities Inc., said.
“The strong housing market barely attracted a mention, while rhetoric about the damage of Canadian dollar strength was ramped up substantially. The Bank of Canada now believes the economy will not return to full capacity until the third quarter of 2011 instead of the prior view of the second quarter of 2011,” he said.
“As with previous decisions, the bank argues that it maintains ‘considerable flexibility' in its conduct of monetary policy, though we do not expect any lengthening of the conditional commitment [on interest rates] or shift into quantitative easing this the juncture.”
Quantitative easing effectively dilutes the value of a currency by increasing money supply.
Currency markets ‘shouldn't have been surprised'
The Canadian dollar was down 1.70 cents to 95.45 cents (U.S.) by midmorning after the Bank of Canada' rate announcement.
“Markets shouldn't have been surprised in this manner,” economists Derek Holt and Karen Cordes of Scotia Capital said in a research note.
“We remain of the view that the global market tendency to blindly lump Canada with the Reserve Bank of Australia's dynamics …was ill-advised, given the night-and-day differences in the Canadian economy's export exposures and currency sensitivities,” the Scotia Capital team wrote.
“Canada's exports are hitched to the weak U.S. economy versus Australia's exports to China, and Canada has among the higher degrees of import content to domestic economic activity of many industrialized economies, which mutes inflationary pressures via an elevated Canadian dollar.”
What's next? ‘On to Thursday…'
Look to the Bank of Canada's quarterly monetary policy report, to be released Thursday, for more detail on the Bank of Canada's economic outlook and its policy options, economist Michael Gregory of BMO Nesbitt Burns said.
Market-watchers were not expecting any more concrete action – beyond tough talk – to dampen the level of the loonie.
“There was no concrete action on the Canadian dollar, but the Bank of Canada jawboned its concerns more aggressively than in the last statement,” the Scotia Capital economists noted Tuesday.
www.OttawaAgent.ca