Almost 3,000 fewer listings than the same point 2 years ago!

Listings (or lack thereof!) continue to be the dominant story in Ottawa real estate based on 3rd quarter results through the end of September.

Almost 3,000 fewer listings than at the same point only 2 years ago!
New listings in September are down 10.5% for residential properties and 20.3% for condos vs last year and 22.6% and 26.8% vs 2015.
Total listing inventory at month end is down this year 20.1% for residential listings and 24.1% for condos. Compared to 2015, listing inventory is down 35% for residential and 33.6% for condos.  Combined this means the current market has a 2,922 fewer properties available for sale at the end of September than the same point in 2015.

Sales up, inventory down, scarcity looms
With total sales demand up 12.1% vs 2015 for residential and 24.6% for condos, it is easy to see how we are seeing average prices rise and more multiple offers.

Residential sales: price growth fuelled by demand
Unit sales were actually down 1.8% in September but average selling price was up 8.2% to $416,464. On a year to date basis, residential unit sales are up 6.6% and the average selling price is up 7.2% to $425,139.

Condo market continues to show strength:
2017 has been one of the best condo markets in many years with unit sales thus far up 23.5% and the average selling price up 4.6% at $272,220.

Who benefits:
Sellers benefit in this market but of course, those who are also buying face a challenge on that end. One of the basic facts of real estate is that those who own a home are stuck both buying and selling in the same market conditions, so while one may gain on one side, they suffer on the other.

Buyers face more multiple offers, a very fast moving market on new listings and limited decision making time.

Builders have had a record year from anecdotal reports and we can certainly confirm that builder prices have been increasing and buyer incentives decreasing in the face of strong results and limited listing inventory in new construction also. Buyers are encouraged to keep an eye on new lot or phase releases or in demand inventory homes.  Also take your Realtor with you to the sales centre and consider asking for a “hold” or “reservation” for a short time from the builder, if possible.(though builders may also be tightening up on their willingness to accept such good “faith” agreements)

Bottom line and what to expect:
Though mortgage rates are creeping up with the Bank of Canada recent rate changes and there are continuing steps to tighten mortgage qualifications, our market appears pretty solid and poised for more growth.

Investors are still trying to figure out how new rental rules from the provincial government may affect them, so we could see some slackening in demand from this sector as a result.

As long as the federal government does radically alter their headcount and spending plans going in to the latter half of their mandate, our local economy should continue to be fairly buoyant and allow us to continue with the positive real estate trend lines which have been strengthening for the last 18 months.

This could be the best fall and winter in the last decade to be listing a property, given all the foregoing, so sellers should be reasonably confident they can find a buyer even in our historically seasonal hibernation between mid-November and mid-February.

Buyers should keep a close eye on the market as there may be some off season listing gems hit the market from sellers who have been awaiting a new build completion and have to list in the off season to accommodate their move in plans.

Gord McCormick, Broker of Record
Dawn Davey, Broker
Oasis Realty Brokerage
oasisrealty@rogers.com
www.oasisrealtyottawa.com  blog.oasisrealtyottawa.com
https://www.facebook.com/oasisrealtyottawa/
https://twitter.com/OasisrealtyOTT

11th year in business as a lower commission brokerage

 

Why fall and winter may be the best time of year to buy a new construction home

Our Ottawa real estate season tends to “bloom” in the spring with the greatest portion of resale transactions being done from March 1st to September 30th.  We do not have access to stats on new construction sales but we suspect they may follow a somewhat similar pattern.

A strong argument can be made that fall and winter may be the best time to purchase a new construction home from a builder. Here are some of the factors that work in favour of buyers purchasing during these somewhat quieter months of the year.

Less frantic buying environment:
When it is peak selling season (or a major launch) builder sales centres are packed and this puts extra pressure on buyers to “make a deal now” before someone else reserves that special lot. This can result in an almost timeshare or boiler room atmosphere which is not conducive to well-reasoned and researched decision making.  Buyers may be swayed more by a “fear of loss” motivation and thus make some hasty decisions.  This is fine if one has done one’s homework but it can also produce impulsive and immature buying decisions.

This environment and the genuine risk of losing out on an opportunity should be slightly less during quieter selling months.

Closing date a critical factor
Most new home deals being signed in the fall or early winter, will call for deliveries in the summer or early fall of the following year. Buyers will really want to consider all aspects of how this availability date impacts their individual situation, as there are both pros and cons and builders have limited ability to adjust scheduled deliveries to meet buyer criteria in a significant way.

