2016 – Ottawa Real Estate Board

Ottawa REALTORS® donate over $100,000 to local charities

Members of the Ottawa Real Estate Board (OREB) contributed over $100,000 to the Ontario REALTORS Care® Foundation this year, the largest amount OREB Members have ever contributed to the Foundation. With this large amount, 26 shelter-related charities in the Ottawa-area

The funds were raised through the Board’s annual charity golf tournament, the “$2 per Member per month” campaign, where every Member contributes $2 a month, and the RONA Card program, where a percentage of sales by OREB cardholders gets donated to the Foundation.

“We as REALTORS® are a very visible part of our communities. You see our For Sales signs and our bus benches everywhere. It is where we live and work, so it goes without saying that we have a deep sense of caring and compassion for our communities,” says new Ottawa Real Estate Board President, Risk Eisert. “These grants are a small gesture to help out local charities who work so hard to make a difference. We are very proud of our affiliation with these charities and wish them well with their great work.”

Each and every one of these charities assist those among us who do not have adequate shelter; those who may be dealing with homelessness, addiction, mental or physical illness, spousal or familial abuse, physical disability, poverty, or aging. The work these organizations do is essential to the well-being of our community, but it is often difficult and stressful work, and there is never adequate funding available from public sources for equipment, staff, and infrastructure. These grants are a way of recognizing their valued work in our community.

“This year, Members of OREB’s REALTORS Care® Committee visited two of the charities receiving grants – Options Bytown and the Youth Services Bureau,” explains Rachel Hammer, OREB Director and REALTORS Care® Committee Chair. “It gave us an opportunity to see firsthand how our grants will be used and to get a better sense of the great work each charity does in our community.”

The 2016 Ottawa-area grant recipients are as follows:

Boys and Girls Club of Ottawa
Bruce House
Carleton Place and District Youth Centre
Chrysalis House (WOCRC)
The Door Youth Centre
Eastern Ottawa Resource Centre
Habitat for Humanity
Harmony House
Harvest House
Hospice at May Court
Jericho Road Christian Ministries
LiveWorkPlay
Maison d’Amitié
Nelson House
Options Bytown
Ottawa Carleton Lifeskills
Ottawa Rotary Home Foundation
Parents’ Lifelines of Eastern Ontario
QuickStart
Rogers House
Serenity Renewal for Families
Shepherds of Good Hope
St. Mary’s Home
YMCA Youth Housing Program
Youth Services Bureau
Youville Centre

The Ontario REALTORS Care® Foundation is operated by the Ontario Real Estate Association, and provides grants to Ontario shelter-related charities. The REALTORS Care® Foundation is supported by Ontario real estate boards and associations, and their REALTOR® Members.

The Ottawa Real Estate Board announces new President for 2017

On December 1, 2016, Members of the Ottawa Real Estate Board elected a new Board of Directors for the upcoming year. The Ottawa Real Estate Board is the city’s largest trade association with over 3,100 sales representatives and brokers in the Ottawa area.

The new Executive will be comprised of 2017 President Rick Eisert, Past-President Shane Silva, President-Elect Ralph Shaw, and Vice-President Dwight Delahunt.

New President, Rick Eisert, has been a Member of the Ottawa Real Estate Board for 34 years, and has served on numerous committee’s and task forces since 1994, including Governance, MLS® & Technology, Professional Standards, and more. Rick was first elected to the Board of Directors in 2011 for a two-year term, and then rejoined in 2015, when he was named Vice President. In 2016 he was voted as President-Elect.

“I have worked very hard this past year to prepare for this moment and for the year ahead,” says new President, Rick Eisert. “I am humbled and very proud to serve as President of this amazing organization, and am very excited about the year ahead.”

Joining Rick are continuing Directors Rachel Hammer, Dominique Milne, Anna Russell, and Debra Wright for the second year of their two-year term, along with newly elected/appointed Directors, David Armstrong, Deborah Burgoyne, Andrew Ouellette, Anne Scharf, and Richard Smith (Chair of the Commercial Services Division).

“To be an effective Board in this environment of rapid technology change, we will need to be nimble and adaptive,” explains Eisert. “As the Board of Directors, it is our responsibility to keep our focus on the horizon. We need to be ready to adapt to changes in our environment, especially ones that could be viewed as threats to our organization, our REALTOR® community, and the clients we serve. I look forward to helping ensure that our organization remains a strong and productive voice in our community.”

The Ottawa Real Estate Board (OREB) exists to help our Member REALTORS® succeed. We do this by providing leading edge technology tools and resources; by upholding high ethical standards and practices; and by advocating for our Members. OREB is a proud participant in the Ontario REALTORS Care® Foundation’s campaign to help shelter-related charities in the Ottawa area. Members of the Board are also members of the Ontario Real Estate Association and the Canadian Real Estate Association.

