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Great Results for 2009
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January 6, 2010 : 2009 a record year for resale home sales, despite slow start

Members of the Ottawa Real Estate Board sold 689 residential properties in December through the Board’s Multiple Listing Service® system compared with 467 in December 2008, an increase of 47.5 per cent. This brings the total number of residential properties sold through the Board’s Multiple Listing Service® system in 2009 to 14,742, up 7.4 per cent from 2008 and setting a new record. The previous record of 14,565 sales was set in 2007. The average price for all of 2009 was $303,888, an increase of 4.9 per cent over 2008.

Of December’s sales, 185 were in the condominium property class, while 504 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.

“Ottawa’s housing market felt the chill of the global financial crisis last winter, but sales warmed up even before the spring weather arrived, and over the course of the year Ottawa had five record-breaking months of sales. Listing inventory was at a low level throughout 2009, which led to many multiple-offer situations,” said Board President Pierre de Varennes. “Ottawa’s housing market bounced back very strongly from its brief downturn, and we ended the year ahead of the previous annual sales record, which certainly no one expected back in January,” he added.

The average sale price of residential properties, including condominiums, sold in December in the Ottawa area was $307,807, an increase of 13.1 per cent over December 2008. The average sale price for a condominium-class property was $246,062, an increase of 17.9 per cent over December 2008. The average sale price of a residential-class property was $330,471, an increase of 12.8 per cent over December 2008. 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 2,540 sales representatives and brokers in the Ottawa area. Members of the Board are also members of the Canadian Real Estate Association and thus are entitled to use the term REALTOR®.

-Ontario Real Estate Board

Our new building-specific condo websites!
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Check these websites out for information regarding each specific building!

 

www.theclaridgeplaza.com
www.134yorkplaza.com
www.199kent.com
www.383cumberland.com
www.445laurierpinnacle.com
www.90georgestreet.com
www.95beech.com
www.goldentrianglecondos.com
www.studioargyle.com
www.the700sussex.com
www.theclaridgeplaza.com
www.thegalleriaottawa.com
www.thegardensottawa.com
www.thehudsonpark.com
www.themondrianottawa.com

 

Jeffrey Mziray makes the front page of Homes in the Ottawa Citizen
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www.ottawacitizen.com/heat+deal/2250413/story.html

ON THE STREETS: CLARIDGE PLAZA

It was selling madness last weekend when buyers lined up to write $5,000 cheques to reserve a condo in the third phase of the mammoth Rideau Street project being orchestrated by Claridge Homes.

Within 90 minutes of the sales launch, Claridge boosted prices by $10,000 in the 28-storey tower, which will have 226 units when construction is finished in the summer of 2013. Work is set to begin in 2011.

"It was wild, absolutely crazy," says Dan Kosabek, a mortgage lender who witnessed the scene when Claridge offered buyers the first opportunity to purchase.

Jeffrey Mziray, a 26-year-old bachelor and a real estate agent, was among the first to put down a $5,000 deposit on a two-bedroom condo in Phase 3 of Claridge Plaza. He already lives in a smaller condo in Phase 1 and has watched his investment grow.

Mziray decided to buy a larger apartment as an investment, or possibly as his future home when it's ready in four years. "That is four years out and a lot can happen," he says.

Mziray currently lives in a one-bedroom apartment with a den and a view of downtown Ottawa and the Gatineau Hills. His new 1,280-square-foot condo will have two bedrooms and a den. He paid $518,000, beating the $10,000 price hike.

Mziray loves the fact he won't have to pay most of the purchase price for about four years. Claridge Homes will have his $5,000 deposit, a deposit set to increase to 15 per cent of the purchase price, within the next few weeks.

"The longer it takes until my new apartment is built, the greater the profit I could make," says Mziray. "I've seen how well people have done who bought in Phase 1 of Claridge Plaza."

Past experience is no guarantee of future gains, as we are repeatedly being told about the stock market, but Mziray says condos in Phase 1 which cost $170,000 five years ago, are now selling for $300,000.

He decided to buy his first condo several years ago, but didn't actually have to come up with most of the purchase price until last year.

Phase 3 of the condo complex will sit at the corner of Rideau and Cumberland streets. The site is now occupied by a branch of the National Bank, as well as a chiropractor's office and a small apartment building, all of which will be demolished.

