The Ottawa Real Estate Market Spring/Summer 2013
Summer solstice is almost here marking the longest daylight hours of the year. If you’re a golfer or just enjoy the outdoors, it means you can just do it longer. With it comes the end of spring, the end of the school year and summer holidays for many children. In real estate, it wraps up the end of the busy spring market with more closings the end of June than any other time of year. This year proved to be no exception.
Real estate sale in Ottawa were strong in April and May, in fact, there were more sales in April 2013 than any other April on record. This was probably partly due to a snowy March and a late start to spring weather, but it’s still in the record books as the most productive April ever.
Has the real estate market rebound from the slower fall/winter season experienced in 2012? Not to the levels we’ve seen in past 14 years, but it has come back strong with low interest rates and consumer confidence leading the charge.
Below are the latest figures provided by the Ottawa Real Estate Board:
In May, 1,804 residential properties were sold through the Ottawa Real Estate Board's Multiple Listing Service® system, compared with 1,890 in May 2012, a decrease of 4.6 per cent. The five-year average for May sales is 1,802.
"The Ottawa market is still on par with average sales since 2009, and 233 more properties were sold than the month before," says Ansel Clarke, Immediate Past President of the Ottawa Real Estate Board. "Residential units are faring well in comparison to condominiums, where the average sale price is down 2.3 per cent, and units sold are down 9.9 per cent. Residential bungalows and two-story homes comprised the majority of properties sold in May."
May's sales included 326 in the condominium property class, and 1,478 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, townhouse, 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 residential properties, including condominiums, sold in May in the Ottawa area was $370,501, an increase of 2.1 per cent over May 2012. The average sale price for a condominium-class property was $262,467, a decrease of 2.3 per cent over May 2012. The average sale price of a residential-class property was $394,331, an increase of 2.3 per cent over May 2012. 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.
All in all, I would have to say it’s pretty positive news because the consumer is still confidently investing in home ownership with the Ottawa real estate market being recognized as one of the best markets in the country.
For me, May was my single busiest month ever in my 26-year real estate career. I helped many families buy or sell homes and although stressful at times, it was all worth it. Even after 26 years, the thrill of finding someone their dream home or helping sell their existing home still excites me. When I stop and think about it, it’s the people who choose to work with me and have confidence in my helping them with one of their largest financial transactions that keeps me going.
For the past 6 weeks, my son Brandon has been helping me out a lot at the office. Like most kids who finish their first year of university, he wants to work to help pay for the upcoming school year. In the office, he helped me with data input, took care of my sign installations, helped measure properties plus did some of the running around I normally do in a day. I must say, it’s been great having him around, but on the 21st of this month he is going to go back to his real summer job as a camp councillor at Camp Otterdale.
Have a safe and wonderful summer.