Ottawa Real Estate: May 2019 Market highlights

Ottawa Real Estate: May 2019 Market highlights

Highlights: Total properties sold : 2,423 in May through the Board’s Multiple Listing Service® System, compared with 2,271 in May 2018, an increase of 6.7 per cent. May’s sales included 1,869 in the residential property class, an increase of 4.6 per cent from a year ago. 554 in the condominium property class, an increase of 14.2 per cent from May 2018. The five-year average for May unit sales is 2,167.Average sale price for a condominium-class property was $297,731, an increase of 5.8 % over May 2018Average sale price of a residential-class property was $493,691, a rise of 6.4% over May 2018Most active price points Residential: $350,000 to $499,999 price range was the most active price point in the residential market, accounting for 42% of sales while 28 per cent of residential sales were in the $500,000 to $749,999 range. Most active price Condominium market, which increased to the $225,000-$349,999 price range ...
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Why Summer Can Be a Great Time To List Your Home

Why Summer Can Be a Great Time To List Your Home

Everyone knows spring tends to be the real estate “busy season” but that doesn’t mean that you are too late to list your home now that we are coming into summer. Summer can be a great time to list, specifically in the greater Ottawa area. Buyers purchase homes year round and there are certainly advantages to listing your home in the summer. Here are 6 reasons why summer is the perfect time to sell your home: 1.Active Buyers are More Serious. Although there may not be as many buyers in the summer, active buyers tend to be more serious when shopping for a home in the summer months. Those looking don’t tend to be following the spring market trend and are looking because they are serious about moving. This may be because of a tax return received in late spring or simply because the weather is far more pleasant. For ...
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Importance of Community

Importance of Community

The word community can mean different things to different people. It can simply be a name to define a certain geographical area or neighbourhood, or it can mean a lot more. For many people, finding the right community is much more than location; it’s finding a neighbourhood with like minded people, amenities of interest, or even just a place that feels like home! Everyone is different and there are many factors that affect our sense of community; this is why the City of Ottawa has so many distinct areas. It is important to consider community in your home search and here are some tips to help you do just that. Ask your Realtor® for the Demographics Your Realtor® has access to the demographic information for any neighbourhood in the city. This is especially useful if you are looking to live in an area with people of your own age and ...
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Post Flood 2019: What to do as the Water Recedes

Post Flood 2019: What to do as the Water Recedes

In the last few weeks, parts of the Ottawa area have seen record flooding and with the water slowly receding, it’s now time to think about the next steps. Whether you are a homeowner affected directly or just want to lend a helping hand, there is still a lot that will need to be done. Here is what you need to know, but for the most up to date information on everything flood related, it is important to check www.ottawa.ca regularly for updates. Homeowners Affected by Flooding:   Keep Sandbag Walls Up for the Time Being – with heavy rain expected Thursday, May 9th and Friday, May 10th, some predictions are showing that the water levels may rise again to similar levels. Attend a Community Information Session – the City will be hosting four of these next week. How to safely return home, remove waste and debris, and apply for ...
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Ottawa Real Estate highlights & Market Snapshot April 2019

Ottawa Real Estate highlights & Market Snapshot April 2019

Ottawa Real Estate Highlights April 2019: There’s been an upward pressure on prices due to the continuing lower supply levels (residential supply is down 18%, and condo inventory is down almost 40% from last April 2018 according to the latest OREB stats). However these price points are “still well under the Canadian average, and our residents tend to be in comfortable financial situations due to secure employment and a thriving local economy.”   who also notes that  “Certainly, the stunted supply is likely responsible for the multiple offer situations we are experiencing, but the reality is that while approximately one-third of properties are selling above asking, more than 50% are still selling below the listed price.”  While these statistics can be useful in establishing trends over time they should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price ...
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Selling Your Home Yourself May End Up Costing You