Sale of existing home timeline is also critical
Those with an existing home to sell will want to be able to sell their property during the peak selling season, if at all possible. Understanding the timelines is important: ie. When should I list my house to meet the builder closing date?  How long will it take to sell?  How long will it take to close?  How much am I going to get from the sale of my home? A Realtor can help with all of these items and more concerning a new construction home purchase.

Design Centres may also be less busy and stressed
A critical stage of the home buying process is getting the design centre options researched, decided and planned. This timeline can be daunting for those who have not done it before and if a builder design centre is super busy or understaffed this can impact the process and the quality of the buyer decisions and ultimately, the finished product.   Since you only have a short window to get these choices right, it may be advantageous to do this phase in a quieter time of the business year for the builder.

First time buyers RHOSP “double dip”
First time buyers using their registered home ownership savings from their RRSP, may be able to make a savings deposit for the current fiscal year and qualify for that year’s tax deduction, as well as being able to utilize those funds for a purchase the following year. There are some rules around this, as funds must be present in the RRSP account for at least 90 days, before they can be withdrawn for home buying purchases.  Check with your mortgage professional to check on each specific situation.

Saving and planning time
Having several months to plan a move, allows time for additional saving, facilitates scheduling and also allows time for the purchase of new furniture, appliances or household items.

Don’t forget your Realtor!
Many new construction buyers forget to get their Realtor involved early in their new construction home buying cycle. A Realtor can be a really good “Coach” in helping plan and execute a new home purchase. Those buying new construction for the first time and those with an existing home to sell can very much benefit from Realtor experience and counsel. So…”don’t go to the builder sales centre without them”

New construction is one of our core areas of involvement and we are always happy to discuss and advise for those who are already not already working with another Realtor. We feel we have a bit of “inside track”, too-as we have been listing new construction homes for a major Ottawa builder for7 years now.  So give us a call at 613-435-4692, if you have some questions about how the process can work for you.

Gord McCormick, Broker of Record
Dawn Davey, Broker
Oasis Realty Brokerage
oasisrealty@rogers.com
www.oasisrealtyottawa.com  blog.oasisrealtyottawa.com
https://www.facebook.com/oasisrealtyottawa/
https://twitter.com/OasisrealtyOTT

11th year in business as a lower commission brokerage

 

Kanata starved for resale listing inventory in 2017

 

Ottawa listing inventory down 25% vs last year, 40% vs 2015

The Ottawa resale estate market is getting more than light on inventory after a year and a half of increasing unit sales coupled with a 10%+ decrease in the number of new listings, the overall market is down 25% on the number of available listings compared to a year ago and almost 40% from two years ago.

Even worse in Kanata!
As we approach the end of August, Kanata has barely one month’s worth of listing inventory to feed residential sales and about 3 months of condo sales. Normally, 4-6 months listing inventory is deemed to be a “balanced market”

How is this translating in to sales results?
Sales results have been surprisingly mixed with residential unit sales up 4.1% through July 2017 and condo unit sales up 22.6%. Somewhat surprisingly, residential sales are up an average of only 2.4% to $410,345 and condo sales basically flat (no increase) at $221,839.

Builders winning big this year:
While statistics are not readily available, it seems that new construction is having a runaway success in 2017. The last number we saw reported had builder starts up 44% this year and at least one builder has reported a 100% increase in sales.  Builders are also running out of inventory homes and we have seen numerous price increases and pull back on buyer incentives.

Neighbourhood synopsis:
Beaverbrook:
 (MLS® zone 9001)
Residential unit sales up 26.5 % through July with average selling price up 8.1% to $448,469.  The average house is selling in 1-2 weeks on the market, at slightly above listing prices.

Katimavik: (MLS® zone 9002)
Residential unit sales up 30.6% YTD with the average price up just 2% to $374,869.

Acute residential listing inventory shortage with less than a month of listing inventory currently on hand.
Typical sale is happening in 2-3 weeks on the market and selling at just below listing price.

Glencairn: (MLS® 9003)
Unit sales are up 18.3% with the average selling price up 6.2% to $312,878. Also acute listing inventory situation with less than one month’s anticipated sales available. Typical sale occurs in 2-3 weeks on the market.

Bridlewood: (MLS® 9004)
Residential unit sales up 4.9% and average selling price up 6.7% to $416,272, also experiencing acute listing inventory shortage. Typical sale occurs in 1-2 weeks on the market.

