Tuesday, May 18, 2010
New Listings for May 18th
There are officially 112 new listings today! List your home with Dayton Davis and HomeLife Capital Realty for the full advantage.http://www.daytondavis.com/
Thursday, May 13, 2010
Listing Rise Cools off Area Housing Market
Citizen News Services April 26, 2010
With more homes available to buyers, Ottawa is among Canadian cities returning to a balanced real estate market, the Conference Board of Canada reported Friday. The research group said 25,835 resale homes were available in Ottawa last month through the industry's Multiple Listing Service, a rise of 12.9 per cent over March 2009. Across Canada, listings rose by at least 10 per cent in 20 of 28 markets. The board said the average price of an existing home in Ottawa rose 15 per cent to $328,807 in the past 12 months, but predicted that the increased supply will trim future increases to five per cent. In Gatineau, where the average price reached $215,060, listings slipped by 2.5 per cent and the board forecast price increases of seven per cent.
NOTE: CORRECTION: According to the Ottawa Real Estate Board, there were 3,192 residential properties and 758 condominiums available for sale in Ottawa at the end of March. The figure of 25,835 resale homes available in Ottawa last month, provided by the Conference Board of Canada, was annualized on a seasonally adjusted basis.
YOUR NEIGHBOURHOOD REALTOR!
http://www.daytondavis.com/
With more homes available to buyers, Ottawa is among Canadian cities returning to a balanced real estate market, the Conference Board of Canada reported Friday. The research group said 25,835 resale homes were available in Ottawa last month through the industry's Multiple Listing Service, a rise of 12.9 per cent over March 2009. Across Canada, listings rose by at least 10 per cent in 20 of 28 markets. The board said the average price of an existing home in Ottawa rose 15 per cent to $328,807 in the past 12 months, but predicted that the increased supply will trim future increases to five per cent. In Gatineau, where the average price reached $215,060, listings slipped by 2.5 per cent and the board forecast price increases of seven per cent.
NOTE: CORRECTION: According to the Ottawa Real Estate Board, there were 3,192 residential properties and 758 condominiums available for sale in Ottawa at the end of March. The figure of 25,835 resale homes available in Ottawa last month, provided by the Conference Board of Canada, was annualized on a seasonally adjusted basis.
YOUR NEIGHBOURHOOD REALTOR!
http://www.daytondavis.com/
House Sales Set Record for April
House sales set record for April
Insiders predict busy May, June with rate hikes, HST on horizon
By Robert Bostelaar, The Ottawa Citizen May 6, 2010 OTTAWA — Ziad and Lena Debline paid $525,000 last month for a four-bedroom bungalow on a big lot in the leafy Cambrian Heights neighbourhood near Ottawa's east boundary.
With low-rate financing locked in for five years and the prospect of Ottawa real estate prices going up each week they waited, they felt they got a good deal.
"I don't think we overpaid -- the house deserves the price," said Ziad, who operates a landscaping and construction company.
Theirs was one of 1,841 transactions in a record April for the Ottawa Real Estate Board, which saw residential sales jump 15.7 per cent from a relatively flat April 2009.
Demand pushed the average sale price, from condominiums to mansions, to $332,979, an increase of 11.6 per cent from a year earlier.
Industry participants say May and June could be equally hot as buyers try to get in ahead of further interest hikes and Ontario's looming harmonized sales tax.
"It's anybody's guess if it's going to slow down," said Roch St-Georges, the HomeLife Capital Realty representative who worked with the Deblines. Would-be buyers "are getting frustrated," he said. "I'm losing a lot of deals on multiple offers."
For many buyers, time is ticking on "pre-approved" mortgages at rates that fell to historic lows in the recession. Borrowing costs began moving up in April in anticipation of Bank of Canada rate increases in June or July, even as mortgage lending rules were tightened to discourage defaults.
Dave Farquhar of Royal LePage Team Realty said some buyers hold approval for five-year mortgages at 3.69 per cent, compared to the 4.25 per cent on offer now.
