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June remains busy for Ottawa’s Real Estate Market

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WestfestMembers of the Ottawa Real Estate Board sold 1,694 residential properties in June through the Board’s Multiple Listing Service® system, compared with 1,657 in June 2014, an increase of 2.2 per cent. The five-year average for June sales is 1,664.

 

“The Ottawa market is performing very well month-over-month and year-to-date compared to last year,” says David Oikle, President of the Ottawa Real Estate Board. “Year-to-date sales for the first half of 2015 are up 4.9 per cent over the first half of 2014, and average sale price continues to be steady for the first half of the year.”

 

June’s sales included 274 in the condominium property class, and 1,420 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.

 

“Inventory levels at the end of the month remain healthy and on par with May levels, with average cumulative days on market keeping steady at 74 days,” says Oikle. “Properties continue to move consistently, and we look forward to this continuing into the second half of the year.”

 

The average sale price of a residential-class property sold in June in the Ottawa area was $404,254, an increase of 4.1 per cent over June 2014. The average sale price for a condominium-class property was $271,415, an increase of 5.1 per cent over June 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.

 

“The number of residential units sold in June increased in every price range from $350,000 and above, and the $300,000 to $400,000 price range continues to have the highest concentration of properties sold,” states Oikle. “In addition to residential and condominium sales, OREB members assisted clients with renting 330 properties in June; 1,485 since the beginning of the year.”

 

Should you have questions about the June statistics, home values in your Ottawa neighbourhood, or would like more information about where you’d like to live, please contact me, I’d love to hear from you. 

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Real Estate

Not even real estate is immune from the impact of the coronavirus

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The novel coronavirus may have started as a health scare in China, but now that it has spread to more than 100 countries, its economic impact is becoming increasingly difficult to ignore.

The contagion has sent global stock markets into panic mode, with a record plunge on Monday and soaring volatility ever since.

Housing markets in Canada and Australia, however, appear undeterred by the jitters. In fact, they have even taking encouragement from recent rate cuts implemented to combat the crisis.

At the same time, home-refinance applications in the U.S. have surged by 79 per cent, as per the U.S. Mortgage Bankers Association’s refinance index.

But is real estate really immune from the impact of the coronavirus, which was officially deemed a pandemic by the World Health Organization on Wednesday?

Some real estate sectors are clearly more vulnerable than others. The surge in cancellations for tourist travel is not only affecting airlines but also hotels and others in the lodging industry.

The next week is usually one of the busiest travel seasons of the year as families travel during the March break. Already, cancellations are at an all-time high, something that is putting stress on the hotel industry, and one could see that part of the market come under pressure if conditions pressure.

Some investors, meanwhile, expect REITs to do well in times of uncertainty because, with long-term leases, landlords are likely to enjoy more stable cash flows than manufacturers and others who are more sensitive to short-term declines in the demand.

In addition to office and large retail real estate, where tenants usually have longer leases, investors are reportedly favouring purpose-built rental housing and self-storage real estate.

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Coronavirus is already taking its toll on Canada’s real estate market

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The real estate frenzy in Canada’s biggest markets is headed for a chill as anxiety rises over the economic fallout of the coronavirus.

A call for social distancing means far fewer people will be opening up their homes to potential buyers. 

RE/MAX wants its realtors in Ontario, the Atlantic provinces and Western Canada to cancel open houses until COVID-19 is under control.

“While almost all real estate brokerage firms have embraced digital tech and realtors are able to utilize signature platforms and other tools to conduct business, once showings, open houses and other in-person business is restricted, there will definitely be a drop off in transactions,” John Lusink, president and broker of record at Right at Home Realty, told Yahoo Finance Canada.

“We expect to see a drop in sales but this will take a month or two to filter through into the actual results.”

Buyers will also likely put their plans on hold.

“Obviously there has been an immediate pause in market activity as everyone tries to figure out what happens next,” Steve Saretsky, realtor and author of real estate blog Vancity Condo, told Yahoo Finance Canada.

“We are seeing buyers move to the sidelines and sellers put some of their listing plans on hold.” 

But that doesn’t mean the end result will be more affordable homes.

“The way I see it the housing market is basically frozen… no buyers and no sellers,” Benjamin Tal, deputy chief economist at CIBC Capital Markets, told Yahoo Finance Canada.

“That in a way will limit or even eliminate any notable downward risk to prices. Simply the  number of sales will go down dramatically.”

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6 Ottawa Homes For Sale Along OC Transpo That Are Still Kinda Affordable

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Like many big cities, finding an affordable place to live in Ottawa can be challenging, especially for new home buyers. Though one benefit of living in the capital is having access to public transportation within minutes, which in the long run, might help offset any moving expenses. So if you’re a new buyer or just looking to relocate, cheap homes for sale near transit in Ottawa are perfect for those who are always on the go.

The Ottawa Real Estate Board reported back in February that the average cost to buy a home was 21% higher than the previous year. 

Despite these growing prices, it seems that Millenials are still flocking to the area to enjoy Ottawa’s culture.

There are so many beautiful places to explore and fun things to do that it’s not hard to love where you live no matter your budget. Being close to public transit is always a plus, especially if you don’t own a car but still want to enjoy the perks of the city. 

These spots are both affordable and travel-friendly, so you can save money and still explore the area without breaking the bank.

They are also OC Transpo accessible.

From charming bungalows to three-story units, there’s a place for everyone to call home.

If you want to feel more like a royal for the day, you can check out these luxurious Ottawa homes that are basically giant spa getaways.

Pull out your Presto Card and get ready to explore the city as soon as you step out the door!

According to the Ontario Real Estate Association, the Ontario government has currently prohibited open houses during the current state of emergency. 

The Real Estate Council of Ontario states homebuyers are still able to view listings online through virtual tours and 360 walk-throughs. 

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