Kanata Lakes: (MLS® 9007)
Residential unit sales down 11.9% YTD with average selling price also slightly down to $487,882 (-1.0%) Listing inventory very limited, less than one month’s expected sales. Typical sale in 1-2 weeks on market and selling almost right at average listing price, if not above.

Morgan’s Grant: (MLS® 9008)
Unit sales down 15.8% with average selling price up 10.8% to $406,293
Very acute listing inventory shortages, further enhanced by limited new midrange construction in the immediate area. Also only 1-2 weeks on market to get a conditional sale.

Emerald Meadows/Trailwest: (MLS® 9010)
Unit sales have surged 29.9% through July 2017 (residential sales) and the average selling price is up 8.1% to $367,751. Very acute listing inventory shortage in this area! Also 1-2 weeks to achieve a conditional sale.

Note: to put the above in to perspective, overall residential unit sales have increased by 9% through July 2017 and the average selling price is up 6.9% to $426,365. Residential listing inventory at the end of August shows slightly more than 4 months of listing inventory available across the Board, with the average selling time in the 30-40 day range.

Summary:
lots of multiple offers and sales above list price which makes things easier for most sellers but then the buying side is a whole lot tougher.  Strong market should continue unless there is a larger than expected backlog created by those who bought new construction for future delivery start to feed their existing homes in to the market in large numbers.

With prices going up…what is your home worth in this market? Given that the price of your next home is probably going up faster than your current one, it might be a good idea to review your plans.

If you are thinking of a housing move, we would be happy to analyze and discuss your specific situation, assuming you are not already working with another Realtor.

We have some of the lowest fully supported MLS® listing rates in the city, especially for those who are both buying and selling with us. Give us a call at 416-435-4692 or check us out online at the co-ordinates below.

Gord McCormick, Broker of Record
Dawn Davey, Broker
Oasis Realty Brokerage
oasisrealty@rogers.com
www.oasisrealtyottawa.com  blog.oasisrealtyottawa.com
https://www.facebook.com/oasisrealtyottawa/
https://twitter.com/OasisrealtyOTT

11th year in business as a lower commission brokerage

Selling next spring? ….why time may be running out!

You’re kidding me right? We are not even at the end of August, yet “time may be running out”.

Well, think about it, there are only a few weeks of summer remaining (sorry!)  with weather warm enough to do a lot of outdoor prep that you will not have time to do in the early spring, because of cold or damp weather. This is true for anyone who may be contemplating a sale anytime between November and May but especially so for military personnel that are expecting a “posting notice” out of Ottawa which means an April listing.

Here are some sample projects that will help you get ready for a spring sale now:

Any outdoor painting, caulking, staining, sealing, parging or other concrete repair

Repair or replace any tired fencing or decking.

Thin out, weed and mulch gardens and plant new spring bulbs for colour.

Trim hedges, shrubs and replace any plants, trees or sod affected by bugs or heat.

Aerate, top dress and overseed the lawn and fertilize, so it will look great next spring. Hire a professional lawn service company or landscaping company if your lawn and gardens are in really poor condition.

Hint: extra watering in the fall right up to the time the snow flies is a great way to have lawns, trees, shrubbery and gardens look good early in the spring.

Clean out the eavestroughs once all the leaves are down this fall.

Get the windows cleaned inside and out.

De-clutter garage, garden shed and remove any extraneous items or materials from outside spaces.

Replace any tired outdoor furniture or accessories.

Dig out your home inspection manual and see if there are any outstanding items on the list that have not been completed.

Hint: consider a pre-listing home inspection right now! This may uncover things that need to be addressed and it may save a sale later. Many inspection items are a lot less expensive to fix before listing than after. A general home inspection may also conclude that a roofer, HVAC, foundation, WETT or other household system may require professional servicing or further inspection.  Better to find it now than later!

If there is a swimming pool, have it professionally closed and inspected this fall and keep copies of work orders, invoices and any repairs or quotes.

Get your driveway sealed, so it will look well maintained come spring.

You could also take some photos of the exterior of the house and yard, garden, shrubs, trees etc.  right now, as they probably look better right now than any time until early May.  Having some nice color photos to use for online in in home presentation during listings, is a great tool and allows prospective buyers to see the summer state of the exterior landscaping or other features.

This is by no means a complete list and you have not even started inside yet! If you would like to discuss what you need to do to be 100% “listing ready” for a spring or winter sale, by all means give us a call, if you are not already working with another Realtor.

