Oasis Realty Brokerage, Ottawa Real Estate we don't "sell" you a house...we help you buy the "right" home!

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Dawn Davey
613-435-4692(Office)
613-435-4698(Fax)

Ottawa, Ontario, K2S0H6
Canada


Gord McCormick
613-435-4692(Office)
613-435-4698(Fax)

Ottawa, Ontario, K2S0H6
Canada


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Why now is a great time to buy a new construction home:


As the overall market dips in to the winter doldrums with limited sales, it actually may be almost the perfect time to consider a new construction home purchase.(especially for those with existing properties to sell) Why is this?

Re-sale timing for current property:
Most importantly a new construction purchase right now means you are probably taking possession next summer or fall and this timing helps facilitate the sale of an existing property.

For example, those taking possession in February or March 2015 are faced with listing and selling a property right now when sales are slowest.  Those with new home possession dates after mid 2015 are able to list their property in the more active spring and summer season when unit sales are 2 or 3 times what they are in December or January. (for a chart on unit sales by month, see below)

Also, those with properties to sell have ample time to get their properties ready for sale and carefully researching the market to build a sound selling plan with their REALTOR®. 

Great deals abound:
Builders and developers are facing a slower market and have been offering extremely attractive upgrades, bonuses, price discounts and other incentives in what is a very competitive new home market.  So it probably doesn’t get better than this for buyers.


Development fees by the City were approved to increase by 22-30% as of October 2014.  Many builders still have inventory of properties approved prior to the deadline, so buyers may avoid this fee increase on some properties.( $3,000-$5,000 per home)

Inventory, spec and model homes:
Our experience tells us that builders are carrying a much wider selection of inventory and “spec” homes than ever and have priced these very attractively for buyers.  These will offer earlier possession dates and some afford buyers the opportunity to pick their own interior finishing’s. (flooring, cabinetry, fixtures, paint, counters etc.)

Call your REALTOR® before “registering” or visiting the sales centre and model homes:
Buyers can benefit from the experience and advice of a real estate professional in shopping new construction home alternatives.  No cost to the buyer and the REALTOR® is working for you, whereas the builder sales person is working for the builder.  It is much like the Mortgage Broker vs the Bank Mortgage officer: the bank can only sell you what they have, while the broker can help you search for the best alternative that meets your specific needs

So call your REALTOR® for help in checking out new construction deals or if you are not working with one by all means give us a call.  New construction homes are one of our specialties and we have several listings right now but can also assist with almost any builder project or property.

 

Gord McCormick, Broker of Record
Dawn Davey, Broker
Oasis Realty Brokerage
613-435-4692 oasisrealty@rogers.com
www.oasisrealtyottawa.com

Experienced professional service and listing fee choice for sellers!


New construction also feeling effects of slower Ottawa market


A report by PMA Brethour Realty Group in the Ottawa Citizen shows that new construction sales were off by 15% in October 2014 versus a year earlier and that year-to-date unit sales are down 2.3%.  The article says that there are fewer new condo launches this year compared to last which negatively affected results.  They also say that a decline in the number of first time buyers has had an impact in the market.

These slower results certainly parallel what we are seeing in the resale market and builder bonuses and incentives are at the highest level we have ever seen and are probably not equalled unless one goes back as far as the extended housing slowdown in the mid 1990’s. So while selling remains a challenge for many, there are good resale and new construction opportunities out there, as well as great mortgage rates.

http://ottawacitizen.com/life/homes/new-home-sales-record-slowest-october-in-years

Did you know?

1) About one Ottawa buyer in every 6 purchases a new construction home?  (our estimate: 20,000 resale transactions annually vs approx. 4,000 new home or condo purchases)

2) A REALTOR® can help buyers with their new construction purchase? 

An experienced professional can provide advice on the myriad of options, models, elevations, upgrades, lots and developments which best meet your objectives.  Call your REALTOR® before going to see the model homes and if you are not working with another REALTOR® then by all means give us a call.  We show new construction homes (and model homes) every month to prospective buyers and can help you with the new build process.

3) Buyers don’t pay for this professional assistance, as builders have co-operating broker referral fees for them.  So why not take advantage of this “free” help?

Gord McCormick, Broker of Record
Dawn Davey, Broker
Oasis Realty Brokerage
613-435-4692
www.oasisrealtyottawa.com

 oasisrealty@rogers.com

Experienced professional service and lower listing fees*

* not intended to solicit existing listings

 


Residential prices dip in to negative territory in October


Ottawa real estate residential prices showed a 3.2 % decrease in the average price of properties sold in October, compared to Oct 2013.  While one month does not make a trend, it is only the 2nd time this year that average selling prices in a month have been lower than the previous year. (the other month was July)  Quite likely the weight of listing inventory fuelled the price drop, as many sellers chose to compromise on price to get deals done.  This helped push the # of unit sales up slightly for residential homes by 5.6% for the month, although MLS® condo unit sales were down 8.1%.

