Ottawa Real Estate Board (OREB)
Latest News Release
A Strong Finish for Ottawa’s Real Estate Market in 2017
OTTAWA, November 2, 2017 – Members of the Ottawa Real Estate Board sold 771 residential properties in December through the Board’s Multiple Listing Service® System, compared with 711 in December 2016, an increase of 8.4 percent. The five-year average for December sales is 687.
December’s sales included 205 in the condominium property class and 566 in the residential property class. The average sale price of a residential-class property sold in December was $434,098, an increase of 3.4 percent over December 2016. The average sale price for a condominium-class property was $255,335, a decrease of three percent from December 2016.
“December saw an increase of 3.5 percent in the number of units sold in residential sales and 25 percent in condo sales. This could very well be attributed to the changes in the mortgage qualification rules implemented January 1, 2018,” speculates Ralph Shaw, 2018 President of the Ottawa Real Estate Board.
“2017 was another solid year for the Ottawa Real Estate market in both the number of transactions as well as the reasonable increase in prices, about seven percent in residential and three percent in the condo market,” Shaw acknowledges. “We continue to have a stable and balanced market. Although inventory tracked low all year and new listings were down each month, new home supply counteracted the impact somewhat.”
The total number of residential and condo units sold through the Board’s MLS® System throughout all of 2017 was 17,083, compared with 15,526 in 2016, an increase of ten percent. Overall, residential sales volume was up 16 percent.
“In 2017, the condo market rebounded with a 22 percent increase in the number of units sold, which is quite significant. The relatively flat increase in prices suggests that we found the ideal price point in which to move the units,” Shaw concludes. “As for residential sales, there was a good availability of product under $500,000 considering almost 10,000 out of approximately 13,500 residential units sold fell in that range.”
2017’s average residential sale price was $425,063, an increase of 6.8 percent over 2016, while the average condominium sale price was $269,903, an increase of 3.4 percent over 2016. 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.
When asked for a 2018 forecast regarding the new mortgage rules stress test, Shaw points out, “One factor that will soften the blow of the new mortgage rules is Ottawa’s average price point in the $400,000s, which means our market will certainly fare better than those in Toronto or Vancouver.”
“Nevertheless,” he cautions, “we will continue to monitor the impact of the stress test. It is unlikely that we will truly see the results of this poorly conceived piece of legislation until the end of the second quarter.”
In addition to residential and condominium sales in 2017, OREB Members have assisted clients with the sale of 419 commercial properties and 20 farms units, as well as with the rental of 2,977 properties.
Bank of Canada governor
Year-End Speech
On Thursday Stephen Poloz delivered his year-end speech. He spoke about cyberthreats, high housing prices combined with soaring debt levels, and job prospects for young Canadians.
Meaghen Markle’s Former Address in Toronto
10 Yarmouth Road
It’s the IT property of the day in Canada. And we all want to peek inside. We all want to see where Meaghan Markle lived and Prince Harry stayed while in Toronto. Listing details.
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Ottawa Real Estate Board Statistics (OREB)
November 2017
Real Estate Newsletter December 2017
30-Year Mortgage Amortizations
Seems the typical 25 year amortization period is being replaced with the 30 year period. This reduces your payments but also slows down the accumulation of equity and increases the total interest paid. Though an option you should weigh the pros and cons and discuss with your mortgage broker to be sure to make an enlightened decision.
Real Estate Newsletter
November 2017
Ottawa Real Estate Board (OREB)
Latest News Release
Leaves may be falling, but the real estate market is not
OTTAWA, November 2, 2017 – 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.
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