 

Gord McCormick, Broker of Record
Dawn Davey, Broker
Oasis Realty Brokerage
613-435-4692
oasisrealty@rogers.com www.oasisrealtyottawa.com

A lower commission brokerage

Ottawa broker rant: real estate listing photos

is this really a key feature of this home?

 

 

 

 

 

 

We really do have a lot of excellent people in our profession and it is on behalf of all these quality sales people and brokers that we offer the following rant on what we feel are really poor real estate practices by some that should not reflect poorly upon us all!

The “snow in June” listing photos:
C’mon guys!…how tough is it to pop by your listing and get a photo update? How is one serving the seller by telegraphing that the listing has been on the market for quite a while…sheesh!

The 1 photo or no photo listing:
Do you think that this is going get people’s attention or that they will come back to check out the listing later?….keep dreamin’!

Too many listing photos:
6 photos of the front door or the bowl on the dining room table….who needs this? There are very few properties that cannot be effectively shown with 25-35 quality photos that show the layout with some perspective.  Some artsy photographers get carried away but few consumers (and trust me, way fewer buyer agents) want to click through 100+ photos!)

The focus on something you’re not buying photos:
How many listings do you see where the focus is the flower arrangement, the staging, the accent wall, the furniture, the artwork, the dining room table, the knick knacks, etc. Do I really need to see a close up of a vase in the middle of a table when I can’t see the room it’s in?

The (old) cellphone photo:
Some of the listing photos we see look like they were taken with an old flip phone. I guess it works for those going for the dark and fuzzy look…but it does nothing for the online viewer and even less for the seller.  This works especially well (not!) with text that brags about the “bright, airy space with lots of natural light”.

The companion photo set is the one from the agent with the latest and most expensive phone but you can tell they took all the listing photos in about 2 minutes (while walking through the property-hence the blur), since they had to rush off and get the Beamer detailed, pick up their commission cheque or get to their mani-pedi, workout or yoga.

The missing photo scam:
Do you really think that smart consumers won’t figure out the yard is ugly, there are hydro towers or an expressway in the backyard, the garage is falling down, the roof is doomed or that the Army Corps of Engineers are needed for kitchen and bathroom renos?

The super wide angle photo:
…don’t you just love the ones where the fridge or stove looks 6-8 feet wide?

The “why-is-this-in-the-photo?” photos:
Sometimes you just have to shake your head at the unusual things that catch your eye in listing photos. The pet, the diaper pail, the garbage can, the Realtor reflection in the shower door or mirror, the car in the driveway, dishes in the sink….anything that distracts the buyer from assessing the house for their needs is bad news.

The-too-many-too-few conundrum:
Condo listings specialize in this awful practice: you get 3 photos of the unit and 12 of the view, the building complex, lobby, gym, pool, or neighbourhood/surrounding area.  Sure you have a great park or bike path down the street but I want to see the darn place I may be buying!

The “why bother” photo set:
Tenant occupied properties lead the way but are not the only source of incredibly messy, disorganized properties that are clearly not ready for prime time. To be honest, some are so scary; you hope you never have a customer call who might want to see one of these suckers!  You are not doing yourself or the seller any favours by listing those in this condition…so why bother?

Shame on you for not investing in professional photos!
Our industry in Ottawa is serviced by many excellent and reasonably priced photographers who do fantastic photography and hosting services at very reasonable rates. If you are listing someone’s property and asking them to pay $15,000-$20,000 (or more) in commissions and won’t shell out $150 to get some decent photos done? …sorry, you shouldn’t be in the business! Oh, and by the way…shame on your brokerage and manager, too!

The “I-forgot-what-the-point-was” photo spread:
The objective of the exercise is to have the prospective buyer see enough of the key features of the property that they will want to come and see it in person and soon! The photos should highlight the critical features, be consistent with the text and be just enough to keep them wanting more.  Too often, these simple objectives seem to be forgotten.

More of the same (and worse!) in the video world:
All of the above issues and more are present in the now ever present video/Utube/social media marketing which is far from an exact science for the amateur productions too many turn out to be.

If we have forgotten any mind boggling real estate photo practices that you see regularly, please let us know!

 

Gord McCormick, Broker of Record
Dawn Davey, Broker
Oasis Realty Brokerage
613-435-4692 or 613-371-9691
www.oasisrealtyottawa.com    oasisrealty@rogers.com

A full service, lower commission brokerage

 

 

 

 

 

Stittsville real estate report: midyear 2017

Stittsville landmarks

We are having the best year since 2010 in Ottawa real estate, with unit sales and prices up nicely and listing inventories dropping significantly from some historical highs in 2015.