Top row: Anne Scarf, Richard Smith, Rachel Hammer, Dwight Delahunt, David Armstrong, Andrew Ouellette

Middle row: Debra Wright, Dominique Milne, Anna Russell, Deborah Burgoyne

Bottom row: Shane Silva, Rick Eisert, Ralph Shaw

Condo sales continue to bolster Ottawa resale market

Members of the Ottawa Real Estate Board sold 995 residential properties in November through the Board’s Multiple Listing Service® System, compared with 986 in November 2015, an increase of 0.9 per cent. The five-year average for November sales is 939.

“After a few breakaway months, the Ottawa resale market has come back down with sales typical of November,” says new Ottawa Real Estate Board President, Rick Eisert. “The condo market appears to be on the rise now, a welcome change compared to earlier in the year, with sales coming in at 16.2 per cent higher than November 2015. Several factors could have contributed to this increase – inventory levels trending downwards, steady prices, or buyers affected by the newly changed mortgage rules.”

November’s sales included 230 in the condominium property class, and 765 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, townhouse, 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.

“Year-to-date unit sales to the end of November have now surpassed all previous year-end totals,” explains Eisert. “This year has been an exceptional year for sales for Ottawa Real Estate Board Members, and the year isn’t even over yet. The cumulative days on market have shown a steady decline for the first six months of the year, then has shown the same steady increase, so that the cumulative days on market in November (105 days) essentially mirrored that of January (110 days).”

The average sale price of a residential-class property sold in November in the Ottawa area was $405,320 an increase of 6.5 per cent over November 2015. The average sale price for a condominium-class property was $277,650, an increase of one per cent over November 2015. 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.

“In the residential market the two most active price points were $300,000 to $399,999 and then $400,000-$499,999 for the month of November, accounting for 50.3 per cent of the market. The condominium market was most active in the $150,000 to $249,999 price range, accounting for 55.2 per cent of the market,” says Eisert. “In addition to residential and condominium sales, OREB Members have assisted clients with renting over 2,900 properties since the beginning of the year.”

Condo sales lead the way to best October on record

Members of the Ottawa Real Estate Board sold 1,214 residential properties in October through the Board’s Multiple Listing Service® System, compared with 1,159 in October 2015, an increase of 4.7 per cent. The five-year average for October sales is 1,130.

“October’s sales continued the record-breaking resale trend for the third straight month,” says Shane Silva, President of the Ottawa Real Estate Board. “While residential sales are identical to that of October 2015, condominium sales have soared – up by 27.2 per cent over last year. Lower inventory levels, combined with adjusting prices, may be creating these higher than normal activity levels in the condo property class.”

October’s sales included 257 in the condominium property class, and 957 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, townhouse, 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.

“The new mortgage rules announced at the beginning of October have yet to have an effect on the Ottawa market, as the announcement only came two weeks prior to implementation,” says Silva. “It’s too early to tell what kind of impact the new mortgage rules will have on the Ottawa market going forward. We know that right now Ottawa continues to be a desirable city to live and work, and consumer confidence and job growth remain positive.”

The average sale price of a residential-class property sold in October in the Ottawa area was $392,579 an increase of 3.3 per cent over October 2015. The average sale price for a condominium-class property was $251,465, an increase of .01 per cent over October 2015. 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 hottest segments in our market for October continue to be two-storey and bungalow residential homes in the $300,000 to $400,000 price range, followed by one-level and two-storey condos in the $200,000 to $300,000 price range” says Silva. “In addition to residential and condominium sales, OREB Members have assisted clients with renting over 2,700 properties since the beginning of the year.”

Ottawa REALTORS® help build the foundation for Habitat home

On October 19th, the Ottawa Real Estate Board’s (OREB) REALTORS Care® Committee, President, President-Elect, and Board staff participated in a Habitat for Humanity build on behalf of the Ontario REALTORS Care® Foundation.

This year, Habitat for Humanity GO (Greater Ottawa) is building a single-family home in Carleton Place, in partnership with their new Carleton Place Chapter. The two-storey home, which will be completed in the late fall, will be purchased with an interest-free, long-term mortgage by the Michaelis family, a local hard-working, low-income family.

As part of a commitment to improving the community we live in, the Board’s REALTORS Care® Committee has opted to participate in a Habitat build day each year, using the funds donated from the previous year. This is the fourth year in a row that REALTORS® and staff have participated in a build. This year, they helped to build up the remaining foundation walls by using blue blocks called ICFs (or Insulated Concrete Forms) and rebar, framed basement windows, and filled in foundation cracks with expanding foam in preparation for concrete pouring.

“This is the second Habitat build I have participated in with OREB, and it’s a great feeling to help make a difference in the life of a local family,” says Shane Silva, President of the Ottawa Real Estate Board. “Members of the Ottawa Real Estate Board are concerned about the housing needs of everyone, so we are very pleased to be able to help out with this worthy cause.”

