The Summer is ending. Kids are headed back to school. The market has matched the heat here for us in Ottawa...it's been HOT, HOT, HOT! Read on to see the Ottawa Stats and continue reading to hear my take on the upcoming market.
Strong summer performance for Ottawa's resale market
Members of the Ottawa Real Estate Board sold 1,279 residential properties in August through the Board's Multiple Listing Service® System, compared with 1,200 in August 2014, an increase of 6.6 per cent. The five-year average for August sales is 1,234.
"Ottawa Real Estate Board members had a busy August, with units sold coming in higher than the five-year average and a healthy increase from last year's sales," says David Oikle, President of the Ottawa Real Estate Board. "In addition to an increase in units sold, inventory levels of residential and condominium properties dropped by 5.3 per cent since last month, and cumulative days on the market was an average of 89 days."
August's sales included 259 in the condominium property class, and 1,020 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 average sale price of a residential-class property sold in August in the Ottawa area was $379,946, a decrease of 0.1 per cent over August 2014. The average sale price for a condominium-class property was $244,801, a decrease of 7.3 per cent over August 2014. 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.
"It is important to note that the increase in units sold is for both residential and condominium properties," says Oikle. "Also, we continue to see an increase in the number of condominium units sold in comparison to 2014, and the year-to-date condominium sales are now close to on par with last year."
"The majority of buyers in Ottawa continue to buy properties in the $300,000 to $400,000 price range, closely followed by the $200,000 to $300,000 range," says Oikle. "In addition to residential and condominium sales, OREB members assisted clients with renting 295 properties in August, and over 2,000 since the beginning of the year."
Times are changing again (many of you have heard me say that the world is all about patterns). The 'R-Word' has been thrown around in the Media as of late. Should we be concerned? (I am speaking from a Realty Investment point-of-view). Mortgage rates are still at a crazy low. It is still cheaper to buy than to rent out there. More properties on the market than Buyers makes it a win-win for the first time home Buyer. Ottawa has such a low vacancy rate for Tenants, that hanging onto to your investment makes sense in this possible downturn for a Seller. So, if you're looking for a safe investment in this time of supposed turmoil, Real Estate is a good option over the long term. Ottawa has traditionally been a protected market for Real Estate as there is constant movement in and out of this beautiful city of ours.
Please continue reading to see 3 featured listings that I have available.
Are you renting? Stop paying your Landlord's mortgage! This wonderful townhouse is in a great location that is walking distance to stores, restaurants. transportation and recreation. www.718TanguayCourt.com is a must see. Large rooms, eat in kitchen, 2 balconies and a swimming pool in the complex! Own this property for less than $ 950.27/month (based on 5% down). (Mortgage calculations provided by Allison McBrine www.AllisonMcBrine.ca )
Wanting to downsize? Looking for a quiet town to retire in? This Bungalow in Smiths Falls might be the perfect place for you. Minutes from stores, recreation, doctors and restaurants on a dead end street at the Rideau Canal Locks. Priced at $211,700 for this large bungalow on a large lot. Some updating needed, so you can make this great home your own. A monthly payment of less than $ 1271.63/month (based on 5% down). (Mortgage calculations provided by Allison McBrine www.AllisonMcBrine.ca ) Come out and see this fantastic home.
Commute between Ottawa South and Montreal? The historic town of Ingleside may be the perfect location for you. Close to the St. Lawrence Seaway, you can walk to see the big ships! 20 minutes from Cornwall and minutes to the 401 makes this a great location for the traveler. This well appointed bungalow has had numerous upgrades done over the past 10 years. www.8FarranDrive.com may just be the right address for you or someone you know. Own this home for as little as $ 1225.77/month (based on 5% down) . (Mortgage calculations provided by Allison McBrine www.AllisonMcBrine.ca )