Overall unit sales are up 10.8% and average prices are up 7.2% to $398,872 across the Ottawa Real Estate Board (OREB)

Builders are reporting an extraordinarily strong year with one report indicating a 44% hike in unit starts and one builder reporting that sales have doubled in the first half of the year!

So how is Stittsville doing?
Stittsville market is keeping pace with overall growth with the exception of areas north of Hazeldean Rd which is fairly flat in both sales growth and price increases.

Desperate need of more listing inventory north of Hazeldean Rd!
MLS® zone 8211

Unit sales are down 7.6% compared to midway in 2016 and average prices are pretty flat with an increase of .5% to $393,237.

Very limited listing inventory may be the cause of relatively fewer sales, for example, this area has only 22 total listings at time of writing and that is barely one month’s worth of sales! So this is a great time to be selling in Stittsville North (Fairwinds, Jackson Trails, Bryanston Gate, Timbermere, Poole Creek) especially.

One would have thought that this should push average prices higher but is not the case thus far. The other two Stittsville zones below have a more reasonable 3 months’ worth of listing inventory, although still much lower than in previous years.

Central Stittsville: (MLS® zone 8202 between Hazeldean Rd. and Abbott St.)

Unit sales are up 25.6% and average prices up 8.2% to $468,745. 55 residential properties currently listed.

South Stittsville: (MLS® zone 8203)

This area is also seeing strong results with unit sales up 21.7% and the average price up 5.8% to $512,666. 50 residential properties currently listed.

Key Factors:

Builder competition:
With so much new construction in Stittsville and Kanata, the resale market is always competing with builders. This can have an effect on those selling, particularly if the home is less than 5 years old and the builder still offers that particular model for sale.

Builders have been raising prices this year, along with the market overall.

Construction disruption:
Some streets/neighbourhoods may have resale affected by new construction in adjoining parcels of land, particularly where that development may change the ambience or traffic patterns.

The military invasion continues!
With the migration of DND HQ to DND Carling Campus at Moodie Dr., Stittsville and Kanata continue to be very popular for military families.

If you would like more information on this or any other neighbourhood and are not currently working with another Realtor by all means give us a call 613-435-4692 or check us out at our online co-ordinates below.

Gord McCormick, Broker of Record
Dawn Davey, Broker
Oasis Realty Brokerage
oasisrealty@rogers.com
www.oasisrealtyottawa.com
@oasisrealtyOTT
http://blog.oasisrealtyottawa.com/

One of Ottawa’s best liked real estate pages: https://www.facebook.com/oasisrealtyottawa/

 

A full service, lower commission brokerage

 

Is there a shortage of quality listings in Ottawa real estate?

 

It wasn’t too long ago that buyers had the upper hand in Ottawa, as we were saddled with excess listing inventory, flat sales and very low average price increases. It is looking like 2017 may be a whole new ball game though and we may be in the first stages of another seller’s market, which we have not had  for at least 5 or 6 years.

2016 was a transition year:
Between 2013-15 we experienced a period of excess listing inventory which combined with flat sales and price increases, created a market favouring buyers in general. (Although some high demand urban neighbourhoods may not have experienced this quite as much)

Starting about a year ago, we have seen unit sales improve consistently and though prices have remained fairly flat until recently, the number of new listings and overall listing inventory has decreased steadily…a good sign!

Overall listing inventory right now: (early March 2017)
Our current available listing inventory is well below (20%) some peak levels experienced in 2015 and new listings continue to lag behind by approximately 10%. Unit sales improved in 2016 and currently seem to be improving further.   As these trends continue, we end up with a supply/demand shift favouring sellers and more competition among buyers for fewer available listings.

“Chronic”, overpriced, stale or unique listings:
There is always a certain percentage of listings that fall in to this category and these lower demand listings are bypassed quickly by most buyers. Though these listings are shown in overall “available” listings totals, they are not in high demand, regardless of the improved overall environment.

One buyer example:
In doing a search for a current buyer, we found the following out of 31 listings that met their general specifications:
Chronic listings on the market for extended period: 9 listings or 29% (anything beyond 90 days we consider chronic which means either the property has a problem and/or is overpriced.)

Busy street or other location issue: 7 (this young family does not want a primary or secondary collector street)

Unique listing or one with an obvious issue: 5 (not looking for a fixer upper or one with has obvious resale challenges in future)

Total: 21/31 listings or 67.7% of available listings are not viable for this particular buyer couple, leaving only 10 properties to consider. So while there might seem to be a fair number of listings, there really is not for these customers.