Since 1993, Habitat GO has built 52 homes in the Greater Ottawa area, completed nine renovations, and housed more than 60 families. Together, they are committed to giving families a hand up, not a hand out.

No fall(ing) back in Ottawa’s resale market

Members of the Ottawa Real Estate Board sold 1,371 residential properties in September through the Board’s Multiple Listing Service® System, compared with 1,241 in September 2015, an increase of 10.5 per cent. The five-year average for September sales is 1,171.

“Again this month, we have broken the record for residential and condominium units sold, with 200 more units sold than the five-year average for September sales,” says Shane Silva, President of the Ottawa Real Estate Board. “With average sale prices remaining virtually unchanged since the beginning of the year, this could be an indication that prices have adjusted to market expectations and sales have rebounded as a result.”

September’s sales included 269 in the condominium property class, and 1,102 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, townhouse, 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.

“Units listed in both residential and condominium property classes continue to decline,” indicates Silva. “From 2,076 listed in September 2015 to 1,822 listed in September 2016 for residential properties, and from 637 listed in September 2015 to 588 listed in September 2016 for condominium sales. With fewer listings coming on to the market, combined with recent higher unit sales, overall inventory is declining. The basic economics of supply and demand at play will continue to have an impact on the Ottawa resale market.”

The average sale price of a residential-class property sold in September in the Ottawa area was $383,793 a decrease of 0.1 per cent over September 2015. The average sale price for a condominium-class property was $252,136, a decrease of two per cent over September 2015. 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 hottest segments in our market for September continue to be two-storey and bungalow residential homes in the $300,000 to $400,000 price range, followed by one-level and two-storey condos in the $200,000 to $300,000 and the $100,000 to $200,000 price range” says Silva. “In addition to residential and condominium sales, OREB Members have assisted clients with renting almost 2,500 properties since the beginning of the year.”

Record-breaking year for Ottawa resales

Members of the Ottawa Real Estate Board sold 1,484 residential properties in August through the Board’s Multiple Listing Service® System, compared with 1,276 in August 2015, an increase of 16.3 per cent. The five-year average for August sales is 1,265.

“To date, this has been a record-breaking year for units sold,” says Shane Silva, President of the Ottawa Real Estate Board. “The year started off a little sluggish, but as soon as April hit we were either breaking records, or outpacing the year before considerably. Not only are we up 16.3 per cent over last year, this has also been the best August on record ever for OREB Members, blowing the average for August sales out of the water. This is a-typical of August when units sold normally start to decline approaching the fall.”

“Units listed in both residential and condominium property classes continue to decline, as well as active listings at end of the month,” says Silva. “These numbers suggest that buyers have less options when looking to purchase, with the potential of entering into a seller’s market soon.”

August’s sales included 295 in the condominium property class, and 1,189 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, townhouse, 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.

“Average sale prices have been keeping steady all year,” says Silva. “This past month, however, there were six more properties sold in the $1 million plus range over last year, a possible explanation for the bump in average sales price for both condo and residential properties.”

The average sale price of a residential-class property sold in August in the Ottawa area was $389,786 an increase of 2.5 per cent over August 2015. The average sale price for a condominium-class property was $272,166, an increase of 11.1 per cent over August 2015. 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 hottest segments in our market for August continued to be two-storey and bungalow residential homes in the $300,000 to $400,000 price range, followed by one-level and two-storey condos in the $200,000 to $300,000 price range,” says Silva. “In addition to residential and condominium sales, OREB Members have assisted clients with renting almost 2,200 properties since the beginning of the year.”

Summer resales sizzle in a hot July

Members of the Ottawa Real Estate Board sold 1,491 residential properties in July through the Board’s Multiple Listing Service® System, compared with 1,430 in July 2015, an increase of 4.3 per cent. The five-year average for July sales is 1,413.

“Sales continue to outpace 2015 numbers both in monthly and year-to-date comparisons,” says Shane Silva, President of the Ottawa Real Estate Board. “However, we are seeing the typical summer slowdown in July compared to June’s record-breaking numbers. Units listed in both residential and condominium property classes have declined throughout the year, which has affected overall inventory levels. The number of active listings at the end of July 2016 is down about 15 per cent compared to July 2015.”

July’s sales included 277 in the condominium property class, and 1,214 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, townhouse, 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.

“We are just over the mid-year mark for 2016 and our year-to-date sales volume is up by 5.3 per cent over last year, ringing in at a whopping 3.6 billion dollars,” says Silva. “Prices have remained quite steady in comparison to last year, with the increased number of units sold nudging the total sales volume up for the year.”

