Below is the news realease from the Ottawa Real Estate Board providing a summary of the number of re-sale transactions managed by Realtors in Ottawa and tracked on the Ottawa Real Estate Board's MLS System for the month of February and year-to-date in 2010.

I like Mr. DeVarrenes's choice of words: "for now" Ottawa remains a seller's market. One has to assume that the low level of inventory cannot continue forever as the natural forces of people's lives tend to result in long term similar average numbers of homes for sale. Families grow, shrink, people experience job transfers, promotions, etc. that become the motivation for selling homes.

While we feel it is very unlikely that Ottawa will experience price declines, it does seem that the pace of price increases would be due to slow at some point within the next 24 months, especially when interest rates inevitably begin to rise again, but also because buyers before much longer will simply not be able to sustain continued price increases of recent magnitudes.

Here is the press release:

A Great Start to 2010 for Ottawa’s Housing Market

March 5, 2010 : A Great Start to 2010 for Ottawa’s Housing Market

Members of the Ottawa Real Estate Board sold 1,118 residential properties in February through the Board’s Multiple Listing Service® system compared with 787 in February 2009, an increase of 42.1 per cent.

Of those sales, 323 were in the condominium property class, while 795 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.

“Last month’s sales were near the top of the usual range for this time of year, as opposed to February of 2009, which was the end of the brief slowdown we saw in Ottawa’s resale housing market due to global economic conditions,” said Board President Pierre de Varennes. “So far in 2010, OREB Members have sold 1,838 properties, putting us well ahead of the 1,316 properties sold in the first two months of 2009. Inventory remains low and the homes that are listed are selling quickly, keeping Ottawa in a seller’s market for the moment,” he added.

The average sale price of residential properties, including condominiums, sold in February in the Ottawa area was $317,030, an increase of 15.8 per cent over February 2009. The average sale price for a condominium-class property was $265,938, an increase of 30.3 per cent over February 2009. The average sale price of a residential-class property was $337,788, an increase of 15.6 per cent over February 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®.

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.REALTOR.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 and now online at www.OttawaRealEstateGuide.ca.

Bruce Brown
REAL ESTATE BROKER
Keller Williams Ottawa Realty
BROKERAGE, Independently Owned and Operated

• 2,400 sq. ft., 3 bath, 4 bdrm 2 story - MLS® $359,900

Waba, McNab / Braeside  -  Own a piece of history, a generously spacious family home, 5 acres of country playground, easy access to home town shopping, skiing and golf, for an extremely reasonable price. 10 foot ceilings, gorgeous original moldings and trim, elegantly updated baths: powder, main and luxurious ensuite. Main floor family/great room AND den. Outbuildings, pool & hottub on classic stone patio, Waba Creek. Solid, homey, classic, a rare opportunity.

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Following up from yesterday's update on the Western half of Orleans, here is the January MLS transaction data for the Eastern half of Orleans. 

Looking to buy or sell a home or condo in Orleans?

The sharp jump in both residential and condominium prices, on average, in January 2010 relative to January 2009 has to be put in context:  the first two and a half months of 2009 in Ottawa saw the most timid period for real estate transactions in several years, and along with that, the first negative price changes year over year for several years as well.  There was trepidation and the feeling that perhaps the global recession and major problems in the Real Estate sector South of the border were going to meddle with Ottawa's stable real estate market for the forseeable future.  Well, that didn't happen as 2009 after mid March took off to reach new heights once again.

The other important point to remember when considering the apparently huge jump in prices in Orleans relative to last year is that this comparison is only based on one month of transactions and therefore a volume that is really too small to draw broad statistical conclusions. 

We'll take the positive start to the year as a good sign of consumer confidence, a reminder that listing inventory is very low across the city (if you're thinking of selling real estate in Orleans for personal reasons anyway, this is your market.)

If you are thinking about selling your home in Orleans, we provide an informed professional approach to pricing strategies along with Marketing Services that are second to none. We work the process hard from outset to completion.

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.

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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

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.

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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. 

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.

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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.

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.

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