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Hi Friends,
Happy New year! Welcome to a fabulous new year beginning already with so many national and internal business and real estate news. I thought I would share with you this month, a recap of the highlights of the Ottawa real estate market for 2014. From the Ottawa Real Estate Board here are the top five stats about the market in 2014.
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The total number of homes sold through the Board’s MLS® system in 2014 was 13,928, compared with 13,871 in 2013, an increase of 0.4 per cent.
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Residential unit sales for the year were slightly higher with a 2.4 per cent increase over 2013, while condo sales declined by 7.2 per cent compared to last year.
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The average residential home price, including condominiums, sold in 2014 was $361,712, an increase of 1.2 per cent over 2013.
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The increased inventory levels contributed to the market favouring Buyers for much of the year.
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The price range with the most concentrated amount of sales for 2014 was the $300,000 to $349,999 range, with 18.8 per cent of the year’s sales, followed by the $350,000 to $399,000 range, with 12.5 per cent of the year’s sales, The third highest category with 11.6 per cent of the year’s sales was in the $500,000 to $749.999 price range. All three of these price range property concentrations are very similar to the ranges from 2013.
Last week’s announcement of the central bank’s surprised rate cut might bring some interesting movement to the market with the speculation of mortgage rate cuts coming, but the banks have yet to announce how they will respond the the news. I am confident low rates will stay for just a wee bit longer, but the cheap gas has convinced that the manufacturing industry in Ontario will pick up again which I hope will be great for us here in Ottawa and surrounding areas!!!
Stay warm folks! Feel free to connect with me anytime, if you have any interesting real estate topics to share, please email me at rachel@rachelhammer.com.
Would love to hear from you,
Thank you for your continued support and referrals,
Sincerely
Rachel and the team
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