2017 – Ottawa Real Estate Board

Ottawa REALTORS® Donate $101,268 to Local Charities

OTTAWA, December 20, 2017 – Members of the Ottawa Real Estate Board (OREB) raised $101,298 for the Ontario REALTORS Care® Foundation this year and were able to provide grants to 29 shelter-related charities in the Ottawa-area.

The funds were raised through the Board’s annual charity golf tournament, the “$2 per member per month” campaign, the RONA Card program (in which a percentage of the sales from OREB cardholders is donated to the Foundation), as well as additional donations.

“REALTORS® care deeply about the well-being of their communities. Many of our members volunteer their time and energy to local charities and causes closest to their hearts,” Ottawa Real Estate Board President, Ralph Shaw expressed. “We are pleased to contribute the funds our members have raised to support these organizations and help them continue their vital efforts in our communities.”

Each of these charities assists those among us who do not have adequate shelter together with those who may be dealing with homelessness, addiction, mental or physical illness, spousal or familial abuse, physical disability, poverty, or ageing. The work these organizations do is essential for our community. It can often be difficult and stressful work and there is never adequate funding available from public sources for equipment, staff, and infrastructure.

“Members of OREB’s REALTORS Care® Committee met with two of the charities receiving grants, Bruce House and Jericho Road Christian Ministries,” commented Deborah Burgoyne, 2017 REALTORS Care® Committee Vice-Chair. “It’s an honour to meet the people who strive to make a difference in our communities each day and thank them for their valuable work.”

The 2017 Ottawa-area grant recipients are as follows:

Ancoura	Options Bytown
Bruce House	Ottawa Carleton Association for Persons with Developmental Disabilities
Carleton Place and District Youth Centre	Ottawa Carleton Lifeskills
Chrysalis House (WOCRC)	Ottawa Mission
The Door Youth Centre	Ottawa Rotary Home Foundation
Eastern Ottawa Resource Centre	Roger Neilson House
Habitat for Humanity	Serenity Renewal for Families
Harmony House	Shepherds of Good Hope
Harvest House	Sit with Me
Hospice at May Court	St. Joe’s Women’s Shelter
Interval House	St. Mary’s Home
Jericho Road Christian Ministries	YMCA/YWCA Youth Housing Program
Lanark Highlands Youth Centre	Youth Services Bureau
Maison d’Amitié	Youville Centre
Nelson House

Ottawa Real Estate Board Announces New President for 2018

OTTAWA – On December 7, 2017, Members of the Ottawa Real Estate Board (OREB) elected a new Board of Directors for the upcoming year. The Ottawa Real Estate Board is the city’s largest trade association with over 3,100 sales representatives and brokers in the Ottawa area.

The new Executive will be comprised of 2018 President Ralph Shaw, Past-President Rick Eisert, President-Elect Dwight Delahunt, and Vice-President Deborah Burgoyne.

New President, Ralph Shaw, has been a Member of the Ottawa Real Estate Board for over 27 years and has served on numerous task forces and committees since 2000, including the Finance Committee, the Governance Committee, the Government and Community Relations Committee and many others. Ralph was first elected to the Board of Directors in 2003 and has served as a Director for six years as well as Vice-President in 2006, 2014, and 2016.

“The advantage of taking over the presidency of the Ottawa Real Estate Board is that we have a structure based on a President-Elect, President, and Past-President which provides continuity of leadership to our membership,” states Ralph Shaw. “It’s an efficient and organized transition,” he adds.

Joining Ralph are continuing Directors David Armstrong, Dominique Milne, Andrew Ouellette, Anne Scharf, and Richard Smith (Chair of the Commercial Services Committee) for the second year of their two-year term, along with newly elected/appointed Directors, Paolo Farago, Tim Lee, Dennis Tarrant, and Penny Torontow.

“2018 is certainly going to start off with additional government interference in the financing of primary shelter for our residents,” Shaw asserts. “The Ottawa Real Estate Board believes that home ownership should be fundamental to Canadians and will continue to try and educate our elected officials in the difference between protection and interference.”