As it turns out our buyers have submitted an offer on one of these properties but it looks like it will be their 2nd go round in a multiple offer situation, in as many weeks.

New listings sell fast:
The sell through of new listings at this time of year is 50% or more of new listings selling in less than 30 days, so buyers don’t have a lot of research and decision making time. Being prepared and having a well prioritized search can really help ensure one is ready to jump on new listings, as soon as they happen.

Bottom Line:
There is not a major shortage of overall listings (a la Toronto) but the demand for quality listings is improving and in many cases,  greater relative to supply, so buyers and their representatives need to be on top of their game or someone else will beat them to the hot new listings hitting the market.

Having a Realtor buyer representative fully engaged in one’s search is even more critical at this busiest time of the year.

Gord McCormick, Broker of Record
Dawn Davey, Broker
Oasis Realty Brokerage

www.oasisrealtyottawa.com   oasisrealty@rogers.com

One of the highest ranked and “liked” real estate pages:  https://www.facebook.com/oasisrealtyottawa/

“all the real estate news that’s fit to tweet”  https://twitter.com/OasisrealtyOTT

One of Ottawa’s best real estate blogs: http://blog.oasisrealtyottawa.com/

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Multiple offers puts additional stress on all parties

lots of twists and turns but ultimately only one across the finish line
lots of twists and turns but ultimately only one buyer gets the prize

Our Ottawa market is showing some strong signals that we may be seeing a return of seller’s market conditions, with stronger demand, rising prices and the increase in the number of multiple offer situations. This can be a stressful experience for all parties, particularly buyers who have not experienced the process.

We recently competed in a multiple offer (representing a buyer) on a detached single home in the south end which attracted 5 offers within 48 hours of being listed on MLS®. We were not successful with our offer and our buyers were very disappointed but we gave it our best shot in the fast paced process surrounding these types of situations.

Here are some of the key challenges in the process:

Compressed timelines:
The listing was just posted on MLS® later on Monday. We alerted our buyers to the new listing that evening and requested a showing directly via the listing agent that night.  We actually viewed the property twice on Tuesday, once with one of our buyers and the 2nd time with both buyers. (one of our buyers was actually able to take the day off  work to get in to see property as early as possible)

We submitted an offer on Tuesday evening that was slightly over asking price, as we expected that demand would be reasonably strong given the amount of showing activity on the listing. We were aware of the fact that another offer was pending and it had been submitted just prior to our own offer.

Our buyers revised their offer price upwards, based on the 2nd offer.

The listing salesperson had now established an offer presentation time for Wednesday later afternoon. By early-mid afternoon Wednesday, we were aware that there were now a total of 4 offers registered on the property.  (there ultimately ended up being 5 offers submitted)

Our buyers revised their offer price upwards a 2nd time to their absolute maximum and we submitted revised documentation to the listing sales person.

Buyer roller coaster:
Buyers are caught on a roller coaster of emotions: from the elation of seeing a property they both really want in their price range and area, to happily submitting an offer which is over the listing price and hoping there are not too many offers, to frustration from waiting around without any control of the situation, to stressing about how much one should offer and avoiding temptation to overpay or remove some important condition from the offer which may help “win” the property bid but prove costly later, to the anticipation of waiting and hoping your offer will make it to the top of the pile, to the disappointment that comes from finding out that it was a good offer but not quite good enough.

Sellers are happier but not stress free:
Sellers are definitely the beneficiaries of the best possible market value in these scenarios but they are certainly not stress free. This young family was pretty much shut out of their home for the better part of 2 days while buyers and their agents toured the property.

These sellers also have a home they are buying, so until their own property sells and firms up, they are not 100% sure of securing their own dream home. Even if it looks pretty good right now, it is still not over until the final paperwork is done with any buyer conditions satisfied.

Buyer representatives have a lot of conflicting pressures:
All buyer representatives want the right property for their buyers and at the right price. While one-on-one negotiations with a listing agent and seller have one set of challenges and variables, multiple offer situations are completely different and the buyer representative has far less control or influence over the outcome.

Price, closing date and conditions are the critical factors and we want our buyers to win but not pay too much or sacrifice important conditions. i.e. like foregoing a home inspection or not including a financing condition.

Add to this the uncertainty of knowing what the “winning” price might be and how to properly advise buyers is a challenging task.

