Happy July Everyone!

The market is still zipping along, although the number of new listings seems to be slowing with the heat and perhaps the July 1st weekend.  Still can't keep any inventory on the shelves: most of our listings have been selling within a week or so.

Low inventory and the threat of higher interest rates makes it seem likely this hot seller's market may continue for a while.  

If you're ever wondering about the value of your property or curious about he recent sales in your neighbourhood don't hesitate to call or email us. We're always happy to check it out for you.

Thanks again for all of those referrals - they're much appreciated!  
Cheers,
     Eric

Strong Ottawa Market Continues

Condo resale numbers remained strong in June, and overall year-over-year, although price growth is slowing.  

Freehold properties did the opposite:  prices increased nicely, but the number of properties sold dropped significantly in June.  However, year-over-year figures show increases in both numbers of homes sold and prices.  

Fewer sales at increased prices usually means it's a sellers market.  There are fewer properties available for sale than the number of buyers looking.  So, as with any commodity, lower supply means that people will need to pay more to get what they want.  ...read more...

The Ottawa Real Estate Market is Hot This Year!

We took a look at the sale-price to list-price ratios for the Ottawa area during first 3 months of 2018 (January through March).  We're still seeing most sales be multiple offers, even nearing the end of June and even with rental properties, both of which are very unusual for Ottawa.

It’s interesting to see that half of those listed for less than $200,000 and for more than 1 million achieved less than 97% of the asking price.

Conversely, over 20% of each of the listing ranges between those 2 extremes got full price or more.  This is most apparent in the $300-400,000 range where 46% of homes sold got at least their asking price – and 38% got more!  ...read more...

How outdoor flooring sells condos faster

Having an enjoyable and visually appealing outdoor space is as important to every urban dwelling condo owner as it is to suburbanites. It increases enjoyment and quality of life.

Adding high-quality outdoor flooring is one of the quickest, easiest and most effective ways to instantly boost the aesthetic appeal of a condo balcony. Here are five ways outdoor flooring can increase visual and market value.  ...read more...

Have You Seen: "Long Road To Recovery"

While many industry experts predicted that the Canadian housing market would start to warm up in May, sales and prices have remained stubbornly flat, as the effect of a new mortgage stress test continues to make itself felt.

“It’s official: homebuyers took a pass at the spring season,” wrote RBC senior economist Robert Hogue, in a recent note. “We held the view until now that the transitory effect of the stress test implemented on January 1 would start to wane by the spring. Well, there was no indication of any material rebound in home resale activity through May.”  ...read more...

But take a look at the next article (remember that Vancouver and Toronto have a huge percentage of the real estate transactions compared to the rest of Canada).

Not In Every Canadian Housing Market

But the "homebuyers took a pass" statement above is not entirely true — at least, not for every housing market in Canada. As Toronto and Vancouver continue to struggle under the weight of federal and provincial regulation, cities like Ottawa and Montreal have been performing remarkably well over the past few months.

What’s going on here: The Canadian Real Estate Association (CREA) tracked Ottawa home prices over the past 13 years.

The takeaway: “Benchmark home prices rose by 8.2 per cent year-over-year [in May],” reads the CREA data release. Two-storey single family homes saw a particularly large price bump, jumping 9.5 per cent year-over-year.  ...read more...

Please note that the CREA stats may differ somewhat from ours because we include only the immediate Ottawa area in our stats.