Month: June 2017

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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 150th 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.”

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.

“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

“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.

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.”