MORRIS MarketWatch Newsletter Nov/Dec 2013

Morris Home Team - MORRIS MarketWatch Newsletter Nov/Dec 2013

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  • Patrick Morris, Real Estate Broker
  • Susan Morris*
  • Rob Kearns*
  • John O'Keefe*
  • Patricia Boudreau*

    *Sales Representatives

Ottawa, Nov/Dec 2013 : OTTAWA Real Estate Market Update

Ottawa RESIDENTIAL MLS RESALES:

October 2013 saw the third consecutive month of a steady, balanced market in the lower to mid-priceranges. The number of resales is rebounding after a dismal first half of 2013. The return to a consistent and balanced position in the lower to mid-price range should have a stabilizing effect on the move-up market. As move-up buyers feel more confident, the impact of that confidence should translate into more luxury sales ($750,000 plus). This will help the residential resale market as a whole.

Winterfrontdoor_000.jpgAnother consistency indicator for residential resales is the absorption rate. In October, there were 5.7 months of inventory to be absorbed without any new listings coming on the market. The October ratio compares favourably with the absorption rates of October 2012 and 2011.


The average sales price has increased 2.1% year-to-date compared to the same period in 2012. The Ottawa Real Estate Board cautions that the average sale price can be useful in establishing trends, but it should not be used as an indicator that specific properties have increased or decreased. The average price is calculated based on the total dollar volume of all properties sold.

The number of MLS residential properties sold increased 4.8% compared to October 2012 and 7.8% in October 2011. However, the number of listings also increased: 5% over 2012 and 4.4% over 2011.

Ottawa CONDOMINIUM MLS RESALES:

Resale condominiums represented nearly 20% of all MLS sales in October. As expected, apartments led the way with a 55% share while townhomes garnered close to 40% of the total.

Only 13% of all of the condos listed on MLS in October were sold compared with 17.4% for residential. The most popular condo price range is between $175,000 and $250,000.


The Ottawa condo market continues to be soft as the total number of units listed for sale increased 15.5% over 2012 and a whopping 48% increase over 2011. Consequently, this creates a huge inventory for buyers and until there is improvement in the number of new condo sales, the resale sector will continue to be a buyer's market.

ASK PATRICK...

Q: What is the most popular price range for residential sales in Ottawa ?

A: You'll note the graph below indicates that the most active residential resale price range for the last three years has been consistently between $300,000 and $350,000. There is marginal improvement in a few of the price segments. Small gains in sales were seen in the $350,000 to $400,000, the $500,000 to $550,000 and the $600,000 to $750,000 ranges.

Although the number of resales over $1million saw an increase in 2013, the inventory is still large compared to previous years. Stability should return to the luxury market as the move-up market improves. This is contingent on interest rates remaining at current levels for the next one to two years and improvement in the local economy.

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*Source: Statistics obtained from the Ottawa Real Estate Board, Residential Sales MLS areas 510-9404.

What's Happening in Your Neighbourhood?

Most of our consumers want to know what's happening in their specific neighbourhoods. Below you'll find a residential sales activity report for some specific areas comparing the first ten months of 2011, 2012 and 2013. If your neighbourhood isn't listed please let us know and we'll be happy to provide you with the information.

MLS District
Residential Sales
(not including condominiums)
Source: Ottawa Real Estate Board

Total Sales Jan-Oct 2011
Total Sales Jan-Oct 2012
Total Sales Jan-Oct 2013

4202—Hintonburg between Wellington & Scott and Parkdale & Bayview

15 17 19
4203—Hintonburg between Queensway & Wellington and Parkdale to O-train 27 30 24

4301—Champlain Park between Scott St & River Parkway and Island Park to Parkdale

17 9 22

4302—Wellington Village between Island Park & Holland and Scott & Wellington

18 21 21

4303—Island Park between Island Park & Holland and Wellington & the Queensway

34 36 41

4504—Civic Hospital between Carling and the Queensway and Bayswater & Island Park

28 36 26
5001—Westboro between Island Park & Churchill and Scott & River Parkway
11 9 11

5002—Westboro between Island Park & Churchill and Scott & Richmond Rd

11 4 6

5003—Hampton Park/Westboro between Island Park & Churchill and Richmond Rd & Carling

57 61 72

5101—River Parkway between Richmond Rd & River Parkway and Dominion & Woodroffe

6 6 7
5102—Westboro Beach between Richmond Rd & The Transitway and Dominion & Churchill
22 20 18

5103—Carlingwood between Sherbourne & Woodroffe and Carling & Byron

17 13 18
5104—Highland Park/McKellar Park between Byron & Dovercourt and Sherbourne & Churchill
47 45 41
5105—Laurentian View between Sherbourne & Churchill and Dovercourt & Carling
16 26 28
5201—McKellar Heights & Glabar Park between Carling & The Queensway and Maitland & Woodroffe
32 31 37
5401-5406—Bel Air & Copeland Parks between the Queensway & Baseline and Woodroffe east to Clyde
57 62 70
6001—Woodroffe north of Richmond between River Parkway and Woodroffe
0 5 5
6002—Woodroffe just west of Woodroffe between Carling and Richmond
21 18 19
6204 —Whitehaven just west of Woodroffe between the Queensway and Carling111614 11 16 14
5302—Carlington between Fisher & Merivale and Shillington to Carling
23 20 18

Giving Back.

Westboro Community Partnership Campaign

...in support of the Westboro Region Food Bank and the Westboro Youth Centre.

The Morris Home Team is proud to support these vital community services available to all Westboro citizens.

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Patrick Morris and Virginia Miller (Coordinator Westboro Community Partnership)

WestboroRegionFoodBankLogoFinal_000.jpgThe Westboro Region Food Bank is an agency of the Ottawa Food Bank whose mission is to provide three days’ worth of emergency food monthly to area residents in need. Food availability can be problematic even in affluent Westboro. There has been a substantial recent increase in the number of families accessing the basic food program—300 people per month, 40 per cent of whom were children.

WYCLogoColourrev.20100929v2_000.jpgThe Westboro Youth Centre was founded in cooperation with the Ottawa Police Service, responding to a rising rate of petty crime, vandalism and mischief. It provides youth aged 10-17 years with a safe place to call their own every Friday evening. More than 30 young people enjoy sports activities and crafts in a supervised and nurturing environment where they develop social skills, respect for others in the community, acceptance of responsibility and selflessness.