Ottawas Condos Team Blog
Record Breaking Number of Homes Sold in Ottawa in May 2009
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May 2009---Statistics---Ottawa Residential Home Sales Up 3.9% since May 2008 Average Sale Price $312,045 ( up 5.3% from May 2008) According to CMHC, "Year-to-date employment shows positive numbers. We have, until April 2009, a 0.1 per cent increase, so despite the fact that some sectors have decreases from last year -- such as in trade, manufacturing, transportation -- public administration and services are picking up the slack.' "
This ain't flint- This is a Government Town!
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Ottawa isn't known for its funny bone but when it laughs it laughs last at those among the annual eight million tourists who come to visit their taxes... If Ottawa isn't quite recession proof, a public payroll that includes 20 per cent of the workforce makes it notably recession resistant. Add high-tech startups, two universities and Canada's most educated citizens and what emerges is calming confidence about weathering the severest economic storm. www.therecord.com
Nobel Prize-winner speaks: World Economy Stabilizing.
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Information from www.Reuters.com Good news ahead according Nobel Prize -winning economist Paul Krugman. "I will not be surprised to see world trade stabilize, world industrial production stabilize and start to grow two months from now..I would not be surprised to see flat to positive GDP growth in the United States, and maybe even in Europe, in the second half of the year."
Good news from CREA- Resale Activity & Recession
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GREAT news from CREANEWS.CA (Canadian Real Estate Association) "Seasonally adjusted national home sales activity climbed 11.2 per cent in April 2009 compared to the previous month. This is the largest month-to-month increase in activity in more than five years. MLS® home sales activity reached its highest level in seven months, with 34,838 units trading hands nationally via the MLS® in April on a seasonally adjusted basis." " “If the trend for MLS® sales activity over the past few months persists, the number of transactions in May could surpass the pre-recession levels of September 2008,” said CREA Chief Economist Gregory Klump. “In the recessions of the early 1980s and 1990s, sales activity bottomed out before the job market or even the economy did. Improved affordability may result in Canadian existing home sales leading the economic recovery this year.” "
Opposition to Tax Harmonization is Strong
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"Under a harmonized sales tax (HST), home buyers and sellers will have to pay extra tax on a range of services assocaited with real estate transactions such as legal fees, moving costs, real estate commissions, and home inspection fees. Currently, consumers only pay the 5 percent Goods and Services Tax (GST) on these services. ' These additional taxes could price some home buyers, especially first-time home buyers, right out of the market,' explained Aunger. 'Harmonizing will not help home buyers in any way.' For a resale house priced at $360,000, a HST could add over two thousand dollars in new taxes to closing costs. In total, a HST will add $313 million annually in new taxes to resale home transactions. Ontario's real estate industry is essential to the provincial economy. In 2008, real estate in Ontario accounted for $56.6 billion, in sales, $6.01 billion in ancillary economic spending and $1.35 billion in land transfer tax revenue to the provincial governement. In addition, real estate employs 110,000 Ontarions directly and indirectly." Text from OREB Realtor Edge
Take it from an occupant.. by Krystal Hess (Assistant to Jeffrey Mziray)
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One of Ottawa's newest condominium buildings is occupied by Jeff Mziray, himself. He knows the Claridge Plaza inside and out. He puts time, money, and hardwork into this building in hopes of finding the perfect characters to occupy the units... Below is a list of features... (according to ClaridgeHomes.Com) |Suite Features| +A total of 249 elegantly appointed suites, featuring a wide variety of 1, 2 and 3 bedroom designs, many with dens +8'8" and 9' ceilings throughout +Expansive windows and private balconies/terraces providing scenic postcard views of Ottawa and its surroundings +Luxurious kitchens featuring modern open-concept plans and raised breakfast bars, incorporating four brand name appliances (refrigerator, oven range, dishwasher and over-the-range microwave), plus high-quality designer kitchen cabinets in your choice of attractive wood and laminate finishes +Stackable washer and dryer discreetly located in each suite +Engineered pre-finished hardwood in living and dining rooms, available in your choice of stains +A selection of imported ceramic flooring in kitchen and bathrooms +Your choice of 40 oz. nylon carpets in bedrooms and dens Stained wood veneer entry door with security viewer +Individually controlled heating and cooling for your year-round personal comfort +Pre-wired for telephone, cable, high-speed internet and suite security |Building Amenities| +A striking new landmark address located in the very heart of the city, featuring two contemporary 24-storey towers, each beautifully detailed with pre-cast concrete and tinted glass +Breathtaking views in every direction including the Parliament +Buildings, the Gatineau Hills, Rideau Hall, the Ottawa River and the Canal +Steps away from Ottawa's best shopping and cultural destinations, including the Byward Market, the Rideau Centre, NAC and the National Art Gallery +The Plaza Club: a fabulous 8,000 sq. ft. recreation centre located on the top level of the building podium, featuring an indoor swimming pool, sauna, fitness facilities, a private lounge in which to gather with your friends and neighbours, as well as nearly 4,500 sq. ft. of landscaped terraces on the north and south side of the Club +A grand two-storey lobby with an entrance off Rideau Street and manned by a 24-hour concierge +Three high-speed elevators in each tower +Private and secure underground parking For the most informed Realtor for 200 Rideau St....contact Jeff for more information on Units available for sale or rent... 613.794.8583 or at Remax 613.563.1155
OTTAWA SPRING MARKET OFF TO A GOOD START
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This article was taken from the Ottawa Real Estate Board (www.oreb.ca) Ottawa spring market off to a good start April 3, 2009 : Ottawa spring market off to a good start Members of the Ottawa Real Estate Board sold 1,162 residential properties in March through the Board’s Multiple Listing Service® system compared with 1,084 in March 2008, an increase of 7.2 per cent. There were 788 sales in February 2009. Of those sales, 250 were in the condominium property class, while 912 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. “This is a good beginning to the spring market. Confident buyers are taking advantage of the great opportunities that are available to them right now, such as historically-low interest rates and a good supply of properties for sale,” said Board President Rick Snell. “We’re very fortunate to have a stable economy here in Ottawa, and I think buyers are acting cautiously but feeling positive about our resale housing market this spring,” Snell added. The average price of residential properties, including condominiums, sold in March in the Ottawa area was $286,888, virtually unchanged over March 2008. The average price for a condominium-class property was $208,936, an increase of 0.6 per cent over March 2008. The average price of a residential-class property was $308,256, a decrease of 1.4 per cent over March 2008. The Board cautions that average 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 price is calculated based on the total dollar volume of all properties sold. The Ottawa Real Estate Board is an industry association of 2,400 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®.
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