Ottawa Market Looking Good says OREB

Ottawa, November 5, 2012 :As the leaves continue to fall in Ottawa, we are seeing an increase in units sold, as well as an increase in average sale price. Members of the Ottawa Real Estate Board sold 1,073 residential properties in October through the Board’s Multiple Listing Service® system, compared with 1,059 in October 2011, an increase of 1.3 per cent. The five-year average for October sales is 1,067.

“Compared to the five-year average, Ottawa is right on track, indicating that we are not experiencing a real estate downturn in Ottawa, but a slow, steady incline in units sold and average sale price,” notes Ansel Clarke, President of the Ottawa Real Estate Board. “Ottawa continues to be great place to buy and/or sell a home.”

October’s sales included 237 in the condominium property class, and 836 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.

The Ottawa market continues to be on track historically in regards to the number of sales to date as well. Since 1999 the number of sales through the MLS® System in Ottawa has ranged from a low of 11,329 to a high of 14,783. Sales for the first ten months of the year are at 12,768. Year-to-date average sale price is also up over 2011.

The average sale price of residential properties, including condominiums, sold in October in the Ottawa area was $346,492, an increase of 2.5 per cent over October 2011. The average sale price for a condominium-class property was $267,037, an increase of 3.0 per cent over October 2011. The average sale price of a residential-class property was $369,016, an increase of 1.8 per cent over October 2011. 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.

“Although the Ottawa market is characterized as stable and steady, there can be pockets of our market where fluctuations, such as larger increases in price, exist,” explains Clarke. “This is why it is important for buyers and sellers to talk to their Ottawa area REALTOR® for more information about the housing market outlook where they live, or want to live.”

* via the Ottawa Real Estate Board

Credit Reports - The good, the bad, and the ugly

Credit Reports. I know what you're thinking. What can be more exciting than talking about credit reports right? Well thats why I'm here to make it a bit more interesting than your average person talking about them would.

Yesterday I sat in on a presentation by CMHC which discussed the importance of ones credit report. Here's what I gathered from it all.

One major thing that came about was the misunderstanding that if your credit is constantly checked, it negatively affects your credit score. This is slightly misleading. When you are searching for a new rental and or a mortgage for a new home, each time your credit gets checked, it is documented however similar checks into ones credit gets bundled together and only impacts your actual score once. So that means you can apply to 10 different mortgage companies at once if you like and your score will only be impacted as though it was one incident.

So you have bad credit, like most of the population, or maybe even no credit and youre looking to buy a home. Just because you can't buy one right this second doesn't mean you can't get yourself in shape to buy one in the near future. Here are some tips on how to get yourself back into decent credit standing.

If you are a newcomer or borrower with no credit
- get a credit card
- pay your bills on time
- open a bank account and use it frequently

Maintain and improve
- Avoid changes in employment and your residence
- always pay bills on time
- pay bills in full on or before due
- pay debts as quick as possible
- keep balance below the limit(it is suggested to keep your credit cards below 35% of the limit so it doesn't negatively impact your score)
- reduce the number of credit applications
- contact creditors immediately if they are having trouble making payments, do it before to late

So what affects your credit score you ask? Here is what the score is mainly compiled of:
35% - Payment History(do you pay your bills, and on time?)
30% - Use of available Credit (Are all of your cards maxed out most the time?)
15% - length of credit history (Did you just get a credit card?)
10% - number of recent inquiries made about credit report.
10% - type of credit being used
(Phone bills are sometimes uses, utilities usually only once they hit collections)

It's also suggest that you pull a credit report on yourself. It is FREE in person or to have it mailed to you. One should get their report at least once a year to verify info is up to date and correct.

Scores
300-559 = POOR
660-774 = GOOD
760+ = EXCELLENT

CMHC's average credit score in their portfolio is an astounding 724!

www.fcac-acfc.gc.ca to further understand your credit report

Or feel free to give me a shout whenever you like.

Halloween is over, and there is nothing to be scared of in our market!

Halloween is now over and November has begun. Many people still seem frightened however and are continuing to ask me if I think that the prices in Ottawa are going to start dropping. My answer still remains the same. Don't hold your breath. There is nothing to be scared of in todays housing market in Ottawa. We are still considered one of the most stable markets in all of North America.

Here in Ottawa and Canada as a whole is doing just fine and has now begun to level off a little bit.

If you are thinking of buying a new home, you can rest assured that you will no longer be paying the inflated prices that we saw this past spring and summer.

If you were thinking of selling, there are still plenty of buyers out there looking to take advantage of the historically low interest rates that we still have.

That combined with the fact that here in Ottawa we are quite stable and despite what people say, in my opinion, prices are NOT going down they are just balancing out.

Feel free to contact me at anytime if you have any questions at all about the real estate market here in Ottawa and its surrounding areas.



Sincerely,


Andrew Miller
Sales Representative
Keller Williams Ottawa Realty Ltd.
Brokerage, Independently Owned and Operated
610 Bronson Avenue
Ottawa, Ontario K1S 4E6
Office: (613) 236-5959
Direct: (613) 447-7669
Fax: (613) 235-1515
Email: amiller@kwottawa.ca

HAPPY THANKSGIVING!!!!

Just wanted to wish you and yours a very Happy Thanksgiving this year.

Myself, I am very thankful for all of your business in helping me have one of my most successful years to date.

I'm also thankful that the real estate market here in Ottawa, and Canada as a whole is doing just great and has now begun to level off a bit.

If you are thinking of buying a new home, you can rest assured that you will no longer be paying the inflated prices that we saw this past spring and summer. There are some great deals out there right now, and with rates still at an all time low, there's no better time to buy.

If you were thinking of selling, there are still plenty of buyers out there looking to take advantage of the historically low interest rates that we still have. So lets get that home ready for sale!

Feel free to contact me at anytime if you have any questions at all about the real estate market here in Ottawa and its surrounding areas.

Have a great thanksgiving!





Sincerely,

Andrew Miller
Sales Representative
Keller Williams Ottawa Realty Ltd.
Brokerage, Independently Owned and Operated
610 Bronson Avenue
Ottawa, Ontario K1S 4E6
Office: (613) 236-5959
Direct: (613) 447-7669
Fax: (613) 235-1515
Email: amiller@kwottawa.ca