2018 Ottawa Real Estate Board President, Ralph Shaw

Andrew Ouellette, David Armstrong, Dennis Tarrant, Tim Lee, Paolo Farago
Penny Torontow, Deborah Burgoyne, Dominique Milne, Anne Scharf
Rick Eisert, Ralph Shaw, Dwight Delahunt
Not Present: Richard Smith

November Blues? Not in the real estate market…

Members of the Ottawa Real Estate Board sold 1,239 residential properties in November through the Board’s Multiple Listing Service® System compared with 992 in November 2016, an increase of 24.9 per cent. The five-year average for November sales is 1,001.

“November numbers are upholding the robust year we have been experiencing in the real estate market in 2017,” Rick Eisert, President of the Ottawa Real Estate Boards states. “Both residential sales and condo sales continue to steadily increase.”

November’s sales included 294 in the condominium property class and 945 in the residential property class. “This is not surprising though,” Eisert remarks. “The Office of the Superintendent of Financial Institution’s (OSFI) announcement regarding the new stress tests for low- ratio borrowers may have buyers rushing into the market before the stricter mortgage regulations come into play in January 2018. If this keeps up, I expect December could be a busier than usual holiday season for REALTORS®.”

The average sale price of a residential-class property sold in November in the Ottawa area was $418,354, an increase of 3.2 per cent over November 2016. The average sale price for a condominium-class property was $257,212, a decrease of 7.6 per cent over November 2016. 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.

“It is crucial in a market that is moving quickly, such as the one we are experiencing, to ensure you are pricing your property correctly. Having the guidance and market knowledge of a REALTOR® is essential for home buyers and home sellers,” suggests Eisert.

“The most active price point in the residential market is the $300,000 to $450,000 range, accounting for 46 per cent of the market. While the most active price point in the condo market, between $150,000 and $275,000, accounts for 66 per cent of the market,” says Eisert. “In addition to residential and condominium sales, OREB Members assisted clients with renting 2,821 properties since the beginning of the year.”

Leaves may be falling, but the real estate market is not

OTTAWA, Nov. 2, 2017 – Members of the Ottawa Real Estate Board sold 1,243 residential properties in October through the Board’s Multiple Listing Service® System, compared with 1,214 in October 2016, an increase of 2.3 per cent. The five-year average for October sales is 1,165.

“As we enter the 3rd quarter of the year, we continue to see the resale market outpace last year’s performance, which was also a stellar year,” says Rick Eisert, President of the Ottawa Real Estate Board. October’s sales included 261 in the condominium property class, and 982 in the residential property class. “Condominium sales continue to drive the overall residential sales market, with a year to date increase of 21.4 per cent over the same time period last year.”

“The fall market is brisk and could be fueled by the impending tightening of mortgage regulations,” says Eisert. “Properties continue to sell much faster in comparison to this time last year with the average days on market for residential properties down 17.7 per cent from 55 to 45 days. Our market could still be described as balanced, though in some areas it continues to trend towards a Sellers’ market.”

Eisert adds “Slow but steady growth best describes Ottawa housing prices.” The average sale price of a residential-class property sold in October in the Ottawa area was $425,256, an increase of 7.7 per cent over October 2016. The average sale price for a condominium-class property was $269,604, an increase of 6.7 per cent over October 2016. 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.

“In the residential market, the $300,000 to $399,999 range remains the most active price point, accounting for 33.3 per cent of the market. While in the condo market, the most active price point is between $175,000 and $249,999, accounting for 45.2 per cent of the market,” says Eisert. “In addition to residential and condominium sales, OREB Members assisted clients with renting 2,607 properties since the beginning of the year.”

Steady September contributes to strong third quarter for 2017

Members of the Ottawa Real Estate Board sold 1,387 residential properties in September through the Board’s Multiple Listing Service® System, compared with 1,365 in September 2016, an increase of 1.6 per cent. The five-year average for September sales is 1,250.