"A lot of people are being driven into the market, and making their decisions earlier, because they realize they are up against this interest rate change," he said.
The pending harmonized sales tax also appears to be motivating some buyers and sellers to close deals before it kicks in on July 1.
The 13-per-cent HST will not be applied to the purchase price of resale homes, but is expected to boost the cost of associated services, from real estate commissions to legal fees and home inspections.
Real estate board president Pierre de Varennes said the tax and interest rates are having an effect, but April's record total "also demonstrates that consumers feel confident about our local economy."
He continues to predict a return to a balanced Ottawa real estate market in the second part of 2010 as more listings become available.
Across Canada, a housing forecast issued Wednesday by TD Economics calls for house sales to cool off quickly in the second half, and prices to decline by an average 2.7 per cent next year.
TD said housing prices in Canada are currently overvalued by about 15 per cent, based on longer-term economic factors such as income growth. That gap should narrow to 10 per cent by the end of next year, it said.
As one of the country's most stable markets, however, it's likely Ottawa prices are less overvalued. And with unemployment low and the city's population increasing, the market should stay healthy, said de Varennes.
"Close to 60 years of history would tell you that the Ottawa market doesn't recoil as you might see in Calgary or Vancouver or Edmonton. As we build, it's usually done on a very solid foundation."
Farquhar said any public service layoffs that could be part of government spending cuts are the biggest threat to Ottawa real estate values. Even so, the market was able to absorb the effects in previous rounds of cuts.
YOUR NEIGHBOURHOOD REALTOR!
http://www.daytondavis.com/
Insiders predict busy May, June with rate hikes, HST on horizon
By Robert Bostelaar, The Ottawa Citizen May 6, 2010 OTTAWA — Ziad and Lena Debline paid $525,000 last month for a four-bedroom bungalow on a big lot in the leafy Cambrian Heights neighbourhood near Ottawa's east boundary.
With low-rate financing locked in for five years and the prospect of Ottawa real estate prices going up each week they waited, they felt they got a good deal.
"I don't think we overpaid -- the house deserves the price," said Ziad, who operates a landscaping and construction company.
Theirs was one of 1,841 transactions in a record April for the Ottawa Real Estate Board, which saw residential sales jump 15.7 per cent from a relatively flat April 2009.
Demand pushed the average sale price, from condominiums to mansions, to $332,979, an increase of 11.6 per cent from a year earlier.
Industry participants say May and June could be equally hot as buyers try to get in ahead of further interest hikes and Ontario's looming harmonized sales tax.
"It's anybody's guess if it's going to slow down," said Roch St-Georges, the HomeLife Capital Realty representative who worked with the Deblines. Would-be buyers "are getting frustrated," he said. "I'm losing a lot of deals on multiple offers."
For many buyers, time is ticking on "pre-approved" mortgages at rates that fell to historic lows in the recession. Borrowing costs began moving up in April in anticipation of Bank of Canada rate increases in June or July, even as mortgage lending rules were tightened to discourage defaults.
Dave Farquhar of Royal LePage Team Realty said some buyers hold approval for five-year mortgages at 3.69 per cent, compared to the 4.25 per cent on offer now.
"A lot of people are being driven into the market, and making their decisions earlier, because they realize they are up against this interest rate change," he said.
The pending harmonized sales tax also appears to be motivating some buyers and sellers to close deals before it kicks in on July 1.
The 13-per-cent HST will not be applied to the purchase price of resale homes, but is expected to boost the cost of associated services, from real estate commissions to legal fees and home inspections.
Real estate board president Pierre de Varennes said the tax and interest rates are having an effect, but April's record total "also demonstrates that consumers feel confident about our local economy."
He continues to predict a return to a balanced Ottawa real estate market in the second part of 2010 as more listings become available.
Across Canada, a housing forecast issued Wednesday by TD Economics calls for house sales to cool off quickly in the second half, and prices to decline by an average 2.7 per cent next year.
