Michael Arthur: Strong 2017 Real Estate Market

 The Ottawa Real Estate Market Finishes 2017 Strong!

Michael Arthur

Michael Arthur

 

Monday 15 January

The Ottawa real estate market finished 2017 with record-breaking results in December based on the following factors:

 

Increased Record Sales In Residential Homes 

  • Residential homes contributed to record sales where 566 homes were sold compared to 547 homes in December 2016, a 3.5 per cent increase.
  • Similar to November 2017, the majority of the sales were in the $300,000 and $450,000 price range, accounting for 43 per cent of the residential market.
  • Buyers bought mostly:
    • two-storey single-family homes – average price – $450,317
    • three-storey single-family homes – average price – $617,530
    • split-level – average price – $423,625
  • Most of the homes bought were in:
    • Arnprior
    • Almonte
    • Carleton Place/Perth
    • Kemptville/Prescott/Brockville
    • Casselman/Hawkesbury/Clarence-Rockland
    • Metcalfe
    • Manotick
    • Carp
    • Stittsville
    • Central Ottawa
    • Orleans

 

Record Condo Sales 

  • Condos sales improved again with 205 condo units were sold compared to 164 units in November 2016, a 25 per cent increase.
  • Similar to November 2017, the majority of the sales were in the $150,000 and $275,000 price range, accounting for 67 per cent of the condo market.
  • The most sold units were:
    • two-storey homes – average price – $208,814
    • three-storey homes – average price – $283,207
    • one-level homes – average price – $294,886
  • Most of the condos were bought in:
    • Kanata
    • Nepean
    • Central Ottawa
    • Orleans

 

Increased Property Values For Single-Family Homes In North & West-End Ottawa 

  • Owners of single-family homes in Rockcliffe Park, New Edinburgh and west-end Ottawa continued to benefit financially from increased property values on their homes. The top neighbourhoods in those areas were:
    1. Rockcliffe Park – 29.7 per cent (average price: $1,547,700)
    2. New Edinburgh/Lindenlea – 27.1 per cent (average price: $767,200)
    3. Crystal Bay/ Rocky Point/Bayshore – 23.9 per cent (average price: $452,400)
    4. Carlingwood/Westboro – 17.4 per cent (average price: $761,800)
    5. Britanna Heights – 17.3 per cent (average price: $440,100)’
    6. Parkwood Park, Queensway – 14.9 per cent (average price: $410,900)
    7. Manor Park/Cardinal Glen – 14.7 per cent (average price: $569,500)
    8. Westboro/Hampton Park – 14.2 per cent (average price: $625,600)
    9. Woodroffe – 13.8 per cent (average price: $425,300)
    10. McKellar Heights – 13.2 per cent (average price: $561,800)

 

Tip: When selling your home, if you receive an offer from a potential buyer, it is important to make sure that your realtor requests a copy of a confirmation letter from the buyer’s mortgage lender that demonstrates that the buyer is pre-approved/pre-qualified or has the financial capability to purchase your home. This due-diligence strategy will ensure that the buyer is committed to purchasing your home without any hassles or frustrations. I have seen countless times where realtors representing buyers do not confirm with them if they have been pre-approved/pre-qualified for a mortgage. As such, when a buyer submits an offer that is accepted, they then discover from their lender that they are no longer qualified for a mortgage. As a result, the seller misses the opportunity to receive better offers from other qualified buyers who purchase other homes, and the seller’s property will continue to be in the market for a long period of time and lose its value.

About the writer

Michael Arthur is a realtor with RE/MAX Core Realty Inc., who specializes in residential properties and leasing of commercial properties. He works with various clients that include first-time home buyers, real estate investors, business owners, renters, and homeowners who are going through life transitions, ranging from divorce to personal bankruptcy. He can be reached at (613) 890-SOLD (7653). Website: miketheagent.ca

 
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