Real Estate News Archives - Page 48 of 77

Canada’s Drop in GDP Made the Economy Even More Dependent on Real Estate

September 1, 2020 by Claude Jobin

“Canada’s real estate industry has seen a smaller impact than the general economy during the pandemic. Statistics Canada (Stat Can) data shows residential investment fell in Q2 2020. The drop was smaller than the one GDP made though, meaning the economic dependency on real estate grew. At least for the next few months.” Better Dwelling

Read more here.

CMHCs New Underwriting Criteria

August 28, 2020 by Claude Jobin

New underwriting criteria have been established by the Canadian Mortgage and Housing Corporation (CMHC) which apply to homeowner transactional and portfolio mortgage insurance. Several changes have been made.

Ottawa Home Builders Rushing to Keep up with Pent-up Pandemic Demand

August 18, 2020 by Claude Jobin

Subsequent to the disruption caused by the pandemic this spring Ottawa builders have been busy playing catch-up. There have been 740 new units in July up 24 per cent to July 2019. Read more in this article on the globalnews.ca

Price Surge in the Valley

August 16, 2020 by Claude Jobin

The average price of 33 homes sold in the outskirts of Almonte last four months was $425,500 – 61 per cent higher than the same period last year. The rising prices in Ottawa combined with COVID-19 has propelled people to look for properties in the rural areas. Read the full article featured in the Ottawa Citizen here.

Residential & Condo Prices Surge in July on Limited Inventory

August 14, 2020 by Claude Jobin

As reported in the Ottawa Citizen, a reduction of 55 per cent in the inventory of residential listings, and 37 per cent in the condo market, in the Ottawa real estate market during July meant that mulitple offers and sales over asking was the norm.

You can read the full Ottawa Real Estate Board news release here, and see detailed statistics here.

Ottawa Real Estate Statistics – July 2020

August 13, 2020 by Claude Jobin

[Read more…]

Ottawa Real Estate Newsletter – August 2020

August 11, 2020 by Claude Jobin

[Read more…]

Ottawa Real Estate Board (OREB)
Latest News Release
July Sales Mirror Ottawa’s Weather… Hot!

August 8, 2020 by Claude Jobin

OTTAWA, August 7, 2020 – Members of the Ottawa Real Estate Board sold 2,189 residential properties in July through the Board’s Multiple Listing Service® System, compared with 1,838 in July 2019, a year over year increase of 19 per cent. July’s sales included 1,646 in the residential-property class, up 19 per cent from a year ago, and 543 in the condominium-property category, an increase of 18 per cent from July 2019. The five-year average for July unit sales is 1,729.

“The resale market is not only holding its own but has surpassed 2019 figures by a significant margin,” states Ottawa Real Estate President Deborah Burgoyne. “Summer usually slows down; however, after the pandemic curtailed the spring market this year, we have rebounded well beyond expectations. It is somewhat surprising given continuing inventory shortages and the extra diligence and precautions being taken by our Members and their clients to ensure everyone’s safety in the process.”

July’s average sale price for a condominium-class property was $357,764, an increase of 19 per cent from this time last year while the average sale price of a residential-class property was $585,084, an increase of 20 per cent from a year ago. With year to date average sale prices at $560,836 for residential and $352,847 for condominiums, these values represent a 16 per cent and 18 percent increase over 2019, respectively. *

“Ottawa’s resale market offers solid returns for many Sellers, while Buyers continue to feel the squeeze. Those most impacted are especially those attempting to enter the housing market. Multiple offers are a common occurrence with over 57% of properties selling over the listing price compared to 33% of transactions last July.”

“With a market that is now characterized as hot, the question posed by clients, media and the public alike is, “when or where this will all end?” Since this is a newer phenomenon for the Ottawa market, which is typically very steady and predictable, we can look to other larger cities that have seen this type of sustained trajectory. As long as we have demand outpacing supply, this will continue,” Burgoyne emphasizes.

“Now that the market is on an upward trend, timing is critical. For those contemplating a move without the pressure of a purchase tied to it, it is an opportune time to realize a solid return on your investment. This market is challenging for all involved, and more balance would be a welcomed relief for everyone.”

In addition to residential and condominium sales, OREB Members assisted clients with renting 1,883 properties since the beginning of the year compared to 1,619 at this time last year.

* The Board cautions that the average sale price 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 calculation of the average sale price is based on the total dollar volume of all properties sold. Price and conditions will vary from neighbourhood to neighbourhood.

Housing Market Snapshot for June 2020

July 21, 2020 by Claude Jobin

The Canadian Real Estate Association (CREA) has prepared a snapshot of the Canadian real estate market as of June 2020. They state “While the market seems to be picking up, it’s important to note these are still unprecedented times and it’s hard to predict what’s around the corner.”