TD said housing prices in Canada are currently overvalued by about 15 per cent, based on longer-term economic factors such as income growth. That gap should narrow to 10 per cent by the end of next year, it said.
As one of the country's most stable markets, however, it's likely Ottawa prices are less overvalued. And with unemployment low and the city's population increasing, the market should stay healthy, said de Varennes.
"Close to 60 years of history would tell you that the Ottawa market doesn't recoil as you might see in Calgary or Vancouver or Edmonton. As we build, it's usually done on a very solid foundation."
Farquhar said any public service layoffs that could be part of government spending cuts are the biggest threat to Ottawa real estate values. Even so, the market was able to absorb the effects in previous rounds of cuts.
YOUR NEIGHBOURHOOD REALTOR!
http://www.daytondavis.com/
Wednesday, May 12, 2010
Buying Real Estate In Ottawa
So you are ready to buy a home.....
Buyers Consultation
This is our first chance to get to know each other prior to setting out on our search for your new home. There is no obligation and no charge for this service. It will however, give me a chance to explain the Buyer Agency Relationship and the nature of the services I will provide. Understanding agency will clearly outline what our obligations are to each other and hopefully give you the comfort of knowing your best interests are protected in a future transaction.
When you are ready to proceed I will enter you in my Free Home Search, which will include all listings that pertain to your search criteria and what your looking for in a home directly to your email. I will keep you informed daily, of any new listings as they become available, and address any inquires or answer questions you may have.
Home Viewing
Once you have identified a list of potential homes, we will spend some time viewing houses to see if they are a fit. Whether they are a resale home or under construction with a builder, I am pleased to represent you. I cover the entire National Capital Region and am able to show you homes throughout the Ottawa region and surrounding areas.
Ready To Make an Offer
Once you have found your dream home we will prepare an offer to purchase. I will provide you with honest and straightforward advice about your negotiating options. My intent is to provide you with the tools to be confident in making an offer. You should never feel pressured and the decision to decline, reject or accept a counter offer, will always be yours.
The Offer is Accepted
Once your offer is accepted, you are one step closer to realizing your real estate goal. All the necessary documents will be forwarded to your mortgage representative for approval. I recommend booking a building inspection and I would be happy to attend with you to ensure everything is conducted smoothly. This is an excellent opportunity to become familiar with the property, and potential maintenance that may be required.
We will ensure that all conditions are fulfilled within the agreed deadlines and that documents are forwarded to your Lawyer, who will represent you to close the transaction.
Once the Sold Sign is up on your dream home, it's time to celebrate!
More Great tips!
Before you shop:
Be a smart consumer. Learn the financing basics. Know how to shop for a home loan that's right for you.
Get pre-approved. This takes very little time and lets you know the price range that fits your lifestyle.
Be prepared to view new properties quickly. Sometimes homes sell quickly, so be ready to make fast decisions. Be accessible to change the terms.
Before you buy:
Submit a strong competitive offer.
Include a substantial earnest money deposit. Sometimes offers are accepted based on the amount of the deposit.
Try to minimize the number of contingencies. Fewer contingencies mean a stronger offer.
Hire an inspector. A professional building inspector or appraiser will make sure the house of your choice is in satisfactory condition.
http://www.daytondavis.com/
Buyers Consultation
This is our first chance to get to know each other prior to setting out on our search for your new home. There is no obligation and no charge for this service. It will however, give me a chance to explain the Buyer Agency Relationship and the nature of the services I will provide. Understanding agency will clearly outline what our obligations are to each other and hopefully give you the comfort of knowing your best interests are protected in a future transaction.
When you are ready to proceed I will enter you in my Free Home Search, which will include all listings that pertain to your search criteria and what your looking for in a home directly to your email. I will keep you informed daily, of any new listings as they become available, and address any inquires or answer questions you may have.
Home Viewing
Once you have identified a list of potential homes, we will spend some time viewing houses to see if they are a fit. Whether they are a resale home or under construction with a builder, I am pleased to represent you. I cover the entire National Capital Region and am able to show you homes throughout the Ottawa region and surrounding areas.