After factoring in the $10,000 increase, condos in Phase 3 will range from $185,000 for a 440-square-foot studio up to $700,000 for a penthouse measuring 1,415 square feet, featuring two bedrooms and a den.

Pent-up demand prompted 85 buyers to move quickly, putting down a $5,000 deposit, according to Kosabek, who is manager of mortgage development for TD Canada Trust in the Ottawa region. His bank is offering discounted mortgages in the building.

After Phase 3, there will be Phase 4 at Claridge Plaza. The first building is already occupied, and the second is nearing completion.

The first two towers front on Rideau Street, between Cumberland and Waller streets.

Claridge Plaza is the hottest selling condominium in the city, says Shawn Malhotra, vice-president of Claridge Homes. Still, Malhotra -- son of the firm's founder, Bill -- says he was surprised by the strength of demand when 250 guests showed up to an advance gathering in advance of last weekend's opening sales.

Demand turned to fast sales last Saturday, prompting Claridge to raise prices by $10,000 within the first 90 minutes, says Malhotra. The higher prices applied to anyone who had not picked up an information package at the front door.

Malhotra says demand used to be strongest for two-bedroom apartments.

Now, it's one-bedroom apartments that are hot commodities. Claridge has taken account of the shift, offering more one-bedroom condos in Phase 3.

TD Canada Trust is offering a cash-back deal to customers who purchase a condo, rebating one per cent of the mortgage. On taking out a mortgage of $150,000, the customer receives a cash payment from the bank of $1,500.

Such a mortgage now requires monthly payments of about $730 for the first five years.

Demand for Claridge Plaza condos is strong because of the location, says Kosabek.

"This area is No. 1 in the entire city, because it's downtown and within walking distance of so many attractions."

A downtown condo has greater appeal for older people who are downsizing, says the lender.

Many condos -- especially those costing less than $300,000 -- are being bought by investors, he says.

© Copyright (c) The Ottawa Citizen

Stop the Unfair Tax Grab
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Dalton McGuinty’s new HST (Harmonized Sales Tax) will hurt thousands of Ontarians already paying more than their fair share of taxes.

A new tax on gas, hydro and everyday purchases like coffee and newspapers will make life even less affordable for middle-class and working Ontarians.

Ontarians don't need another unfair tax.

www.unfairtaxgrab.com

The new harmonized sales tax will mean a 7 per cent increase in condominium fees for more than 350,000 Ontario homeowners, NDP Leader Andrea Horwath warns.

www.thestar.com

Resale Home Sales Highest On Record
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September (2009) resale home sales highest on record

October 5, 2009 : September (2009) resale home sales highest on record

Members of the Ottawa Real Estate Board sold 1,220 residential properties in September through the Board’s Multiple Listing Service® system compared with 1,204 in September 2008, an increase of 1.3 per cent.

Of those sales, 272 were in the condominium property class, while 948 were in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, 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.

“September was another record-breaking month for Ottawa resale home sales, capping off a very busy and active summer for Ottawa Real Estate Board members,” said Board President Rick Snell. “Inventory levels rose from last month but remain lower than in September 2008, and that low supply coupled with continued strong demand for resale housing helped nudge selling prices higher,” he added.

The average sale price of residential properties, including condominiums, sold in September in the Ottawa area was $304,789, an increase of 5.7 per cent over September 2008. The average sale price for a condominium-class property was $241,458, an increase of 17.3 per cent over September 2008. The average sale price of a residential-class property was $322,960, an increase of 4.1 per cent over September 2008. 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 2,490 sales representatives and brokers in the Ottawa area. Members of the Board are also members of the Canadian Real Estate Association and thus are entitled to use the term REALTOR®.


Source: OREB

August
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August 10, 2009 : A busy July for resale housing market

Members of the Ottawa Real Estate Board sold 1,577 residential properties in July through the Board's Multiple Listing Service® system compared with 1,414 in July 2008. This is an increase of 11.5 per cent.

Of those sales, 339 were in the condominium property class, while 1,238 were in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, 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.

"Ottawa's resale housing market had another strong month in July, and strong sales in the past few months have brought year-to-date sales to 2.6 per cent higher than in 2008,” said Board President Rick Snell. “High demand combined with a very low listing inventory is creating a very strong seller's market with multiple offers and an increase in prices," he added.

