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We believe an informed client is strategic to the buying or selling of a home on the real estate market here at Ottawa Homes and Condos. Please feel free to explore this site for any of our houses/condos for sale, or our rentals. You will find current market information as well as access to all real estate listings in the Ottawa region. Our Condo Info section updates you on sales of condos in major buildings in the city of Ottawa and their real estate locations. If you have questions regarding real estate housing; condo or residential sales, please contact us.
Keeping you INFORMED:
Bank of Canada shocks markets with cut in key interest rate
“The drop in oil prices is unambiguously negative for the Canadian economy,” Bank of Canada governor Stephen Poloz said in a morning news conference. “Canada’s income from oil exports will be reduced, and investment and employment in the energy sector are already being cut.”
The overnight rate, which moves down to 0.75 per cent, had been at one per cent since September 2010. The cut would result in lower interest rates for variable rate mortgages, lines of credit and other loans that float with prime rates, but only if banks lower their prime rates. As of Thursday morning, none of the banks had lowered their prime rates.
Virtually no economists had been predicting a rate cut.
“It is a significant move,” TD Bank economist Derek Burleton told CBC News. “It does show the Bank of Canada is worried about the big drop in the price of oil … and what kind of uncertainty that poses in the next few quarters. I don’t think they are panicking but I do think they’re concerned about some of the uncertainty the recent slump in the price of oil does create for the economy.”
Oil prices have plunged to less than $50 US a barrel from more than $105 US in June last year.
The large decline in oil prices will weigh significantly on the Canadian economy,” the Bank of Canada said in its quarterly monetary policy report.
“Given the speed and magnitude of the oil-price decline, there is substantial uncertainty around the likely level for oil prices and their impact on the economic outlook for Canada.”
In the wake of the rate cut, the loonie plunged more than 1.5 cents to close at 81.07 cents US. It hasn’t closed that low since April 2009.
The benchmark index of the Toronto Stock Exchange jumped 252 points, or 1.8 per cent, to 14,560.
Property Management and Rentals
We are also involved in residential property management in Ottawa. We deal directly with clients who want to list their property to rent, and also who need a property manager.
A cold start to the year doesn’t stop the January buyers in Ottawa.
There were 114 condos sold in January 2015 as compared to 124 condos in 2014. A decrease of 8.1% in number of condo units sold. Typical of the current market, with lots of inventory for the buyer to shop around.
The average sale price of a condo was $250,406 in January 2015, as compared to an average sale price of $265,880 in 2014. A decrease of 5.8% on the average sale price in this real estate sector.
“Residential and condo sales combined, contributed to an increase in sales this month, and we are right on par with the January average. Residential two-storey and bungalow properties had the highest concentration of buyers.”
There were 513 residential houses sold in January 2015 as compared to 463 in January 2014. An increase of 10.8% in the number of houses sold in the residential real estate market in Ottawa. A big leap in the residential/houses numbers. Housing market in 2015 is off to a great start!
The average sale price for January 2015 was $370,442 compared to an average sale price of $368,772 in 2013. A 0.5% increase in market price. A slow gain, again, showing that the residential properties are proving to be strong investments over time.
183 properties were rented by real estate board members in January 2015. Year end rental properties gross over 2,500 for 2014.
Ottawa is one of the most stable real estate markets in Canada. Prices remain steady in Condos, residential units and multi-units, although volume is experiencing slight declines, particularly in condo sales. Re-visit Ottawa Homes and Condos for all the latest updates! We have some great listings on our featured listings page; New real estate listings on the market!