“We are seeing no slowdown in the condo market. Sales have been increasing in this property class since February, with the average increase per month coming in at 25.5 per cent,” says Rick Eisert, President of the Ottawa Real Estate Board. “The boost in condo sales has impacted our year-to-date unit sale figures and is putting us on track for a strong year-end finish.”

September’s sales included 311 in the condominium property class, and 1,076 in the residential property class. “Inventory levels and the number of new listings continue to tighten compared to the same time last year,” explains Eisert. “REALTORS® are reporting substantial increases in attendance at open houses over the past few months. The low inventory and the late summer weather have certainly contributed to this increased traffic.”

“The Ottawa market is showing signs of stabilizing after the record-setting spring and summer. All indications suggest that it will be a typical selling season heading into the fall,” says Eisert. “Although properties continue to sell much faster in comparison to this time last year, our market is still balanced, though trending toward a Sellers’ market. The average increase in sale price has not skyrocketed, but rather has increased gradually due to more homes selling in the $450+ price range compared to last year.”

The average sale price of a residential-class property sold in September in the Ottawa area was $416,464, an increase of 8.2 per cent over September 2016. The average sale price for a condominium-class property was $261,548, an increase of 3.9 per cent over September 2016. 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.

“The most active price point in the residential market continues to be the $300,000 to $399,999 range, accounting for 36.2 per cent of the market. While the most active price point in the condo market, between $150,000 and $249,999, accounts for 51 per cent of the market,” says Eisert. “In addition to residential and condominium sales, OREB Members assisted clients with renting 2,364 properties since the beginning of the year.”

Condo sales help set new record for August unit sales

Members of the Ottawa Real Estate Board sold 1,538 residential properties in August through the Board’s Multiple Listing Service® System, compared with 1,481 in August 2016, an increase of 3.8 per cent. The five-year average for August sales is 1,343.

“Condo sales continue to strengthen the Ottawa resale market,” says Rick Eisert, President of the Ottawa Real Estate Board. “These numbers also assisted in setting a new record for the number of units sold in August, pushing August 2016 unit sales into second-place. In comparison to last year the number of condo units sold was up 22.1 per cent, whereas residential units have held steady with a less than one per cent decrease over this time last year. We are actually seeing very similar numbers to that of July 2017.”

August’s sales included 359 in the condominium property class, and 1,179 in the residential property class. “The number of new listings and inventory levels for the month of August continued their steady downwards trend compared to last year,” explains Eisert. “However, prices continue to remain relatively steady, especially in comparison to other markets in Canada. Over the past several years, Ottawa has been more or less on par with inflation rates.”

“While REALTORS® have reported fewer multiple offer situations in the past month, we are seeing Sellers receive asking price or very close to it,” says Eisert. “Cumulative days on market have tightened significantly since last year. Residential listings are selling almost 30 per cent faster than this time last year, and condo units are selling just over 10 per cent faster than last year. Although, keep in mind that while some areas within the Ottawa market are quite active, other areas of the city remain less active.”

The average sale price of a residential-class property sold in August in the Ottawa area was $420,335, an increase of 7.6 per cent over August 2016. The average sale price for a condominium-class property was $270,768, a decrease of 0.4 per cent over August 2016. 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.

“The two most active price points in the residential market continue to be the $300,000 to $399,999 followed by the $400,000 to $499,999 range, combined accounting for 55.6 per cent of the market. Within the condo market, the most active price point was between $150,000 and $249,999, accounting for 49.5 per cent of the market,” says Eisert. “In addition to residential and condominium sales, OREB Members assisted clients with renting 2,153 properties since the beginning of the year.”

Condo sales drive the Ottawa resale market in July

Members of the Ottawa Real Estate Board sold 1,530 residential properties in July through the Board’s Multiple Listing Service® System, compared with 1,490 in July 2016, an increase of 2.7 per cent. The five-year average for July sales is 1,446.