Selling Your Home Yourself May End Up Costing You

It may seem tempting, to try and save money on commission, to sell your home yourself but it’s important to consider all the factors. In a lot of cases, sellers who choose to go this route do not come out ahead so let’s look at why.   What are You Really Saving? Let’s use as an example a 5% commission of the sale price of your home that you may pay to a full service real estate company for their services. When you list your home for sale with a Real Estate Professional, what you may not know is that half of that 5% commission i.e. 2.5% is paid to the Agent who is representing the Buyer. A question you need to ask yourself is if you plan to sell your home privately will you be cooperating with agents that are working with buyers and what commission fee are you ...
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Getting Ready for a Move

Getting Ready for a Move

As the end of April approaches, many people in Ottawa are preparing to move. Whether you bought or sold in the busy spring market, it’s time to start packing! Packing is often everyone’s least favourite task in the moving process but just remember, there is a light at the end of the tunnel; before you know it you will be in your new home! Here are some helpful hints to guide you as you prepare for closing day. Start Now! Even if your move is not for a few months, and it may seem difficult to start, the more you can get done ahead of time, the better! Try to set goals for yourself and pack a few boxes everyday. Start with things that you won’t be needing anytime soon like your winter jacket or other seasonal items. Getting started is often the hardest step when it comes to packing ...
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Buying in a Seller’s Market

Buying in a Seller’s Market

If you are thinking of selling, the current low inventory and rising prices in Ottawa may make right now seem like the perfect time but it may seem like a different story if you are looking to buy. Whether you are looking to buy your first home or looking to up or down size, it may seem like a very challenging time to purchase a home. Not to worry though, with some creativity and careful planning, there are ways to easily navigate this market with your Realtor®. Here are 5 helpful hints for buyers this spring: Work with a Realtor® As a buyer, a seller’s market can be quite challenging, especially if you want to go it alone. Working with a Realtor® ensures that you have an expert in your corner to navigate everything from multiple offers to ensuring that you have access to all the listings that may be ...
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Tidying Up: The Joy of Purging

Tidying Up: The Joy of Purging

Earlier this year, Netflix launched Tidying Up with Marie Kondo, a wildly popular series based on Marie Kondo’s bestselling book The Life-Changing Magic of Tidying Up. The series outlines, in a step by step guide, the Konmari method of cleaning and organizing and it has had everyone talking (and purging!) Second-hand stores have seen a surge of donations unlike they have ever experienced before and people are saying goodbye to many of their possessions with hopes of finding joy living in a more minimalist lifestyle. Whether you are preparing your home to list or just want to de-clutter, purging can be incredibly satisfying and the core principles of this method seem to work for a lot of people. Let’s take a look at what it’s all about. The Konmari Method The Konmari Method is based around the concept of joy; if an item or belonging no longer brings you joy, ...
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OTTAWA REAL ESTATE HIGHLIGHTS: Higher Prices, Fewer Residential Sales

OTTAWA REAL ESTATE HIGHLIGHTS: Higher Prices, Fewer Residential Sales

Tightness of listing supply is significantly reducing days on market,  properties are selling very quickly.   The latest statistics are out from the Ottawa Real Estate board!   here are the highlights… 1,511 residential properties were sold in March through the Board’s Multiple Listing Service® System, compared with 1,654 in March 2018, a decrease of 8.6 per cent. 1,136 in the residential property class, a drop of 12.4 per cent from a year ago, and 375 in the condominium property class, an increase of 5 per cent from March 2018. The five-year average for March unit sales is 1,402. The average sale price of a residential-class property sold in March in the Ottawa area was $480,143, a rise of 7.2 per cent over March 2018. The average sale price for a condominium-class property was $290,181, an increase of 5.2 per cent from this month last year.* The average sale price of a ...
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FAQ – Multiple Offers Simplified

