JUNE 2015
WHAT’S IN THE NEWSLETTER
MARKET UPDATE THE RESALE MARKET IN FULL BLOOM
The Ottawa housing market continued to do well in May. Units sold
were up 357 since April. Increasing in both the residential and
condominium property class. This made it the best May for unit
sales on record since 2009. This was welcome news given the
sluggish sales earlier this year.
The average cumulative days on market remains consistent at 72
days, compared to 74 last month. Properties are moving consistently
but inventory remains plentiful; labelling the Ottawa market as a
Buyers’ market and allowing for average sale prices to remain stable
in most categories.
The average sale price of a residential class property sold in May in
the Ottawa area was $411,791, an increase of 2.6% over May 2014.
The average sale price for a condominium-class property was
$266,940, a decrease of 4.9% over last year.
(The Board cautions that average sale price information 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 average sale price is calculated based on the total dollar
volume of all properties sold)
An article which appeared in the Globe and Mail in May characterizes
the Ottawa Market as follows:
Market Update | Household debt – an overblown
issue? | A Little Funny
Ottawa Real Estate Board Residential and Condominium
Sales Year-To-Date up to June- 2015
TYPE
1.5 storey
2 storey
3 storey
Bungalow
Double/SBS
DuplexUp/Down
Hi-Ranch
Split
# UNITS
2015
# UNITS
2014
% OF
CHANGE
137
138
-0.7
3,039
2,873
5.8
242
219
10.5
1.179
1,034
14.0
7
7
0.0
39
31
25.8
179
166
7.8
215
213
0.9
13
10
30.0
1,110
1,125
-1.3
“After a period of prices rising faster than incomes, Ottawa’s housing
market slowed last year. Employment has fallen for five straight
months as of February, leading to weaker home sales even as new
construction jumped higher. Still, CMHC considers Ottawa to be a
low-risk housing market.”
Other
Your Broker for Life
The Board cautions that average sale price information 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 average sale price is calculated based
on the total dollar volume of all properties sold.
Lysanne Brault
Note: This is not intended to solicit already listed Properties
If you wish to unsubscribe from this newsletter please email me at: [email protected]
Condominium
Residential and Condominium Sales
(Year-to-date up to June 2015)
And % change over last year
HOUSEHOLD DEBT - AN OVERBLOWN ISSUE?
In a headline that runs contrary to the more inflammatory and
regular warnings seen in mainstream media, the Fraser Institute
released a report on May 20th titled ‘Concern about Canadian
household debt levels overblown when assets, other measures
taken into account.
It cited such key statistics as the growth of assets owned by
Canadian households to a current total of $10 Trillion, with
household debt growing at a much slower rate to $1.8 Trillion. In
other words, for every $10.00 of assets we own, we owe just
$1.80.
As far as the apparent desire of the media to link Canadian
householdvdebt data to that of the United States household debt
data prior to the U.S. Real Estate meltdown, the Fraser Institute’s
report cites the key systemic differences in the two countries
lending policies. Namely, the inherent stability of the Canadian
structure.
The bottom line is that appreciation of assets is outpacing quite
handily the rate at which Canadian consumers are taking on new
debt and when measured against our current assets we are clearly
in a stronger position than many might otherwise realize.
For further information see the link below
http://www.fraserinstitute.org/research-news/news/newsreleases/concern-about-canadian-household-debt-levelsoverblown-when-assets,-other-measures-taken-into-account/
PRICE
RANGE
#
OF SALES
%
CHANGE
Under $100,000
63
-1.6
$100,000-$124,999
35
-14.6
$125,000-$149,999
90
34.3
$150,000-$174,999
181
19.1
$175,000-$199,999
249
-7.4
$200,000-$224,999
368
6.7
$225,000-$249,999
302
-5.9
$250,000-$274,999
423
2.4
$275,000-$299,999
499
-3.9
$300,000-$349,999
1,157
4.0
$350,000-$399,999
797
9.9
$400,000-$449,999
560
13.1
$450,000-$499,999
436
12.7
$500,000-$749,999
793
7.6
$750,000-$1 Million
162
8.7
Over $1 Million
61
19.6
6,176
5.6
Your Broker for Life
Lysanne Brault
Note: This is not intended to solicit already listed Properties
Total
If you wish to unsubscribe from this newsletter please email me at: [email protected]
A LITTLE FUNNY
A mom texts, "Hi! Son, what does IDK, LY, & TTYL mean?" He texts back, "I Don't Know, Love You, & Talk
To You Later." The mom texts him, "It's ok, don't worry about it. I'll ask your sister, love you too."