“The Ottawa resale market continued its steady pace into mid-summer, with condo sales really bolstering the market this past month,” says Rick Eisert, President of the Ottawa Real Estate Board. “We’ve actually been seeing this positive trend since February. The condo market had been in a slump for the past few years because it was overbuilt. Some owners who had difficulty selling their condos rented them instead, thereby decreasing supply. Now as rental leases are coming due, combined with evidence of stronger condo sales, these owners are placing these units back on the market for sale. Meanwhile, residential sales have remained virtually the same in comparison to this time last year.”

July’s sales included 332 in the condominium property class, and 1,198 in the residential property class. “The number of new listings coming onto the market continues to be on the lower end of the five-year average, especially where residential units are concerned,” explains Eisert. “Inventory levels continue to tighten, however the choice for buyers continues to be decent, with both entry-level properties and higher-end properties available, particularly in the condo market.”

“Cumulative days on market has been holding pretty steady throughout the course of 2017,” says Eisert. “However, when compared to numbers from 2016, residential properties in July 2017 are selling almost 22 per cent faster and condos just over 11 per cent faster than July of last year.”

The average sale price of a residential-class property sold in July in the Ottawa area was $420,335, an increase of 5.3 per cent over July 2016. The average sale price for a condominium-class property was $267,641, an increase of 2.8 per cent over July 2016. 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.

“Ottawa buyers are beginning to see prices climb in certain areas of the Ottawa market, so they are getting in on the market now,” says Eisert. “We continue to see an increase in the number of ‘lifestyle’ properties sold – the $750+ price range. As prices and the number of units sold in higher-end price ranges increase, so does the total sales volume. The condo market sales volume is up 32 per cent over last year, while the residential market is up by 16.5 per cent.”

“The two most active price points in the residential market continue to be the $300,000 to $399,999 followed by the $400,000 to $499,999 range, combined accounting for 56.1 per cent of the market. Within the condo market, the most active price point was between $150,000 and $249,999, accounting for 50.7 per cent of the market,” says Eisert. “In addition to residential and condominium sales, OREB Members assisted clients with renting 1,825 properties since the beginning of the year.”

Ottawa resale market proves strong in first half of 2017

Members of the Ottawa Real Estate Board sold 2,162 residential properties in June through the Board’s Multiple Listing Service® System, compared with 1,985 in June 2016, an increase of 8.9 per cent. The five-year average for June sales is 1,818.

“We’re having a stellar year so far in 2017. Year-to-date sales numbers for the first half of the year are up in both the residential and condo property classes, combined coming in at a 13.5 per cent increase over the same time period in 2016,” says Ralph Shaw, President-Elect of the Ottawa Real Estate Board. “Average sale price in both the residential and condo class is up in the first half of 2017 compared to last year, although not a significant amount.”

June’s sales included 408 in the condominium property class, and 1,754 in the residential property class. “Listings and inventory levels continue to trend downwards, and REALTORS® report an increase in multiple offers on properties in some pockets around the city,” says Shaw. “While some areas within the Ottawa market are very active in sales, there are other areas of the city that remain very balanced and steady.”

“Something we hadn’t seen for years, is the recent rise in the lifestyle market in both the residential and condo property class, with 46 over $1 million units sold in June, and 171 units over $1 million sold since the beginning of the year,” says Shaw. “Both numbers are more than double the amount sold last year. It indicates that home buyers are looking beyond their basic needs to check off more boxes from their wish lists such as view, downtown location, or acreage property.”

“Since the announcement in April by the Ontario Liberal government of cooling measures in Toronto, it’s no surprise that the Ottawa market has been thriving. Not only is Ottawa an affordable place to live, it’s also very desirable,” says Shaw. “We have a great mix of city life and rural expanses. It’s no wonder MoneySense just named Ottawa as Canada’s best place to live in 2017.”

