Leaves may be falling, but the Ottawa real estate market is not

November Newsletter

 

Members of the Ottawa Real Estate Board sold 1,243 residential properties in October through the Board’s Multiple Listing Service® System, compared with 1,214 in October 2016, an increase of 2.3 per cent. The five-year average for October sales is 1,165.

“As we enter the 3rd quarter of the year, we continue to see the resale market outpace last year’s performance, which was also a stellar year,” says Rick Eisert, President of the Ottawa Real Estate Board. October’s sales included 261 in the condominium property class, and 982 in the residential property class. “Condominium sales continue to drive the overall residential sales market, with a year to date increase of 21.4 per cent over the same time period last year.”

“The fall market is brisk and could be fueled by the impending tightening of mortgage regulations,” says Eisert. “Properties continue to sell much faster in comparison to this time last year with the average days on market for residential properties down 17.7 per cent from 55 to 45 days. Our market could still be described as balanced, though in some areas it continues to trend towards a Sellers’ market.”

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Condo Sales Drive the Ottawa Resale Market in July

August Newsletter

 

Members of the Ottawa Real Estate Board (OREB) sold 1,530 residential properties in July 2017 compared with 1,490 in July 2016, an increase of 2.7 percent.

“The Ottawa resale market continued its steady pace into mid-summer, with condo sales really bolstering the market this past month,” said OREB’s President. “We’ve actually been seeing this positive trend since February. The condo market had been in a slump for the past few years because it was overbuilt. Some owners who had difficulty selling their condos rented them instead, thereby decreasing supply.Now as rental leases are coming due, combined with evidence of stronger condo sales, these owners are placing these units back on the market for sale. Meanwhile, residential sales have remained virtually the same in comparison to this time last year.”

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Ottawa resale market proves strong in first half of 2017

July Newsletter

Members of the Ottawa Real Estate Board (OREB) sold 2,162 residential properties in June 2017 compared with 1,985 in June 2016, an increase of 8.9 percent.

“We’re having a stellar year so far in 2017. Year-to-date sales numbers for the first half of the year are up in both the residential and condo property classes, combined coming in at a 13.5 percent increase over the same time period in 2016,” said OREB’s President. “Average sale price in both the residential and condo class is up in the first half of 2017 compared to last year, although not a significant amount.”

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What to Expect from a Realtor

HONESTY & INTEGRITY

Most Real Estate professionals in our province are members of the Ontario Real Estate Association (OREA) and only members of OREA can call themselves REALTORS®.

When you work with a REALTOR®, you can expect not only strict adherence to provincial laws, but also adherence to a Code of Ethics. This code is very important to you as a homebuyer or homeseller as it assures you will receive the highest level of service, honesty and integrity in any transaction.

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Working With a Realtor

REALTORS® are governed by the legal concept of “agency”. A Sales Represenetative is legally obligated to look after the best interests of the person he or she is working for. The Sales Representative must be loyal to that person.

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Buying a Home

Don’t depend on blind luck to find your new home – enlist the services of a real estate representative; one who specializes in the sort of property you would like to buy.

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Affording a Home

Your “dream home” becomes a nightmare when you end up “house poor”, with most of your money going to pay for the mortgage and little left over for enjoyment. When buying a home, you need to be practical and realistic. Over -extending yourself financially is the quickest way to destroy the excitement of owning your own home. A real estate professional can help you find the home of your dreams;

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