The average sale price of residential properties, including condominiums, sold in July in the Ottawa area was $300,016, an increase of 1.7 per cent over July 2008. The average sale price for a condominium-class property was $216,826, an increase of 2.9 per cent over July 2008. The average sale price of a residential-class property was $322,795, an increase of 1.2 per cent over July 2008. 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.

Source: Ottawa Real Estate Board

1577 residential properties sold in Ottawa during July 2009!
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August 10, 2009 : A busy July for resale housing market Members of the Ottawa Real Estate Board sold 1,577 residential properties in July through the Board’s Multiple Listing Service® system compared with 1,414 in July 2008. This is an increase of 11.5 per cent. Of those sales, 339 were in the condominium property class, while 1,238 were in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, 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. “Ottawa’s resale housing market had another strong month in July, and strong sales in the past few months have brought year-to-date sales to 2.6 per cent higher than in 2008,” said Board President Rick Snell. “High demand combined with a very low listing inventory is creating a very strong seller's market with multiple offers and an increase in prices,” he added. The average sale price of residential properties, including condominiums, sold in July in the Ottawa area was $300,016, an increase of 1.7 per cent over July 2008. The average sale price for a condominium-class property was $216,826, an increase of 2.9 per cent over July 2008. The average sale price of a residential-class property was $322,795, an increase of 1.2 per cent over July 2008. 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. Source: Ottawa Real Estate Board
Quick Humour-Realty Jokes
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The dream of the older generation was to pay off a mortgage. The dream of today's young families is to get one. If you think no one cares you're alive, miss a couple of house payments. If you want to know exactly where the property line is, just watch the neighbor cut the grass. The trouble with owning a home is that no matter where you sit, you're looking at something you should be doing.
"The New Market Reality"
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"As stability returns to residential real estate markets across the country, realtors and their customers are breathing a sigh of relief. The carnage south of the border has failed to materialize in Canada and all indicators - economic and otherwise -- point to a housing market on the upswing. These have been trying times for our industry. Realtors that bought into the negativity in the marketplace from September 2008 to March 2009 now find themselves in a precarious position. No listings, no clients, no money. The 'paralysis by analysis' approach of letting fear limit progress has few benefits. Those that stayed the course over the period-pressing forward despite obvious challenges, adjusting to conditions, employing new strategies, creating solid business plans, farming entire neighbourhoods, and aggressively listing properties--are now ideally positioned. Realtors, who stepped up, instead of standing back, are now reaping the rewards. The same held true for purchasers. Buyers who moved in the midst of uncertainty, ignoring warnings from doom and gloom forecasters, economists and naysayers, snapped up some of the best real estate deals this market has seen in years. By contrast, those who panicked and chose to sit it out on the sidelines are now facing rising interest rates and-in some markets-limited inventory levels. With national resale housing market activity returning to pre-recession levels in May, it would seem that we've come through the worst of the financial meltdown, with the real estate correction nearing an end. The number of positive indicators is very encouraging. However, recovery is still underway, and there may still be some bumps along the road. Nevertheless, the buoyancy in the marketplace took economists by surprise. Just over half of all major markets reported an increase in unit sales in May over year-ago levels. Consumer confidence continues to strengthen across the board. While the summer months are approaching, it is important to remember that there is still much work to be done. This is not the time to take your eye off the ball. Ours is a market-a business-that must, by necessity, continually evolve. We know by experience that the real estate climate can change quickly, as evidenced by events such as 9-11 and the current financial crisis. However, a smart realtor is one that is always prepared-never taking a good market for granted, always employing strong business fundamentals to ensure that, while markets may suffer, his/her career will not. To that end, going forward, we may all have to go a bit further, work a bit harder, and persevere to maintain a competitive edge. While some may view this a time to survive, there's no question that, for those who are savvy, it can very well be a time to thrive. " - Michael Polzler Executive Vice President and Regional Director RE/MAX Ontario-Atlantic Canada Inc.
Ottawa's oldest building.
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Did you know... Ottawa's oldest building is the Stonehouse, currently known as the Bytown Museum. Year built: 1827. Architect: Thomas McKay -Photo- The museum's building in an 1839 painting. http://www.bytownmuseum.com/ http://en.wikipedia.org/wiki/List_of_old_Canadian_buildings
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