The average sale price of a residential-class property sold in June in the Ottawa area was $434,502, an increase of 8.8 per cent over June 2016. The average sale price for a condominium-class property was $289,905, an increase of 9.4 per cent over June 2016. 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.

“The most active price point in the residential market continues to be the $300,000 to $399,999 range, accounting for 35.1 per cent of the market. Within the condo market, the most active price point was between $150,000 and $249,999, accounting for 50.8 per cent of the market,” says Shaw. “In addition to residential and condominium sales, OREB Members assisted clients with renting 1,496 properties since the beginning of the year.”

Show your Canadian spirit in honour of Canada’s 150th Birthday

Community events are a tradition in many cities and towns throughout the province on Canada Day. This year, the biggest celebration will be taking place in Ottawa, and according to the research, 7 per cent of Ontarians plan to be there on Canada Day.

TORONTO, ON, June 21, 2017 – Nearly half of Ontarians (47 per cent) will spend Canada’s 150^th birthday at home, followed by 15 per cent who say they will spend it at a community event/festival, according to research by Ipsos for the Ontario Real Estate Association (OREA). To mark the occasion, Ontario REALTORS® are calling on home owners to show their national pride by accenting their homes with Canadian effects.

“We’d love to see a Canadian flag or any other kind of Canadian symbol on every lawn, porch, deck, garage or window this Canada Day,” said Ettore Cardarelli, president of OREA. “We have so much to be proud of as Canadians, and this small gesture is a wonderful way to unite our communities and show our gratitude for this amazing country.”

“There is a long list of social benefits that come with being a home owner. In fact, research shows that people are happier, healthier and more socially involved once they become home owners,” said Cardarelli. “Building strong communities is what Ontario Realtors are all about, and that’s why we’re doing whatever we can to help keep the Canadian Dream of home ownership within reach for future generations.”

In Ontario, the rate of home ownership is 71 per cent, according to the 2011 National Household Survey. Not surprisingly, OREA’s research shows that a large percentage of Ontarians, 75 per cent, say that home ownership is important to them, and 78 per cent say it gives them a sense of pride.

Condo sales lead the way for stellar performance in May

Members of the Ottawa Real Estate Board sold 2,300 residential properties in May through the Board’s Multiple Listing Service® System, compared with 1,919 in May 2016, an increase of 19.9 per cent. The five-year average for May sales is 1,946.

“Not only was May 2017 the best May on record for unit sales, it also surpassed the record for highest unit sales in a single month ever; blowing the previous record out of the water by 315 units,” says Rick Eisert, President of the Ottawa Real Estate Board. “One of the reasons for these stellar numbers can be attributed to the condo market, which has really helped strengthen the whole market over the past several months. This is quite evident in May, where units sold increased by 44.6 per cent over May 2016.”

May’s sales included 444 in the condominium property class, and 1,856 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, townhouse, 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.

“Sales activity continued to trend towards a sellers’ market, as evidenced by lower than normal inventory levels and listing averages for May, more multiple offer situations, and fewer days on market, but prices still remain relatively steady,” explains Eisert. “If we were in a true sellers’ market, we would expect to see a much higher spike in prices.”

The average sale price of a residential-class property sold in May in the Ottawa area was $436,625, an increase of 7.4 per cent over May 2016. The average sale price for a condominium-class property was $270,993, an increase of 2.3 per cent over May 2016. 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.

“Higher-end residential units in the $750,000+ range continue to outperform sales from last year, especially in the $1 million+ range, where unit sales have almost doubled those in May 2016,” says Eisert. “We are not seeing quite the same trend for condo units though, where there are increases in units sold in almost all price ranges.”

“The two most active price points in the residential market continue to be the $300,000 to $399,999 followed by the $400,000 to $499,999 range, combined accounting for 56.4 per cent of the market. Within the condo market, the most active price point was between $150,000 and $249,999, accounting for 50.7 per cent of the market,” says Eisert. “In addition to residential and condominium sales, OREB Members assisted clients with renting 1,551 properties since the beginning of the year.”