Ottawa Real Estate News

The average sale price for a condominium-class property in August was $421,966, an increase of 4 per cent from 2021. The average sale price for a residential-class property was $707,712, increasing 5 per cent from a year ago.

The average sale price for a condominium-class property in July was $425,694, an increase of 1% from 2021, while the average sale price for a residential-class property was $716,354, increasing 5 % from a year ago. With year-to-date average sale prices at $805,238 for residential and $461,557 for condominiums, these values represent an 11% and 9% increase over 2021, respectively.

The average sale price of a residential- class property sold in March in the Ottawa area was $853,615, an increase of 13% from a year ago. The average sale price for a condominium- class property was $479,405 an increase of 10% from March 2021.

“We continue to experience strong activity in Ottawa's resale market during the time of year when we would typically see a slowdown,” states Ottawa Real Estate Board (OREB’s) President. "Further, the pandemic overall did not slow down resale market, and our year to date transactions are now on par with 2019." Now in 2020, YTD average prices are 19-20% higher. This trajectory can be attributed to a concurrent decrease in inventory, which continues to be a challenge in our active market. The residential housing stock is 50% lower than last year at this time.

"Now more than ever, Buyers and Sellers will benefit from the knowledge and experience of a REALTOR®. Our resale market continues to experience multiple offers and bidding wars, and you would want the guidance of someone who has maneuvered through this many times. Particularly if you are looking at purchasing a recreational property, which have become very desirable in the past 6 months or so. These properties' considerations are different than those you are used to seeing in the city, such as wells, septic tanks, conservation considerations, etc.

The new minimum qualifying rate will be the greater of the borrower's contract rate or the weekly median five-year fixed insured mortgage rate from mortgage insurance applications, plus two percentage points. The stress test rate currently is the greater of the borrower's contract rate or the Bank of Canada five-year benchmark posted mortgage rate, which is based on the posted rates at the six largest banks. Finance Minister Bill Morneau unveiled the change by saying the stress test will rise and fall if there are changes in the median interest rates lenders are providing, while continuing to ensure people only take on mortgages they can afford.

"After a record-breaking 2019, January saw a minor dip in sales; however, February’s numbers suggest Ottawa’s resale market is heading back into overdrive" observes OREB's President. "Unit Activity overall has gone up with more listings coming on the market (though still well below the five-year average) and the highest number of February transactions in over 15 years." The average sale price of a residential-class property sold in February in the Ottawa area was $563,694, an increase of 21.1% over February 2019. The average sale price for a condominium-class property was $349,813 an increase of 21.3% from February 2019. "These increases are a direct result of the sustained lack of inventory putting upward pressure on prices, and this trend is likely to persist until supply recovers and is bolstered with newly constructed units. Multiple offers have become commonplace in certain pockets of the city, and one of the Board’s statistical indicators shows that approximately 58% of properties are selling for over the asking price, compared to 32% of properties a year ago," adds OREB's President.

Low inventory conditions continue to persist throughout Spring. Several factors continue to have an impact in this regard including the lag in new construction coming to market and the reluctance of potential sellers who are facing limited options when they are buying within the same market. Add to this a stress test for buyers, that can limit purchasing capacity in a market where prices are accelerating, and it becomes a "Catch 22" situation for the foreseeable future. Residential supply is down 18%, and condo inventory is down almost 40% from last April. Despite this tight supply, the residential market is holding its own and the increase in unit sales is effectively coming from the condo market which until recently, was in a surplus.

• Exterior inspection and repairs
• Clean out the gutters and downspouts
• Look for moisture
• Maintain your heat recovery ventilator (HRV) and other ventilation equipment
• Begin spring landscaping

The average sale price of a residential-class property sold in January in the Ottawa area was $432,829, an increase of 1.5 percent over January 2018. The average sale price for a condominium-class property was $283,990, an increase of 7.7 percent from this month last year.

Tight rental markets, record levels of immigration, and a wave of Millennials looking to buy their first homes are putting pressure on limited housing stock in many of Canada's metropolitan regions.

See full article for tips on high budget renovations as well as smaller do it yourself improvements.

Borrowers who have been self-employed for less than 24 months can now be considered through additional factors such as purchasing an existing business, predictable earnings, and even the type of training and education they have.

In 1998, the Royal LePage Shelter Foundation was established to support women's shelters and domestic violence prevention programs.

Autumn is the perfect time to lay the groundwork for a gorgeous spring garden. Experts say this time of year is critical for how your yard will look year-round.