No “cake-walk” for the listing salesperson, either:
The listing sales person has their own set of pressures in professionally representing the seller, co-ordinating access for showings, communicating on a timely basis with all interested parties and running a well-organized and credible multi offer submission, advising sellers on bid selection, negotiations and debriefing all who have submitted offers. This is a pressure packed process for them as well.  In this case, we had a very professional listing salesperson who very ably managed all of these from our vantage point.

Everyone’s life is “on hold”:
All parties to these situations are pretty much “on call” as the dynamics of these situations unfold and the process lurches towards a conclusion. Don’t miss out on a phone call, text or email-as you may lose out on timely information or ability to act upon that information. When the ultimate prize is so important, everything is circumspect and under a microscope.  Did we do everything we could?  Was there more information we should have had?  Should we have been more aggressive?  How much risk should we take?

This is definitely starting to look like a “you snooze…you lose” kind of market:
What about the buyer representative who missed the listing or the buyer who wasn’t quick enough to even get in to see it? What about the buyer representative who wasn’t available to get their buyers in to see the property?  What about the buyer who said: “let’s wait for an Open House”?

Bottom Line:
It is always disappointing to “lose” but our buyers did everything they possibly could and are moving on to the next one. Our job is to find them an even better one than the one that got away and it’ll happen for them!

Gord McCormick, Broker of Record
Dawn Davey, Broker
Oasis Realty Brokerage
www.oasisrealtyottawa.com   oasisrealty@rogers.com

One of the highest ranked and “liked” real estate pages:  https://www.facebook.com/oasisrealtyottawa/

“all the real estate news that’s fit to tweet”  https://twitter.com/OasisrealtyOTT

One of Ottawa’s best real estate blogs: http://blog.oasisrealtyottawa.com/

A full service, boutique brokerage with lower listing fees

Will it be a “balanced” market or a “seller’s” market in 2017?

OLYMPUS DIGITAL CAMERA
Lots of these in Ottawa January 2017
Listing inventory is trending down which may indicate a market favouring sellers
Listing inventory is trending down which may indicate a market favouring sellers

Though January is typically the lowest sales month of the year, (along with December) there are some very positive trends in the current market.

Strong residential sales in January 2017:
Unit sales have been trending up steadily since April 2016 and January continued that trend. Unit residential sales were up a solid 16.6% for the month and overall residential and condo sales were 8.6% higher than the 5 year average for January.  Condo unit sales were flat in January but did sell at a higher price than a year earlier.

Listing inventory trending down:
This is a key category and indicator of overall market activity. We experienced several years (2013-2015) of increasing inventory levels which led to a supply/demand imbalance favouring buyers.  Starting in spring 2016 this indicator started moving in the opposite direction and moved in to a balanced position during 2016. See chart:
https://public.chartblocks.com/c/5895b4b79973d295631e48dc via @chartblocks

January 2015 listing inventory is 15.2% lower for residential listings and 10.7% lower for the number of condo listings, compared to a year ago.
New listings in January were 11% lower than a year ago and condo listings for the month 4.6% lower.

Balanced market or seller’s market?
If we continue the combination of higher unit sales with lower numbers of new listings and total listing inventory, then we may see more pressure on buyers and higher prices and move more towards a seller’s market.  This is what can occur when demand outstrips supply and can be characterized by shorter selling times, higher prices and the existence of more multiple offers on listings.  We have not had sellers market conditions (except perhaps at a neighbourhood level) for 4 or 5 years now, here in Ottawa.

We have also had reports of strong sales from builders on new construction and inventory homes.

Prices:
Overall average prices are not leaping forward, as has been the case for the last number of years but the trend suggests this could change if supply limitations drive prices up.

Bottom Line:
This is a very important time of year for both buyers and sellers, as market activity grows on a daily and weekly basis from now through peak season in May and June, so it is a good idea to get one’s plans in place and existing properties ready to sell.

These overall numbers may not apply to all neighbourhoods, so if you would like to get an analysis done for your own property or area, feel free to give us a call or call your Realtor. 613-435-4692

Gord McCormick, Broker of Record
Dawn Davey, Broker Oasis Realty Brokerage
613-435-4692 or mobile 613-371-9691
oasisrealty@rogers.com oasisrealtyottawa.com

One of the highest ranked and “liked” real estate pages on facebook:  https://www.facebook.com/oasisrealtyottawa/

Follow us on Twitter for “all the real estate news that’s fit to post”  https://twitter.com/OasisrealtyOTT

One of Ottawa’s best real estate blogs: http://blog.oasisrealtyottawa.com/

A full service, boutique brokerage with lower listing fees

Moving to Ottawa? some things to know about real estate

ottawa-tulips-and-peace-tower

Average house prices mostly a bargain:
Those moving from the GTA or Vancouver will view overall Ottawa average prices (average residential selling price approx. $400,000) as a real bargain and that would be correct. Averages are just averages though and price ranges vary considerably across the city and the Ottawa real estate board reporting area. Urban residential price averages in 2016 were in the $600-$750K ranges and topped $1.2 million in Rockcliffe Village.