FAQ – Multiple Offers Simplified

A few years ago, multiple offers were a somewhat rare situation in the Ottawa real estate market, but have become common recently in certain neighbourhoods and for certain types of homes. Multiple offers can seem overwhelming but in reality, there is nothing to worry about! Whether you are looking to buy a home that has garnered a lot of interest or are looking to sell your home in this hot market, our Royal LePage Team Realty Realtors® are here to guide you through this process.  Our training and experience will ensure that your interests will be protected. Read on to find out more. What are multiple offers and how do they work? If more than one party has submitted an offer on a particular property at the same time,  this is a multiple offer situation. In this case, all offers are presented to the seller and the seller has several ...
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Infill Homes

Infill Homes

As Ottawa continues to grow, more and more infill homes are popping up in key neighbourhoods around the city. Infill homes can sometimes be a contentious issue within a neighbourhood but they can also improve the housing stock, add value to the community, slow urban sprawl, and replace older and outdated homes with more modern and appealing options. What are Infill Homes? In the natural progression of any city, the city’s core contains the oldest buildings with new construction occurring along the periphery where there is space available. Infill is the practice of building new homes in already developed neighbourhoods or lands by either tearing down the existing home, building on a vacant lot, or splitting larger properties to allow for additional units. These homes are very popular as they allow for modern living in a brand new home, without the commute that comes with living in the suburbs. The ...
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Ottawa Neighbourhoods to Watch

Ottawa Neighbourhoods to Watch

Spring Market: 4 Neighbourhoods to Watch As the spring real estate market in Ottawa heats up, here are some neighbourhoods that will certainly be of interest to home buyers. Each of these communities has something unique and different to offer so there is something for everyone.  No matter what community you are looking at, don’t forget to hire a Realtor® to help you find your dream home (and make sure that you get it for the right price!) Bells Corners – Re-imagining an older neighbourhood With the opening of the Department of National Defense Headquarters at Carling Avenue and Moodie Drive, Bells Corners is seeing unprecedented growth with many DND employees choosing to live, lunch or shop in the area. This growth has even had the Bells Corners BIA executive director declaring that the area is “the next Westboro”. Housing in the area has also been on the rise. There is ...
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Why Use a Full Service Realtor®?

Why Use a Full Service Realtor®?

The decision to buy or sell a home is a big one; there is so much to think about and do! A home is likely the largest investment you will ever, or have ever, made in your life and it’s important to have someone you can trust to make the process as smooth as possible and offer expert advice. A Royal LePage Team Realty Realtor® offers full service support which ensures that you will have experience, knowledge, and expertise in your court every step of the way as you navigate your next move. Most importantly, a full service Realtor® will be there to guide you when things get tricky and ensure that your assets are protected. Full Service for Buyers You want to find the right home, in the right location, at the right price and a Royal LePage Team Realty Realtor® can help ensure all these things while making ...
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Ottawa Real Estate Update: February Buyers Snap Up Limited Inventory

Ottawa Real Estate Update: February Buyers Snap Up Limited Inventory

FEBRUARY 2019 Ottawa Real Estate MARKET HIGHLIGHTS  Buyers Snap Up Limited Inventory! HIGHLIGHTS (RELEASED BY THE OTTAWA REAL ESTATE BOARD MARCH 5TH, 2019) Total properties sold: 1,005 residential properties sold on MLS® compared with 978 in February 2018, an increase of 2.8%  756 in the residential property class, a rise of 3.8% over Feb 2019 249 in the condominium property class, a decrease of 0.4 % from February 2018. The five-year average for February sales is 949. “February has been a strong month, and with year-to-date unit sales 8% higher in both the condo and residential categories, it is looking very favourable for the spring market,” states Ottawa Real Estate Board’s 2019 President. “Days on market continue to decline, and although inventory has fallen to its lowest level in many years, we are still managing to satisfy demand even with 900 fewer listings than this time last year,” he adds. ...
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Spring Cleaning – Get the Kids Involved

