Pent-up Buyer Demand Drives January’s Resale Market
Members of the Ottawa Real Estate Board sold 964 residential properties in January through the Board’s Multiple Listing Service® System, compared with 778 in January 2020, an increase of 24 per cent. January’s sales included 674 in the residential-property class, up 21 percent from a year ago, and 290 in the condominium-property category, an increase…
DetailsCanadian Homes Over $1M Mark Expected to Grow in Value By 7.5% in 2021
Following a historically slow spring season — a time that is known for being bustling for real estate — Canadian homebuyers returned to markets across the country to take advantage of low-interest rates during the post-lockdown period, even within the luxury home sector. Subsequently, a number of major Canadian real estate markets saw unprecedented demand…
DetailsOttawa Up Apx 20% through 2020 – 2021 Expected to be STRONG
OTTAWA, January 6, 2021 – Members of the Ottawa Real Estate Board (OREB) sold 1,002 residential properties in December through the Board’s Multiple Listing Service® System, compared with 757 in December 2019, an increase of 32.4 per cent. December’s sales included 710 in the residential property class, up 33.7 per cent from a year ago, and…
DetailsOttawa’s Resale Market “Steady as She Goes” with an Increase in Listings – Finally!
Members of the Ottawa Real Estate Board sold 2,146 residential properties in October through the Board’s Multiple Listing Service® System, compared with 1,604 in October 2019, a year over year increase of 34 per cent. October’s sales included 1,665 in the residential-property class, up 38 per cent from a year ago, and 481 in the…
DetailsCMHC Tightening Real Estate Lending Guidelines – Others NOT following suit!
*Canadians of all stripes were blindsided on June 4, when the Canadian Mortgage and Housing Corporation suddenly revised certain key underwriting guidelines. The story got a little more interesting on Monday, when CMHC’s competitors in the mortgage insurance space, Genworth Canada and Canada Guaranty, both announced they would not be following suit. “Genworth Canada believes that its risk management…
DetailsUP 19%: Shrinking Ottawa housing supply drives up resale prices in January
The big story of Ottawa’s real estate market for the past few years has been shrinking supply. Few people are putting their homes or condos up for sale until they have someplace to go. In January, the scarcity of listings plumbed a whole new depth. The result: the average price for residential resales soared 19.3…
DetailsNo change to Bank of Canada key rate
The Bank of Canada announced today that it is keeping its benchmark rate unchanged despite a weaker economy in the fourth quarter of last year and expectations that growth in the near term will be weaker. Should the recent slowdown in growth be more persistent than forecast, we may see a rate cut. In…
DetailsCanada’s high-end housing prices to see healthy growth this year
A global luxury property firm has predicted that homes in Canada worth $1 million and above will see their prices grow by around 4% in 2020, largely due to sustained demand and last year’s housing market robustness. In its newly released “Canadian Year-End Luxury Real Estate Report,” Engel & Völkers noted that the combination of…
DetailsSupply shortage drives Ottawa house prices up nine per cent in 2019!!
The average sale price last year for residential properties across the city was $486,600. Ottawa’s housing market appears trapped in a troublesome cycle. Fewer than 1,800 residential homes and condominiums were listed for sale at the end of December, according to data published Monday by the Ottawa Real Estate Board. While this suggests reasonable…
DetailsNew Federal Home Buyers Program Breakdown
Launching earlier this week, the federal government’s new home buyers program aims to help nearly 100,000 Canadians achieve their home ownership dreams while helping with the monthly payments. The programs offer a 5% down payment amount for default insured mortgages, 10% for new construction, as a no interest second mortgage. There are some prominent conditions…
DetailsSizzling August Expected to Continue Through Fall
Members of the Ottawa Real Estate Board sold 1,731 residential properties in August through the Board’s Multiple Listing Service® System, compared with 1,581 in August 2018, an increase of 9.5 per cent. August’s sales included 1,300 in the residential-property class, up 9.7 per cent from a year ago, and 431 in the condominium-property category, an…
DetailsFebruary Buyers Snap Up Limited Inventory
Members of the Ottawa Real Estate Board sold 1,005 residential properties in February, compared with 978 in February 2018, an increase of 2.8 per cent. February’s sales included 756 in the residential property class, a rise of 3.8 per cent from a year ago, and 249 in the condominium property class, a decrease of 0.4…
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Ottawa – a Real Estate Market to Watch in 2018!
You could be forgiven if you’ve paid no mind to Ottawa’s real estate market as the action in Toronto and Vancouver has stolen the headlines. But those in the know are already seeing Canada’s capital as a market to watch in 2018 and beyond. Bank of Montreal Senior Economist Robert Kavcic wrote the Ottawa real…
DetailsOttawa Real Estates Great Housing Divide – East vs West
A significant divide has opened up in Ottawa’s housing market, as the city’s economic centre of gravity shifts to the west. The split has been growing for months but rarely has it been as clear as it was in August. While the benchmark price for single family homes climbed 6.6 per cent year over year…
DetailsGet Your Home Ready For Fall & Winter
As you and your family enjoy the last days of summer, you might already be anticipating the cold weather that is coming. Many people become so busy with the onset of the school year, or life in general, that cooler air arrives before they are ready for it. That’s why it makes sense to start…
DetailsBank of Canada Rate Increases 1/4 point today – Now what to do with variable rate mortgages??
Today marks a rare moment for many of my variable-rate borrowers because the Bank of Canada hasn’t raised its overnight rate in more than seven years, which means there are many among this group who have never experienced a rate rise (this is the part where the older generations shake their heads). Well, after years…
DetailsOttawa Real Estate Outpacing Toronto!!
Ottawa’s housing market is becoming much livelier with realtors reporting a nearly nine per cent jump in June year over year, in prices and number of transactions alike. The average sale price for residential properties in Ottawa was up 8.8 per cent to reach $434,500 in June, while prices for condominiums surged 9.4 per cent…
Details5 Things to know about the New Ontario 15% Non- Resident Speculation Tax
Although the Province has just announced the 15% Non-Resident Speculation tax, there are already more questions than answers. Here is what you need to know. The tax is for non-residents of Canada buying 1-6 residential units in the Golden Horseshoe area of Ontario. This tax is in addition to any Land Transfer Tax payable. It…
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