Remember to give thanks for all the things we’re so fortunate to have in our lives. We are very blessed in many ways (or at least that’s what I keep telling myself :-))
Now, keeping in the real estate theme of 2016, we had yet another record-breaking for Ottawa home sales this month. Nice to see our city still moving along at a steady pace.
Here are the quick numbers:
– OREB realtors sold 1371 residential properties this September
– this is an increase of 10.5% over September of last year
– this is an increase of 17% over the 5 year average for September sales
But before we get excited that we’re becoming Toronto and every home is worth over $1million, it is interesting to note that the average sale price this past month is actually down compared with 2015. Residential home prices saw a decrease of 0.1% and condos saw a decrease of 2%. Clearly, the buyers in the city are fighting for good deals.
My prediction here: with home sales increasing, and inventory levels decreasing, the values of houses will inevitably start a slow climb upwards. Condos will most likely not experience this same increase. And it will be interesting to see how the new mortgage rules affect the market.
Speaking of which, the good ol federal government just introduced new rules making it more difficult for home buyers to get financing approval. I suggest speaking with a mortgage broker to get clarity on how that might affect you. More info on that can be found here: http://chrissteevesrealestate.
In more interesting news, Ottawa continues to develop into a very cool, exciting city. If you haven’t already done so, I recommend checking out the Andaz Hotel rooftop patio & restaurant. The hotel is beautifully designed and finished, and the rooftop restaurant has absolutely incredible views. Aim to stop by around 6pm when the sun is setting; you won’t be disappointed.