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Ottawa market update – August 2013

Here is the long-awaited, highly anticipated, Ottawa real estate newsletter for August of 2013 :)

So, a lot of people are asking me questions like: what’s going on with this market?  Why aren’t homes selling?  Is the market dead?  Is the world going to end?….  As opposed to my usual optimistic comments (some people complained that I’m too optimistic, and I don’t highlight the downside of Ottawa’s market), I’m going to let you read the numbers as expressed by OREB:
Members of the Ottawa Real Estate Board sold 1,219 residential properties in August [2013] through the Board’s Multiple Listing Service® system, compared with 1,145 in August 2012, an increase of 6.5 per cent. The five-year average for August sales is 1,202.
 
The average sale price of residential properties, including condominiums, sold in August in the Ottawa area was $348,519, a slight increase of 0.4 per cent over August 2012. The average sale price for a condominium-class property was $257,494, a decrease of 5.4 per cent over August 2012. The average sale price of a residential-class property was $374,663, an increase of 1.8 per cent over August 2012.
So, is the market crashing?  In my opinion, no.  Are homes taking longer than usual to sell?  In many areas of the city, yes.  Without getting into too much detail, let me just say that things are still moving fairly well around here, but many people are used to the red hot market that we’ve had over the past number of years, and from that perspective, it seems like a very slow market now.  Yes, condos are definitely slower than usual (you would never know it with the amount of new developments popping up!).  If you’re looking for detailed info of any particular market or region of the city, let me know and we can get into all the details and market data.  It is a great time to buy in this city, and there are lots of opportunities out there.
In related news, the bank of Canada has decided to hold its rate yet again.  This is great news for real estate, mortgages, and in particular, anyone with a variable mortgage.  Find the info here:
If you’re a fan of cool architecture, like I am, then here’s something worth checking out.  The Azure is a new condo development set for Richmond Road, just west of Westboro.  The developers have gone above and beyond the typical cookie-cutter condo towers that are now rampant in our downtown areas, and they’ve done some very cool stuff that is very functional and very attractive.  As a serious floorplan critic, I have to say that I really like a lot of these units, and would love to live here.  And check out the size of some of these terraces!  Follow the link:
And if you’re still reading this, which is amazing, give yourself a pat on the back, then check out how Japan is handling the density issues with bicycles downtown.  Very cool.
That’s it for now.  I encourage anyone to call me with any real estate questions, or anyone that is thinking about buying or selling, and would like to talk about the market.
Oh, and check out my newly updated website, www.chrissteeves.ca.  Let me know what you like and dislike :)
Have a great week!

 

Chris Steeves
Sales Representative
Keller Williams Ottawa Realty
cel:    613-262-1697
office: 613-236-5959
fax:    613-369-6013
www.chrissteeves.ca