Spring Cleaning – Get the Kids Involved

As the warmer temperatures begin to roll in, there is no thought more prevalent than the beginning of spring cleaning. Spring is a time when all the forgotten places of winter begin to come to light, and there is nothing more refreshing than refreshing your home. A major topic these days is how to involve your kids in spring cleaning, especially in a way that is fun and engaging for them. The hope is to get your kids involved and wanting to help clean, not only to teach them the value of hard work, and the importance of cleaning up after themselves, but to get you an extra pair of hands (or two) to get this project done faster. What then, are some of the best ways to get your kids involved in this years’ spring cleaning? Make sure tasks are age appropriate – Make it a game! Obviously, the ...
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#TenYearChallenge

#TenYearChallenge

Recently social media has been filled with people taking the #TenYearChallenge. The premise is simple, share your profile picture from 10 years ago side by side with your current one. It’s a fun way to look back at the past and see how much we have all changed. We thought it would be fun to take our own #TenYearChallenge and see how things stack up in Ottawa Real Estate  compared to ten years ago. Setting the Stage: Ottawa in 2009 2009 in Ottawa had its highs and its lows. Larry O’Brien was mayor and some of the highlights for the year included Kiss playing at Bluesfest and the first state visit by American President Barack Obama (he made headlines with an impromptu stroll through the Byward Market). Everyone was buzzing about the engagement of Mike Fisher and Carrie Underwood, who called our great city home at the time, and the ...
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Embrace Winter: Go for a Skate!

Embrace Winter: Go for a Skate!

This winter has been a challenging one for everyone; whether it’s the treacherous commutes or never-ending “snow days”, it can be hard to see the light at the end of the tunnel! Instead of focusing on how many more cold days lie ahead, try embracing the season for all that it has to offer. Skating is a truly Canadian activity but many of us haven’t laced up our skates since we were kids. Ottawa has many great ways to enjoy this winter sport in the great outdoors so get out and enjoy winter while it lasts. The Rideau Canal Ottawa’s most famous skating rink (and possibly most famous landmark), the Rideau Canal is the world’s largest skating rink. Running from the Mackenzie King Bridge to Dow’s Lake, this 7.8km skateway weaves its way through the city and is completely free to use. The canal is open from January to late ...
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Ottawa Real Estate Update: January 2019 Record-Breaking Home Sales!

Ottawa Real Estate Update: January 2019 Record-Breaking Home Sales!

January 2019: Record-Breaking Home Sales! February 5, 2019 Highlights Members of the Ottawa Real Estate Board sold 820 residential properties,  an increase of 15.8 % over January 2018. 611 in the residential property class, a rise of 14.2% over January 2018 209 in the condominium property class, an increase of 20.8% over January 2018 $432,829 was the average sale price of a residential-class property,  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 over January 2018. Most active price point for residential-class sales was $300,000 to $449,999, accounting for nearly 42.5 percent of January’s sales while 22.7 percent of sales were in the $500,000 to $750,000 price range. Most active price point for condominium-class salse was $175,000 to $274,999 remained the most prevalent price point in the condominium market, accounting for 54.1 percent of the units sold. “January is typically ...
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President and CEO of Royal LePage Named Most Influential Canadian in Residential Real Estate

President and CEO of Royal LePage Named Most Influential Canadian in Residential Real Estate

For the sixth year in a row, Swanepoel Power 200  (SP200) has named Phil Soper, President and CEO of Royal LePage, the most influential person in Canadian residential real estate. The SP200 is the definitive ranking of residential real estate leaders across North America. Soper was ranked 11th overall, rising three positions from last year. With over 17,000 agents nationwide Royal LePage – a proudly Canadian company – is the largest real estate in brokerage in the country. Soper has been at the helm since 2003 and has used his passion for writing and previous experiences as a student leader and his career at IBM to propel the company to where it is today. He is Canada’s most-quoted real estate leader and believes that it is Royal LePage’s Canadian values, policy of authenticity, and smart PR practices that have led to the company’s success. Soper’s leadership spreads to his community ...
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Home Inspections: What You Need To Know

