On September 12, 2019, the Ottawa Real Estate Board’s (OREB) President Dwight Delahunt, Directors Ken Dekker and Andrew Ouellette, Members Rick Snell and Lynne Faucon, REALTORS Care® Committee Members Sandra-Lee Marques, Tony McDermott, Jennifer Williams, and Board staff Elvis Castillo and Rina Gibbons participated in a Habitat for Humanity Greater Ottawa (GO) build on behalf of the Ontario REALTORS Care® Foundation.
On September 12, 2019, the Ottawa Real Estate Board’s (OREB) President Dwight Delahunt, Directors Ken Dekker and Andrew Ouellette, Members Rick Snell and Lynne Faucon, REALTORS Care® Committee Members Sandra-Lee Marques, Tony McDermott, Jennifer Williams, and Board staff Elvis Castillo and Rina Gibbons participated in a Habitat for Humanity Greater Ottawa (GO) build on behalf of the Ontario REALTORS Care® Foundation.
“Helping those who need a hand up is just the right thing to do,” states Dwight Delahunt, President of the Ottawa Real Estate Board. “Not only does every OREB Member donate each month to shelter related charities through the REALTORS Care® Foundation, but they also give of their time, energy, and expertise. We are honoured to be a small part of this build and look forward to seeing the families in their new homes.”
REALTORS Care® Committee Chair, Deborah Burgoyne adds, “Habitat for Humanity GO provides our local communities with affordable homes, and we have a deep respect for the great work they do. We believe every Canadian family deserves a safe and fairly-priced home and are pleased to be a part of the solution.”
As part of a commitment to improving the community we live in, the Board’s REALTORS Care® Committee has participated in a Habitat for Humanity GO build day every year using funds donated from the previous year. This is the seventh year in a row that REALTORS® and staff have participated in a build. They spent the day working on foundation levelling and strapping, framing and foam installation.
Leacross Landing is Habitat for Humanity GO’s largest project to date and will eventually consist of 16 townhomes at the corner of Jeanne d’Arc Blvd. and Fortune Dr. in Orleans. Since 1993, Habitat GO has partnered with 76 families in the Greater Ottawa area. Together, they are committed to giving families a hand up, not a handout.
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 increase of 8.8 per cent from August 2018. The five-year average for August unit sales is 1,522.
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 increase of 8.8 per cent from August 2018. The five-year average for August unit sales is 1,522.
“August’s ten percent increase in unit sales from 2018 is over twice the percentage increase experienced last year and three times higher than the previous August,” reports Dwight Delahunt, Ottawa Real Estate Board President. “However, although the numbers are up, Ottawa continues to undergo issues with inventory as the limited supply persists.”
August’s average sale price for a condominium-class property was $308,781, an increase of 11.5 per cent from last year while the average sale price of a residential-class property was $484,921, an increase of 11.8 per cent from a year ago. Year to date figures show an 8.4 per cent and 7.9 per cent increase in average sale prices for residential and condominiums respectively. *
“Year to date average prices, which are more reliable indicators than monthly average prices, show steady, reasonable, and sustainable increases. We don’t anticipate there will be a major correction in the foreseeable future,” Delahunt maintains.
The $350,000 to $499,999 price range was the most prevalent price point in the residential market, accounting for 42 per cent of August’s transactions while 27 per cent of residential sales were in the $500,000 to $749,999 range. The most active price point in the condominium market has increased again in 2019 to $250,000-$399,999, accounting for 50 per cent of the units sold.
“As to be expected, now that the units in the lower end of the condo market have been acquired, there appears to be another upward movement in the prices of available condominiums,” Delahunt points out. “Statistics show the higher end of the residential market has picked up with the doubling of unit sales in the $750K to $1M price range from this time last year,” he adds.
When questioned about the government’s First-Time Home Buyer Incentive (FTHBI) which came into effect on September 2, Delahunt cautions, “It’s too early to tell what the impact will be or if there will be any impact in Ottawa’s market – these measures are not helping the supply side. We continue to call on all three levels of government to implement actions to increase supply which will facilitate restoring balance to our local real estate market.”
“Coming into the fall months, which are typically busy, we expect the market will continue to pick up steam,” he speculates. “Your home purchase or sale is not a DIY project; there’s too much at stake. Be sure to find a local REALTOR® with the depth of knowledge and experience that is warranted in one of the biggest investments you will make in your life.”
In addition to residential sales, OREB Members assisted clients with renting 1,906 properties since the beginning of the year.
* 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.