Ready To Make an Offer
Once you have found your dream home we will prepare an offer to purchase. I will provide you with honest and straightforward advice about your negotiating options. My intent is to provide you with the tools to be confident in making an offer. You should never feel pressured and the decision to decline, reject or accept a counter offer, will always be yours.
The Offer is Accepted
Once your offer is accepted, you are one step closer to realizing your real estate goal. All the necessary documents will be forwarded to your mortgage representative for approval. I recommend booking a building inspection and I would be happy to attend with you to ensure everything is conducted smoothly. This is an excellent opportunity to become familiar with the property, and potential maintenance that may be required.
We will ensure that all conditions are fulfilled within the agreed deadlines and that documents are forwarded to your Lawyer, who will represent you to close the transaction.
Once the Sold Sign is up on your dream home, it's time to celebrate!
More Great tips!
Before you shop:
Be a smart consumer. Learn the financing basics. Know how to shop for a home loan that's right for you.
Get pre-approved. This takes very little time and lets you know the price range that fits your lifestyle.
Be prepared to view new properties quickly. Sometimes homes sell quickly, so be ready to make fast decisions. Be accessible to change the terms.
Before you buy:
Submit a strong competitive offer.
Include a substantial earnest money deposit. Sometimes offers are accepted based on the amount of the deposit.
Try to minimize the number of contingencies. Fewer contingencies mean a stronger offer.
Hire an inspector. A professional building inspector or appraiser will make sure the house of your choice is in satisfactory condition.
http://www.daytondavis.com/
Friday, May 7, 2010
Hottest April on Record
Hottest April on record for resale housing market
May 5, 2010 : Hottest April on record for resale housing market
Members of the Ottawa Real Estate Board sold 1,841 residential properties in April through the Board’s Multiple Listing Service® system compared with 1,591 in April 2009, an increase of 15.7 per cent.
Of those sales, 425 were in the condominium property class, while 1,416 were in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked 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.
“Last month’s sales blew away the record for April, which is always one of the busiest months of the year for our market,” said Board President Pierre de Varennes. “The increased sales activity may be partially due to buyers trying to avoid the impending HST and the mortgage changes that came into effect on April 19, but also demonstrates that consumers feel confident about our local economy,” he added.
The average sale price of residential properties, including condominiums, sold in April in the Ottawa area was $332,979, an increase of 11.6 per cent over April 2009. The average sale price for a condominium-class property was $254,220, an increase of 17.4 per cent over April 2009. The average sale price of a residential-class property was $356,617, an increase of 11.7 per cent over April 2009. 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.
The Ottawa Real Estate Board is an industry association of 2,590 sales representatives and brokers in the Ottawa area. Members of the Board are also members of the Canadian Real Estate Association.
May 5, 2010 : Hottest April on record for resale housing market
Members of the Ottawa Real Estate Board sold 1,841 residential properties in April through the Board’s Multiple Listing Service® system compared with 1,591 in April 2009, an increase of 15.7 per cent.
Of those sales, 425 were in the condominium property class, while 1,416 were in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked 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.
“Last month’s sales blew away the record for April, which is always one of the busiest months of the year for our market,” said Board President Pierre de Varennes. “The increased sales activity may be partially due to buyers trying to avoid the impending HST and the mortgage changes that came into effect on April 19, but also demonstrates that consumers feel confident about our local economy,” he added.
The average sale price of residential properties, including condominiums, sold in April in the Ottawa area was $332,979, an increase of 11.6 per cent over April 2009. The average sale price for a condominium-class property was $254,220, an increase of 17.4 per cent over April 2009. The average sale price of a residential-class property was $356,617, an increase of 11.7 per cent over April 2009. 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.
The Ottawa Real Estate Board is an industry association of 2,590 sales representatives and brokers in the Ottawa area. Members of the Board are also members of the Canadian Real Estate Association.
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