May 2018

Time for the May edition of your monthly market Snapshot!

It’s race weekend, so first off, happy race day marathoners and half marathoners! For the rest of you, grab a coffee and go cheer on these fit running fanatics! Here’s a link to the course maps… and don’t forget about the Kichesippi beer garden at the course finish 😀

As for next weekend, it’s time to check out some of the awesome sites open to the public through doors open Ottawa! Discover the secrets and stories of over 140 unique buildings that have shaped the Ottawa landscape, such as the Supreme Court of Canada, Hydro Ottawa’s new Hydroelectric facility at Chaudière Falls, the Global Centre for Pluralism, and the Bank of Canada. Check out the link for a full list of sites open to the public this weekend and for more information.

Now read on friends, in this month’s edition we’ve got the monthly stats, as usual, some mortgage changes to go over, a new featured listing and an open house today!

April 2018 Highlights:

  • 2,032 residential properties were sold in April, compared with 1,788 in April 2017, an increase of 13.6%.
  • April’s sales included 416 in the condominium property class and 1,616 in the residential property class.
  • The average sale price of a residential-class property sold in April in the Ottawa area was $455,212, an increase of 4.2% over April 2017.
  • The average sale price for a condominium-class property was $269,294, an increase of 0.3% over April 2017.

12 Month Sales Snapshot:

*click to enlarge*

*click to enlarge*

New Mortgage Qualifying Rate:

As a part of the stress test released in January 2018, borrowers are required to qualify on the mortgage qualifying rate (MQR) for high ratio mortgages or the higher of the MQR or the contract rate plus 2% for conventional mortgages. This rate has now increased from 5.14% to 5.34% which makes the fifth increase since the summer of 2017. This may lower the mortgage amount buyers can can qualify for. If you are planning to buy a home, well… let me know of course! But also, I recommend getting a pre-approval from your bank or mortgage broker as your first step so you know exactly what price range is appropriate to consider.