The average sale price of a residential-class property sold in July in the Ottawa area was $441,206, an increase of five percent over July 2017. The average sale price for a condominium-class property was $280,526, an increase of 5.3 percent from July 2017.

Ottawa was the first Ontario city to enter into a Municipal Accommodation Tax collection agreement with Airbnb. In January, the City of Ottawa imposed a four percent Municipal Accommodation Tax on hotel rooms in Ottawa. The money is used to support the tourism industry.

"Developments since April further reinforce the governing council's view that higher interest rates will be warranted to keep inflation near target," the statement said. "Governing council will take a gradual approach to policy adjustments, guided by incoming data."

Houses in Ottawa's hottest neighbourhoods are selling at record prices as buyers compete in a market plagued by a shortage of resale homes.That shortage, combined with growing demand and a shift among realtors toward a more aggressive sales strategy, is creating ideal conditions for bidding wars the likes of which the capital has never seen. Just last week, ...

• Roof
• Exterior Walls
• Foundations
• Windows
• Air Conditioning
• Leaks

A new report released last month shows Ottawa, our nation's capital, has the growth, diversity and strength required to lead the province in real estate market performance over the next five-year period. Ranked in order of potential for housing market strength over the coming five-year period:

• 1. Ottawa
• 2. Kitchener-Waterloo-Cambridge
• 3. Hamilton
• ...

How Parents are Helping their Kids Buy Homes

• Prioritize Repairs
• Stage Your Home
• Get Your Paperwork in Order

The average sale price of a residential class property sold in February in the Ottawa area was $429,600, an increase of 2.7 percent over February 2017. The average sale price for a condominium-class property was $273,174, an increase of 5.6 percent over February 2017.

• Top motivators for buying a home
• Housing expectations
• Financing and saving for a down payment

Find the average sales price and percentage increases over the previous year.

To make a meaningful difference at a local level, the Royal LePage Shelter Foundation matches Royal LePage offices with a women's shelter in their community.

Home prices in Ottawa are forecast to increase 3.2 per cent in 2018, rising to an aggregate price of $458,208, reflecting the strong economic growth anticipated in the region through next year.

Consider two couples looking to purchase the same house at 456 Maple Lane with a purchase price of $400,000. Both sets of clients have excellent credit history and great job stability. Bob and Barbara are looking to put a down payment of 5%, giving them a loan to value of 95% which is a high ratio mortgage. Shawn and Steve will be putting a down payment of 20%, giving them a loan to value of 80% which is a conventional mortgage. In terms of who gets the better rate, Bob and Barbara with less down payment and a high ratio mortgage will get the lower rate of the two couples.
Wait... WHAT?! Shouldn't the couple with more down payment get the better rate?

• Slope ground away from the foundation to allow rainwater to flow away from the home.
• Seal window wells and cracks in floors, walls and the foundation.
• Direct water from downspouts at least 4 feet away from the foundation. Downspouts should never be embedded in the ground, or connected to the sewer system or fooding drains. Water should flow to ground surface or storm drainage system.
• If you have a sump pump, ensure that it is connected to the storm sewer system or empties onto the lawn at least 4 feet from the foundation wall.

• SAFETY FIRST! DO NOT enter your basement if the water level is above any plug, electrical outlet, extension cord or baseboard heater. Call Ottawa Hydro 613-738-6400
• Call your Gas supplier (Enbridge 24-hour service line 1-866-763-5427) if the flood water is threatening your gas powered furnace, water heater or stove.
• Remove standing water with a sub-pump or buckets, then with a wet/dry shop vacuum.

• Live like a college student for a few years!
• Skip the new car
• Automate
• Make more money

• SAFETY FIRST! DO NOT enter your basement if the water level is above any plug, electrical outlet, extension cord or baseboard heater. Call Ottawa Hydro 613-738-6400
• Call your Gas supplier (Enbridge 24-hour service line 1-866-763-5427) if the flood water is threatening your gas powered furnace, water heater or stove.
• Remove standing water with a sub-pump or buckets, then with a wet/dry shop vacuum.

Autumn is the perfect time to lay the groundwork for a gorgeous spring garden. Experts say this time of year is critical for how your yard will look year-round.

After living in a home for a number of years, chances are your garage has accumulated some clutter. A home's garage can be a key selling feature, it is important to keep it functional, organized and appealing. You may want to organize things but don't know where to start.