OTTAWA, January 6, 2020 - Members of the Ottawa Real Estate Board (OREB) sold
761 residential properties in December through the Board’s Multiple Listing
Service® System, compared with 660 in December 2018, an increase of 15.3 per
cent. December’s sales included 534 in the residential property class, up 13.9
per cent from a year ago, and 227 in the condominium property class, an increase
of 18.8 per cent from December 2018.The five-year average for December unit
sales is 720.

“December’s statistics reflect the same story we’ve seen all year - historically
low supply yet higher unit sales than in previous years. Days on market continued
to decline, especially in certain pockets of the city, as properties that came on the
market were snapped up by prepared buyers,” states Dwight Delahunt, Ottawa
Real Estate Board’s 2019 President. “Unit sales in the condominium class
consistently led the way, offering lower price point options for homebuyers that
simply weren’t available in the residential category,” he adds.
The total number of residential and condo units sold throughout 2019 was 18,622,
compared with 17,467 in 2018, an increase of 6.6 per cent. Residential property class
sales went up by 4.7 per cent with 14,038 properties exchanging hands last year
compared to 13,411 in 2018. Condominium property class sales increased 13 per cent
with 4,584 units sold in 2019 versus 4,056 in the previous year.
“2019 was a record-breaker in both the number of sales as well as average prices,
with the residential property class reaching $500K in several months during the year.
This price growth is warranted due to the fundamental economic principle of
supply and demand playing out, with limited supply putting upward pressure
on prices. However, even with these increases, Ottawa’s real estate market
continues to remain one of the most affordable and sustainable in the country,”
Delahunt stresses.

December’s average sale price for a condominium-class property was
$310,675, an increase of 11.5 per cent from a year ago while the average sale price of a
residential-class property was $500,306, an increase of 10.3 per cent from December
2018. Year-end figures show an average sale price of $486,590 for residential-
class properties in 2019, an 8.9 per cent increase from 2018 and $304,203 for
condominium properties, up 9.3 per cent from last year.*
OREB’s 2020 President, Deborah Burgoyne, forecasts Ottawa will continue to
experience limited supply and reasonably increasing average prices this year.
“Supply issues will surely persist into 2020, and I don’t expect the inventory
will be able to recover in the near future,” she suggests.
“Builders do seem keen on constructing luxury rental units, which is something we
haven’t seen much of before. These could potentially add inventory to the residential
class, as boomers will have decent options if they are considering entering a different
lifestyle than homeownership. However, even if supply increases, high demand has
shifted market values upwards in various neighbourhoods and prices are unlikely
to go back down – this is our new reality,” concludes Burgoyne.

* 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. 

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OTTAWA — The number of homes sold nationally rose 11.3 per cent in November compared with a year ago but the picture varies significantly by region, said the Canadian Real Estate Association.

By: Canadian Press

OTTAWA — The number of homes sold nationally rose 11.3 per cent in November compared with a year ago but the picture varies significantly by region, said the Canadian Real Estate Association.

A major rebound in sales in the Greater Vancouver Area and continued growth in the Greater Toronto and Montreal regions propped up sales, while the Prairie cities of Calgary, Edmonton, and Regina saw declines.

Overall, there were 37,213 homes sold through CREA's MLS system, up from 33,437 in November 2018.

The increase in sales came as the national average price for a home sold in November was about $529,000, up 8.4 per cent compared with a year ago. Excluding Greater Toronto and Greater Vancouver, the average price was around $404,000, up 6.9 per cent compared with last year. The MLS home price index rose 2.6 per cent year over year to $638,300.

Price gains also saw regional variances, with the Greater Vancouver benchmark price down 4.59 per cent from a year ago and Prairie home prices also down, while Greater Toronto saw gains of 6.52 per cent, Greater Montreal had gains of 8.72 per cent, and Ottawa registered gains of 11.45 per cent.

"Sales continue to improve in some regions and not so much in others," said Jason Stephen, president of CREA in the release.

In its updated outlook, the association says it expects home sales this year to total 486,800, while it says the national average price is on track to rise 2.3 per cent.

That compared with an earlier forecast for 482,000 home sales for 2019 and a 0.5 per cent increase in the national average price.

Prices rose as the number of newly listed homes slid 2.7 per cent, driven primarily by fewer new listings in the GTA.

Nationally there is 4.2 months of inventory, the lowest recorded since the summer of 2007. The inventory, which represents how long it would take to liquidate current inventories at the current rate of sales activity, is well below the long-term average of 5.3 months.

For 2020, CREA says it expects home sales to rise 8.9 per cent next year to 530,000. The national average price is forecast to rise 6.2 per cent to $531,000.

TD economist Rishi Sondhi said he also expects rising sales in 2020 from job growth, population gains and a mild boost from government programs for first-time home buyers, though he notes there is some room for caution.

"This view rests on financial conditions remaining accommodative. The backup in bond yields since September, if sustained, could offer some downside risk to our forecast."

He said the recovery in home sales, especially helped by the Greater Vancouver Area's 55.9 per cent jump, would yet again support fourth quarter economic growth.


When you think of the best timing of selling your home, winter might not be the first season that comes to mind! Aside from the freezing temperature outside, people are often preoccupied with the holiday season! However, there are many reasons why you should consider selling your home during the winter.

If you want to sell your home during the winter but are hesitant, here are five reasons to do it!

1. The buyers are serious.

Unlike popular belief, demand does not really go that low during winter. And while it is not the peak buying season, the buyers that will encounter are much more serious and motivated. The buyers you will encounter during winter are often in a rush, are ready to make offers, and plan on moving in before or after the new year. This is a great advantage for sellers because you don’t have to waste your time with buyers who are just looking.

2. There Is less competition.

You won’t have that much competition if you sell your home during winter. Many people decide against listing their homes during winter and wait for Spring instead. With less competition, it will be easier for your listing to stand out. You’ll be able to have a higher chance at attracting buyers and selling your home much quicker and at a better deal for you.

3. Loans are processed quicker.

For lenders, winter is a time when the inventory is smaller and they have more time to process loans. Since loans can be processed more quickly than other seasons, your selling process will be much smoother and your road to closing will be faster. If you or your buyer is in a rush to close the home before the new year, your buyers will not have s problem processing their loans.

4. You can get better deals.

Since there is less competition and buyers are much more motivated during this season, you can definitely negotiate better deals with your buyers. According to Redfin, listings during winter actually sell faster and for more money. Make sure to stage your home, create a good and sound contract, and have it inspected so you can put a premium on its price. You can take advantage of serious buyers and try to sell your property at a higher price and better payment terms.

5. It’s a great way to start the year.

If you’ve been wanting to sell your home or if there’s an inevitable reason to do it, doing it before the start of the year is definitely the best time. The end of the year is the perfect time to let go of your property. It is the perfect timing for Spring where you’ll be able to move on and start anew without carrying any pieces of baggage from the year before.

Selling your home during the winter, whether it’s because of financial reasons, relocation, or if it’s an investment property you’ve been holding on to, is a decision that you will be thankful for when Springtime comes.

If you think that it’s best for you to wait for Spring or Fall to sell your home, you better think again. While there are many factors that can contribute to your listing being sold, winter can definitely be a good time to sell it if you give it a chance. Keep these five reasons in mind the next time you hesitate on selling a home during winter!