Geography:
Ottawa is quite spread out east to west along the Ottawa river some 45 km (Carp Rd to Trim) and about half that distance north-south. Dominate features include the Ottawa and Rideau River systems, the Rideau Canal and the “Greenbelt”, all of which have factored in Ottawa’s development. North of the Ottawa river is western Quebec, the Gatineau hills and the city of Gatineau. Realtors must be separately licenced/registered to practice in Quebec, so very few, if any, can provide services on both sides of the Ottawa River. Average prices are about $100,000 less on the Quebec side, so buyers should determine which province is of most interest from the beginning of their search.

Big difference between urban and suburban living:
Much of Ottawa’s residential growth over the last couple of decades has been at the fringes in the east (Orleans), west (Kanata and Stittsville) and south. (southwest in Barrhaven and southeast in Findlay Creek and Riverside South) Home prices have increased most in urban areas and this has fostered many condo developments and infill housing development in the highest urban demand areas.  We currently have several of the largest mixed residential urban neighbourhood projects in Ottawa history underway or planned.  These include: Wateridge, LeBreton, Greystone and Zibi plus numerous large (and tall!) condo projects.

High demand urban areas:
Westboro/Wellington West and Carling/Woodroffe area , Hintonburg/Mechanicsville, Civic Hospital, Glebe, Old Ottawa South, Ottawa East, Manor Park, New Edinburgh, Sandy Hill

Students, Students, everywhere!
Ottawa is a big education centre with over 80,000 full time post-secondary students (140,000+ counting part time) at University of Ottawa, Carleton, Algonquin, Cite Collegiale and St. Paul’s. This demographic has an impact on housing, entertainment, dining and the work force.

Transit oriented:
Ottawa has always been a transit oriented city with commuter ridership % among the highest in North America. The OC Transpo system has been built on a mix of dedicated transitways (bus only roads) and express bus lanes which connect urban and suburban commuters with the downtown core.

2018 brings Phase 1 of Ottawa’s LRT (Confederation line) which will connect 13 stations over 12.5 KM, including a 2.5KM tunnel underneath the downtown core. Phase 2 will expand the scope both east, west and south (Trillium Line) by 2023.

This has created a “transit oriented development” focus for city planners and a great deal of activity is planned around LRT transit hubs.

Greenbelt:
When one drives through Ottawa from the downtown towards the suburbs, the city seems to stop and then restart after large swathes of open space. This was created way back in the day when the original plan was to keep Ottawa within the borders of this “Greenbelt”.  Over time, persuasive developers found a way to build new communities beyond the Greenbelt and this is where much growth has taken place since the 1970’s.

Schools:
We have a gamut of schools at the elementary and high school level encompassing English, French and immersion programs from public, Catholic and French school boards. The widespread geography of Ottawa has become a bit of a problem in this regard, as demographics have changed school enrollment patterns and many schools are on the “to be closed” list due to lack of students while others are overloaded and still others have no local services at all.  Researching schools for both current and future requirements can be a key factor for many parents, so it is a good idea to review this early in your Ottawa home search to determine your geographic focus.

Real estate is local:
Every market is different, so be careful not to assume that things in Ottawa real estate will be the same as the market you are moving from. Housing types/styles, trends and key features and highest demand items in one local market may vary widely from those in another.

If you are relocating and looking for an experienced brokerage team to consult on your home or condo buying plans, we are more than happy to help! Give us a call at 613-435-4692 or check us out online at our co-ordinates below:

Gord McCormick, Broker of Record
Dawn Davey, Broker
Oasis Realty Brokerage
613-435-4692 or mobile 613-371-9691
oasisrealty@rogers.com
oasisrealtyottawa.com

One of the highest ranked and “liked” real estate pages on facebook:
http://www.facebook.com/pages/Oasis-Realty-Brokerage-Ottawa/209265863918

Follow us on Twitter for “all the real estate news that’s fit to post”  https://twitter.com/OasisrealtyOTT

One of Ottawa’s best real estate blogs: http://blog.oasisrealtyottawa.com/