How’s the Housing Market?
Record-breaking December, contributes to a strong 2015
OTTAWA, January 6, 2016 – Members of the Ottawa Real Estate Board sold 703 residential properties in December through the Board’s Multiple Listing Service® System, compared with 638 in December 2014, an increase of 10.2 per
cent. The five-year average for December sales is 653. The total number of residential and condo units sold through the Board’s MLS® System throughout all of 2015 was 14,658, compared with 13,919 in 2014, an increase of 5.3 per cent. Separately, residential and
condo unit sales each outperformed the 2014 numbers.
“Looking back at the 2015 market, we started the year off with extreme cold temperatures in the first quarter of the year, but that didn’t stop homebuyers,” says new President of the Ottawa Real Estate Board, Shane Silva. “We saw the
busy spring selling season pick up as early as March this year, and continue well throughout the summer, with a small dip in July, followed by record-breaking sale numbers in September. Three months later, December broke the record
for the highest number of residential and condo properties sold at 703 units, only comparable to 2011, when 699 properties sold.”
December’s sales included 160 in the condominium property class, and 543 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.), which is registered as
a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.
“The listing inventory for both residential and condos trended higher all year, showing signs of tapering off in October,” says Silva. “Increased inventory levels contributed to the market favouring Buyers for much of the year; however as
the inventory levelled out in the fall, we moved into more balanced conditions. Cumulative days on market increased to 109 days in December, while the average for the year comes in at 86 days. Average residential sale prices are up slightly over
last year, which is great for the Ottawa market. All combined, these indicators point to a stable real estate market.”
The average sale price of a residentialclass property sold in December in the Ottawa area was $386,961, an increase of 5.5 per cent over December 2014. The average sale price for a condominiumclass property was $250,393, a decrease
of 7.5 per cent over December 2014. The year-to-date numbers for the average residential sale price in 2015 was $391,940, an increase of 1.9 per cent over 2014. While the average condominium sale price was $259,691, a decrease of 1.5
per cent over 2014. The Board cautions that average sale price information 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 average sale
price is calculated based on the total dollar volume of all properties sold.
“A trend all year long, the hottest segments of our market are properties sold in the $300,000 to $400,000 price range, with 31.6 per cent of the year’s sales, followed by the $200,000 to $300,000 range, with 26.2 per cent of
the year’s sales” says Silva. “In addition to residential and condominium sales, OREB Members assisted clients with renting 181 properties in December, and over 3,000 properties this year.”
Notes from our clients
We can’t recommend Wendy Brown highly enough! Very informative and detail oriented, she was able to help us learn more about each home from every angle – from the building blocks and designs, to lot locations and neighbourhoods. We had a brief window of time to pick a home, and Wendy made herself fully available. She was flexible, patient, and just really nice to be around during the long stressful days. As well, though Wendy was a great negotiator, we really felt like we were in the driver seat – no pressure, just support. Another CF member had recommended Wendy, and as promised she worked with our move consultants to get everything done on time and to our total satisfaction.
~ Elina Hill and Mark Schofield
Buying our home with Angela as our agent went so smoothly – it was simply amazing. We were very pleased with Angela’s quick response given tight timelines to find us a new home. She offered personal service that exceeded my expectations given the spring-time surge for buying and selling homes. She was personable, professional, realistic, a skilled negotiator who is very knowledgeable about the marketplace. We are now looking to sell and buy again. Angela was booked off on a short bit of vacation and we met with her business partner Wendy. Wendy equals Angela in every sense and went the extra mile in providing us with a comprehensive market analysis, offering advise on staging our home and what reno’s to have done in order get the best dollar. I highly recommend Wendy and Angela.
~ Sharon Mazerolle
We found our ideal home thanks to Angela Malejczuk. As a military spouse herself, Angela was keenly aware of how we had to find a home that not only met our personal tastes and space requirements, but also had a high resale value. Thanks to her in-depth knowledge of the Ottawa market, Angela was able to assess the current and future value of homes we viewed on the spot. We came to rely upon Angela’s honesty, as she advised us against some emotional decisions, and pointed us toward properties we would not have considered without her expert knowledge of the market.
~ Marianne Herzog & Orest Babij