Brisk Real Estate Sales in 2007 in the Ottawa Area
Ottawa has seen a slight decrease in new home builds in 2007 and this it is expected to continue into 2008. The Multi-family housing market is still strong- 60% of new housing starts are multi-family. The slow down is expected to continue into 2008 for newly built single family detached homes. According to CMHC the rental market in Ottawa is has started to tighten up and vacancy rates are currently at 2.3 percent down from 3.3 percent. Two of the factors contributing to this are higher housing cost and immigration. The rent on an average 2 bedroom apartment went up by 3 percent In spite of the increase in the cost of housing CMHC predicts that the year end will see records set in residential resale homes. In the Ottawa market, homes are staying on the market for an average of 34 days before being bought. The current market and the fact that the supply in 2007 has been rising at a slightly lower pace then sales in the last quarter of 2006 is making it favorable for sellers. The average price of homes sold in June through the MLS system in the Ottawa area was $279,429. This is an average increase of 7.8% over 2006, please note that this may not apply to a specific property based on total dollar volume sold in the area.
Of note is that the condo sales continued to drive growth in June, with the entire difference between 2006 and 2007 due to condo sales. Which makes condos a hot commodity in the current market
Statistics' from Ottawa Real Estate Board And CHMC
The Cayer Team
P.S .The houses we show and list that sell the fasted and often for top dollar are the ones in the best condition. A good rule of thumb is on average you should spend 1-3% percent of the value of your home on maintenance repairs and updating . Some years are costly - a new roof, other years some topsoil and a can of paint or stain will do the trick ( if you actually stain that deck ).
Don’t wait to repair and remedy getting a home ready for sale - if you do it now you can enjoy all that effort while you live in the house.