Monthly sales hike +7%
Average prices jumped in October with the average residential property selling for $449,613, up 7.9% and the average condo jumped 7.6% to $282,781.

On a year to date basis, residential average selling prices are up 5.2% and condos up just 2.3%.

Unit sales:
Residential unit sales continue to flat line, presumably due to inventory shortages.  During October 2018 residual unit sales were down vs 2017 by 2.5%.  Condos meanwhile, showed an 11.9% unit sales increase during the month.

On a year to date basis, residential unit sales are basically flat vs 2017 with a .3% increase. Condo unit sales have been stronger and posted a15.1% unit sales increase.

Lowest Oct month end inventory since 2009 (residential)
One has to go back to October 2009 to find a lower month end listing inventory than we are currently experiencing in 2018.  Current residential listing inventory is 16.8% lower than last year, 33.4% lower than 2016 and 40% lower than 2015.

Condo listings are currently 28.2% lower than last year.

New listings in October were slightly lower than a year ago with new residential listings down 2.2% and new condo listings down 9.4%, so there appears to be no end in sight to the tight listing inventory situation.

Rate hikes may spur fall/winter sales:
Current reports suggest at least two .25% central bank rate hikes in the next 90-120 days which may spur some buyers to firm up deals in the short term.  All buyers (especially those buying new construction for future delivery) will want to stay in close touch with their mortgage broker or bank to understand how rate hikes may affect their pending mortgages, as some experts are predicting as many as 4 rate hikes in the next 12 months.

Seller’s market continues:
The sales to new listing ratios continue to indicate sellers’ market conditions with 87.8% ratio for residential and 77.3% for condos. (60% or greater indicates a sellers’ market)

Give us a call in you would like to discuss your plans!  613-435-4692 We can drill down on your local neighbourhood market and give you an up to date look at market values.

Gord McCormick, Broker of Record
Dawn Davey, Broker

Many sellers must be asking themselves this question after watching “ For Sale” signs go up and then get marked “ Sold”  in just a few days or seeing endless online posts about how fast a listing has sold and for over asking price.

Seller’s Market:
We are in a sellers’ market in Ottawa in 2018 and listing inventory is scarce, prices are rising and things are selling much more quickly than in a typical balanced market. (a balanced market is one where there are roughly equal numbers of buyers and sellers)

Agents earn their keep…but..
A sellers’ market brings different challenges and experienced Realtor expertise is still important in getting the marketing strategy right and managing the complexities of offer dates, bully offers and multiple offers to a successful result.  Clearly however, the marketing time and cost has to be lower, so shouldn’t the seller get a lower rate?  After all with average prices increasing (8% in March 2018) the Realtor is getting an automatic raise, since their remuneration is based on a % of the selling price?

Why not save $7,000-$14,000?
Our programs offer full MLS® service by two experienced brokers and most of our sellers will save the above commission and HST using our 3.7% or 3% commission programs. (not intended to solicit those with existing representation agreements)

Example provided is based on current residential average selling prices and savings will vary by property being sold.

Gord McCormick, Broker of Record
Dawn Davey, Broker
Oasis Realty Brokerage

613-435-4692  oasisrealty@rogers.com

For real estate news and information at one of Ottawa’s best liked facebook pages, check us out at: https://www.facebook.com/oasisrealtyottawa/

We offer an enhanced listing program for those moving on the Federal Government's Intergrated Relocation Program (IRP)  we are a Brookfield registered supplier for this program and have been helping families relocate to and from Ottawa for many years.

In a nutshell, our program offers a full 2.5% buyer representative commission the agent and brokerage that brings a buyer to the listed property.  Given the discount government rate (which we offer to all residential sellers!) of only 3.7%, this means many buyer reps would only receive 1.85% commission for their assistance in getting the property sold.  This falls well short of the 2.5% typically expected by most sales people and brokers in our market.

So if you or someone you know is moving out of Ottawa on a government or military posting or transfer, they can rest easy with our program, knowing they will have the full support of any of the 3,000 Ottawa Real Estate Board members who may have a buyer for their property.

For more detail or background, you can see a archived piece on our blog at:  http://blog.oasisrealtyottawa.com/fedbrookfield-irp-contract-cuts-realtor-commission-to-3-7/

...or feel free to give us a call at 613-435-4692

Gord McCormick, Broker of Record
Dawn Davey, Broker
Oasis Realty Brokerage
oasirealty@rogers.com

New listings are down 13-15% vs last year at the end of January 2018 and total listing inventory is 26% lower than a year ago and 33-35% lower than at the end of January 2016.  This sets the stage for a very interesting year in Ottawa real estate.

Upwards price pressure on residential property:
Not surprisingly, there was upwards price pressure on residential sales values with the average house in January selling for $427,487 up 8.8% from a year ago.  This price increase despite a unit sales decrease of 1.1%,, perhaps reflecting lack of buyer choice due to limited listing inventory.

Condo flip side:
The condo market, meanwhile surged 45.4% on unit sales yet the average selling price was 8.6% lower at $263,744.

These results tend not to agree with typical supply/demand principles and will probably even out in the months to come.

“Grey Market” listings:
Some Realtors are keeping listings out of the MLS® market by use of pocket listings, coming soon listings or exclusive listings that do not appear on MLS®.  In a strong market, there is an opportunity to market properties via social media and other 3 party sources and online, so this may be exacerbating the already limited listing inventory.

So if you see a sign or promo that talks about an “exclusive” listing or see a sign that says “coming soon”, these will not appear on the public MLS® sites.  We don’t agree with these practices, in most cases,  but it is up to each individual seller and their Realtor to determine marketing options for their own property.

Generally speaking however, a seller can only be certain of getting the best market value price by having the property exposed to the widest possible market and this is only possible by full blown exposure on the MLS® system.

When you think it about it….it is also the most fair and democratic, too.

We are back from vacation, refreshed and ready to go for another great year in Ottawa real estate and have some super opportunities for those wishing to list pre-season (February especially!) so feel free to give us a call to discuss your buying or selling plans for 2018.

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

12^th year in business with lower commission rates for sellers

The new government relocation contract calls for full service commission of only 3.7% for Federal employees who are relocating under the government Integrated Relocation Contract (IRP) which is administered by Brookfield Relocation Services.

We are offering this 3.7% rate to residential sellers in our coverage area and you will pay even less if you also buy with us!  (some conditions apply. condos slightly higher at 3.99%

If you are a government employee posted out of Ottawa, we also have a special “enhanced or improved IRP”program rate and strategy that helps ensure your property gets sold quickly. 

Check out the attached blogpost to see why this improved IRP program is necessary: http://blog.oasisrealtyottawa.com/fedbrookfield-irp-contract-cuts-realtor-commission-to-3-7/ 

*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

a lower commission brokerage for sellers!