Home Inspections: What You Need To Know

A home is quite likely one of the biggest purchases of your life and you want to make sure that you know what you are buying. While the home may have looked perfect to you, there may be underlying issues that are only visible to a trained eye. For this reason, it is important that you include a home inspection in the conditions of your offer. You should never judge a book by it’s cover and the same is true for home buying. Condition of the Sale Typically, when you find a house you love, your Realtor will draw up an offer, referred to as an Agreement of Purchase and Sale. This document will outline everything from the dollar amount of the offer, closing date, deposit, inclusions, as well as conditions. Conditions are items that must be completed in a set amount of time to make the deal firm. In ...
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The Benefits of Home Staging

The Benefits of Home Staging

Defining Home Staging You may hear your Realtor suggest home staging in order to increase its chances on the market. Before you brush off the idea and assume you don’t need it, you should understand what it is and how you can benefit from it. Home staging is more than decluttering and depersonalizing your home, it’s when you hire professionals to reinvent the living space for new potential buyers. Home staging professionals know how to lay out a home in an optimized way and in most cases work with the furniture and accessories that you have. Small adjustments can sometimes have a huge impact! Let your home appeal to buyers Your home is perfect to your taste and everyday life but it may not have the same impact on buyers. Keep in mind that we often showcase our “stuff” in our home but when it’s time to list, we want ...
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New Year, New Home

New Year, New Home

How do you know if you’re ready to move? Besides deciding that it’s something you want to do in the new year, and planning for the big transition, how can you be sure it’s the right call? Has your family grown too big for the house? Perhaps it’s not by choice but due to work. Are you interested in downsizing? Here is a checklist you might want to review before you go looking for a new home. Looking For More Space? Homeowners often change properties because they outgrow it, this comes with starting a family, or expanding it. Whether this means having children or adopting pets, more family members means there is a demand for more bedrooms, more bathrooms and more living space. Possibly a bigger yard for your canine to run around in, a double garage because your kids have purchased vehicles of their own, a spacious loft for ...
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Market Snapshot:  Ottawa Real Estate December 2018

Market Snapshot: Ottawa Real Estate December 2018

That’s a wrap: Ottawa Real Estate Market December 2018! As 2018 wrapped up, the inventory shortage has had a ripple effect; while residential sales were down slightly, it also fueled the condominium market. Overall, 2018 was another stellar year in Ottawa real estate!  If you’re thinking of making a move in 2019, we know real estate. We’d love to chat! Another Stellar Year for Ottawa’s Real Estate Market (excerpts below were taken from the Ottawa Real Estate Board’s news release January 4th) January 4, 2019 663 residential properties were sold by REALTORS® in the Ottawa Real Estate board compared with 765 in December 2017, a decrease of 13.3% Year to date activity increased by 2.4 % from 2017. The total number of residential and condo units sold throughout all of 2018 was 17,476, compared with 17,065 in 2017. Residential property class sales decreased slightly to 13,418 from 13,478 in 2017 ...
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Winter in Ottawa

Winter in Ottawa

Festivals and Events to Keep You Busy This Season Winter may seem like the perfect season to curl up on the couch and binge-watch your favourite Netflix series, but that would also mean missing out on a multitude of engaging and culturally diverse activities in the Ottawa and surrounding area. Read below for a highlight of this years winter events and festival lineup; before you know it, you will be kicking off your slippers and throwing on your snow gear to take part in these engaging winter activities: Christmas Lights Across Canada – December 5th – January 7th The 34th edition of Christmas Lights Across Canada will be up for display from December 5th to January 7th. Enjoy a stroll downtown and enjoy the magical winter lightscapes multimedia show projected onto the buildings on Parliament Hill. This is a free event that takes place each year and is sure to ...
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