Listing inventory, competition and seller motivation:
The principal reasons for the resale average price decrease is that excess listing inventory and builder incentives are creating significant competitive pressure on sellers.  Residential listing inventory at the end of October remains 36.1% higher than the 5 year average and condo inventory is 62.7% higher. (vs end Oct 2009-2013)

Another statistic that clearly emphasizes the problem is that residential listing inventory is almost exactly double what it was at the end of Oct 2009 when we had a seller’s market (average prices increased 13.3% during that month!) and a comparable level of unit sales. This is almost 3,000 more listings now than then!

Sellers with a high selling motivation or who had been listed for an extended period most likely made price concessions to secure deals before the slower winter selling season.  (Nov-Feb are the 4 slowest months of the year in Ottawa real estate with unit sales 50%-66.6% lower than the peak selling months in the spring and summer. See table below)

What can we expect this winter?
With the current listing inventory excess, we would expect to see a strongly competitive market, unless sellers quit the market en masse to relist in the spring which is unlikely to happen.  Our expectation is that prices will stay flat or in slightly negative territory as sellers compete for available buyers.  This should also continue to maintain unit sales levels in positive territory.

On the plus side:
Underlying demand and activity seems pretty solid and it would only take a few hundred extra sales monthly which would turn those sellers in to buyers and thus push the whole market in to more positive territory.

We are hoping that the Federal Government eases budget restraints somewhat in the coming election year and personnel relocations (especially DND) can return to more historical levels.

What we see from the “inside”:
Our real estate market has been slowly changing over the last two years from what was a long time “seller’s market” to what can now be described as more of a “buyer’s market”.  Many homeowners and ultimately sellers have been surprised and disappointed by their current market listing experience and the length of time it is taking to find a buyer.  The single most common issue is overpricing for this market.  Many factors cause this over pricing and we have noted a few of these in a couple of recent blogposts:

http://www.oasisrealtyottawa.com/blogs/gord_mccormick/archive/2014/11/18/ottawa-real-estate-seller-strategies-in-a-tougher-market.aspx

http://www.oasisrealtyottawa.com/blogs/gord_mccormick/archive/2014/08/24/why-are-so-many-ottawa-listings-overpriced.aspx

We are happy to discuss your 2015 plans for buying and selling if you are not already working with another real estate professional.  It is never too early to plan and prepare for success!

Gord McCormick, Broker of Record
Dawn Davey, Broker
Oasis Realty Brokerage
613-435-4692
oasisrealty@rogers.com 
www.oasisrealtyottawa.com

Boutique brokerage services and lower commissions for you!*

* not intended to solicit those with existing representation agreements


When is the best time to sell?


A tougher market environment for most sellers continues in Ottawa, based on October 2014 results from the Ottawa Real Estate Board.  While there appears to be reasonable activity and underlying demand, the large excess inventory situation is making the resale market very competitive.  Good for buyers but not so good for many sellers.

A key question many buyers and sellers ask is" "when is the best time to buy or sell?"  This is of course determined by individual buyer and seller circumstances but in looking at the unit sales history below, one can see how much stronger sales are in the peak spring and summer seasons.

See the table below with historical sales transactions by month: (combined residential and condo sales from Ottawa Real Estate Board published results:

Month 

2012

2013

2014

Jan

682

602

589

Feb

1008

914

870

March

1388

1167

1189

April

1568

1573

1420

May

1890

1804

1792

June

1662

1594

          1661

July

1376

1339

          1445

August

1145

1219

          1203

Sept

995

1119

          1133

Oct

1021

1069

          1121

Nov

928

891

 

Dec

615

610

 

 

* not intended to solicit those with existing representation agreements. 

Gord McCormick, Broker of Record
Dawn Davey, Broker
Oasis Realty Brokerage
613-435-4692
www.oasisrealtyottawa.com

 


Recent Posts



We discount our commissions but never our service!


As an independent non franchised local broker, we are able to charge less for our boutique style quality full service offerings for residential buyers and sellers.  Our total fees range from 2.5% to 3.75% for most properties (depending on the transaction circumstances), saving sellers 25-50% off typical 5% commission rates.  On a typical $400,000 sale, this amounts to savings of  $5,650-$11,300 in commission and HST.  Worth considering, right?

See the tab at left titled "Sellers: what we do for you" to see the amazing range of quality marketing we do for our listed properties. 

For a no charge no obligation market assessment of your property feel free to give us a call at your convenience. 613-435-4692

Buyers and sellers alike will benefit from 2 brokers working for them and our near 20 years combined real estate experience.

not intended to solicit those with existing representation agreements with other real estate professionals.

Gord McCormick, Broker of Record
Dawn Davey, Broker
Oasis Realty Brokerage
oasisrealty@rogers.com
613-435-4692

 


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