The average sale price of a residential-class property sold in July in the Ottawa area was $398,608, an increase of 1.1 per cent over July 2015. The average sale price for a condominium-class property was $259,794, an increase of 1.2 per cent over July 2015. 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 hottest segments in our market for July were two-storey and bungalow residential homes in the $300,000 to $400,000 price range, followed by one-level and two-storey condos in the $200,000 to $300,000 price range,” says Silva. “In addition to residential and condominium sales, OREB Members have assisted clients with renting over 1,800 properties since the beginning of the year.”

Record-breaking June for Ottawa resales

Members of the Ottawa Real Estate Board sold 1,985 residential properties in June through the Board’s Multiple Listing Service® System, compared with 1,691 in June 2015, an increase of 17.4 per cent. The five-year average for June sales is 1,717.

“Sales this past month contributed not only to the highest June on record, it also turned out to be the highest sales in any month ever in the history of the Ottawa market,” remarked Shane Silva, President of the Ottawa Real Estate Board. “The closest comparable sales figures are from May 2009 with 1,967 units sold. Normally the resale market has a slight dip in units sold from May to June each year. May is routinely the peak month for units sold; however, this year June sales increased by 3.3 per cent over May.”

“It’s hard to say what fuelled this surge for June. It could be a combination of great weather and buyer activity from other markets, or it could be an anomaly. We will be closely watching the trend over the summer when sales typically slow down as buyers turn their attention to summer activities,” Silva went on to explain.

June sales included 331 in the condominium property class, and 1,654 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, townhouse, 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.

“Year-to-date units sold for the first half of 2016 are also performing quite well compared to the first half of last year, up 5.4 per cent. While year-to-date average sale price remains the same compared to last year,” says Silva. “A total of 3,220 residential and condo properties were listed in June, capping the month off with approximately 8,300 properties on the market, down 11.5 per cent from June 2015.”

The average sale price of a residential-class property sold in June in the Ottawa area was $399,382, a decrease of 1.3 per cent over June 2015. The average sale price for a condominium-class property was $264,913, a decrease of 2.4 per cent over June 2015. 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.

“Residential two-storey and bungalows continue to have the highest concentration of buyers in June,” says Silva. “In addition to residential and condominium sales, OREB Members have assisted clients with renting over 1,500 properties since the beginning of the year.”

The Ottawa Real Estate Board is an industry association of approximately 3,100 sales representatives and brokers in the Ottawa area. Members of the Board are also Members of the Canadian Real Estate Association.

The MLS® System is a Member-based service, paid for by the REALTOR® Members of the Ottawa Real Estate Board. The MLS® mark symbolizes the cooperation among REALTORS® to affect the purchase and sale of real estate through real estate services provided by REALTORS®. MLS® residential and commercial listings are available for viewing on www.REALTOR.ca. Additional information can be found on the Board’s website at www.OttawaRealEstate.org.

Trademarks are owned or controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA (REALTOR®) and/or the quality of services they provide (MLS®).

Sales stay consistently hot through May heat wave

Members of the Ottawa Real Estate Board sold 1,921 residential properties in May through the Board’s Multiple Listing Service® System, compared with similar sales of 1,923 in May 2015. The five-year average for May sales is 1,864.

“As the weather warmed, the Ottawa resale market continued its steady pace upwards, continuing an above average trend for the month of May,” says Shane Silva, President of the Ottawa Real Estate Board. “Units sold are up 207 since April, increasing in both the residential and condominium property class.”

May sales included 307 in the condominium property class, and 1,614 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, townhouse, 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.

“In May, 3,635 homes were listed, keeping pace with listing numbers in April, but down slightly by 4.4 per cent compared to May 2015,” says Silva. “With the number of sales since the beginning of the year on a steady incline, coupled with increased inventory, Ottawa is riding a strong and steady spring market.”

The average sale price of a residential-class property sold in May in the Ottawa area was $406,063, a decrease of 1.3 per cent over May 2015. The average sale price for a condominium-class property was $264,801, a decrease of 0.8 per cent over May 2015. 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 hottest segments in our market for May were sales in the $300,000 to $400,000 price range, followed by the $200,000 to $300,000 price range,” says Silva. “Residential two-storey and bungalows have the highest concentration of buyers in May. In addition to residential and condominium sales, OREB Members have assisted clients with renting 1,213 properties since the beginning of the year.”

The Ottawa Real Estate Board is an industry association of approximately 3,100 sales representatives and brokers in the Ottawa area. Members of the Board are also members of the Canadian Real Estate Association.

The MLS® system is a member based service, paid for by the REALTOR® members of the Ottawa Real Estate Board. The MLS® mark symbolizes the cooperation among REALTORS® to affect the purchase and sale of real estate through real estate services provided by REALTORS®. MLS® commercial and residential listings are available for viewing on the Board’s internet site at www.OttawaRealEstate.org and on the national websites of The Canadian Real Estate Association at www.REALTOR.ca and www.ICX.ca.