on February 18, 2016 by test_editor in Archive_2016, February, Print Articles, Comments Off on February 18, 2016: The State of One’s Estate; 2015 Real Estate Review.

February 18, 2016: The State of One’s Estate; 2015 Real Estate Review.

February 18, 2016: The State of One’s Estate;
2015 Real Estate Review.

By Doug Herbert, Royal Lepage Team Realty, Brokerage.

After a sluggish first quarter, Ottawa’s year in real estate ended on a high note according to the Ottawa Real Estate Board.

Looking at year end statistics, unit sale numbers along with residential market values, were up on average over the last year in Ottawa. Extreme cold temperatures in the first few months of the year had sellers and buyers frozen in their boots. The welcomed spring thaw increased local appetites to buy and sell homes. This trend continued in a modest upward direction, with the usual summer dip in market activity.

Record breaking sale numbers occurred in September and, most unusually, the month of December. This past December broke the record for highest number of units sold of both residential and condo properties for that month. The balmy weather that extended well past fall, the settling of the federal election, high inventory selection, and continued low interest rates all contributed to a strong finish for 2015.
The total number of residential and condo units sold through the Board’s MLS® System throughout all of 2015 was 14,658, an increase of 5.3 per cent compared with 13,919 in 2014.

Separately, residential and condo unit sales each outperformed the 2014 numbers.

“The listing inventory for both residential and condos trended higher all year, showing signs of tapering off in October,” says the new President of the Ottawa Real Estate Board, Shane 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 residential-class 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 condominium-class 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.

On another note, Santa was extra kind to consumers, and just in time for Christmas. The Government of Ontario had been making plans to introduce to its municipalities the power to implement a new land transfer tax, similar to what already exists in Toronto.

If successful, this would have added almost five thousand dollars to the cost of an average home in Ontario, making the dream of home ownership somewhat harder to reach. Anticipating this last fall, the Ontario Real Estate Association launched a massive campaign calling upon its 60,000 strong membership to rally the public and help stop this tax.

A five-week campaign called “Don’t Tax My Dream” (donttaxmydream.ca) saw its Realtors and 32,000 members of the public voice their opposition to the spread of the municipal land transfer tax province-wide. In early December, the Hon. Ted McMeekin, Minister of Municipal Affairs and Housing, announced that the government would not be extending the Municipal Land Transfer Tax power to Ontario municipalities. It was a Merry Christmas, indeed!

Contents of image of 2 tables are  reproduced below

By the numbers…

Image Caption: Table of 2015 Total Real Estate Activity plus some Feb. 8, 2016 Median Listing prices.

Our chart gives a year end summary of the overall Ottawa real estate market compared to the Newswest reader distribution area.

Feb. 8, 2016 – CURRENT LISTINGS
House Style Newswest Readership Area**
Active Units # Median List Price
Detached 51 $ 749,900.00
Rows / Semis 43 $ 834,900.00
Condos 105 $ 369,900.00
2015 Total Sales – Newswest Reader Area compared to Overall Sales in Ottawa* 
House Style Newswest Readership Area Ottawa Area
Units Sold in 2015 Median Sold Price Days on market Units Sold in 2015 Median Sold Price Days on market
Detached 289 $ 585,000.00 34 8254 $ 413,800.00 55
Rows / Semis 156 $ 590,000.00 57 3594 $ 340,700.00 40
Condos 137 $ 378,000.00 63 2644 $ 261,100.00 61

 

* These statistics are derived from the Ottawa Real Estate Board’s Multiple Listing Service. Plrase Note: Statistics are useful in establishing trends but should not be used as an indicator of an increase nor decrease in value of specific properties. If you are curious about the value of your home, and/or specific neighbourhood statistics, contact your favourite reat estate agent for assistance.

** Newswest Area is defined by Woodroffe Avenue to the West, O-Train / Bayview to the East, Carling Avenue to the South, and the Ottawa river to the North.

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