SOLD FIRM ON CHRISTMAS DAY
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Happy New Year.
Cold enough for you?
We closed out 2017 with a BANG firming up a sale of one of our listings on Christmas Day. Hard to put that one under a tree but we did.
Lets see what 2018 will bring us.
We hope you enjoy this newsletter.
Perry/Helene
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Millennials Are Taking Over Real Estate-but They're Going Deeper Into Debt, Too
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Millennials are quickly ascending in the world of real estate, taking out the greatest share of all new mortgages and buying up the most homes in the lower price tiers-but they're taking on way more debt to do it, according to a new analysis of mortgage origination data from Optimal Blue by realtor.com®.
The
realtor.com economic team examined records for over 3.2 million mortgages originated from January 2013 to October 2017, and sliced the data by age group to get a sense of how the buying habits of millennials and other generations are changing.
"It's a mixed bag for millennials," acknowledges realtor.com's chief economist, Danielle Hale, pointing out that the generation born between 1982 and 2000 continues to face challenges. Already burdened with student loan debt, they're also starting families and buying houses in an economic environment in which home prices have generally been increasing faster than wages.
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House prices climbed 7.2% in 2017 with wide variations by district
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Ottawa's real estate market ended 2017 the way it began - with most of the price momentum in the west and the best bargains in the east.
Overall, benchmark prices for single-family homes jumped 7.2 per cent year over year in December to $403,900, according to data compiled by the Ottawa Real Estate Board through its multiple listing service system. Benchmark prices are based on an index that standardizes housing features and is considered a better barometer of underlying trends.
A shrinking supply of homes for sale in December might have been a factor in pushing up prices. While there was a comparatively modest 3.5 per cent jump in the number of single-family homes sold - 566 units compared with 547 a year earlier - many homeowners simply took their properties off the market. There were just 2,678 residential listings at year-end, compared with 3,420 a year earlier.
Following a flurry of sales activity in November, homeowners might now be waiting to see how new rules governing mortgages play out. Starting Jan. 1, borrowers have had to demonstrate, among other things, they can still make payments if interest rates rise.
Price hikes varied significantly across the city. Twenty-one of the 46 real estate districts tracked by the board saw double-digit gains in December compared with a year earlier, including a pair in which prices rocketed upward by nearly 30 per cent.
To read this article in full click here
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Mortgage 'Stress Test' Brings Winter Real-Estate Spike- December 30, 2017
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Instead of a winter slowdown, many Ottawa real-estate agents experienced a sales spike over the past two months as homebuyers rushed to seal deals ahead of new mortgage rules that kick in Jan. 1.
The new rule puts a mortgage "stress test" on uninsured homebuyers putting more than a 20 per cent down payment on their next home. This stress test assures banks that borrowers would be able to make their mortgage payments if interest rates climb.
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| Stress tests, foreign buyers and higher rates likely to impact housing market in 2018 |
Real estate was a major topic in the business world in 2017, and with some big changes on the horizon, the subject is likely to dominate headlines again this year.
Here are five things to watch in Canadian real estate.
Foreign buyers
Policy-makers in Toronto and Vancouver have taken steps to try to curb activity in a perceived problem: foreign buyers gobbling up houses as investment vehicles, driving prices up for everybody else.
The impact on both markets was immediate, as sales and prices fell, although they have since both rebounded.
Despite those moves, don't expect the issue to dissipate this year. Statistics Canada got money to study foreign buyers in the last budget, and in December, the data agency published its most authoritative numbers on non-resident investment in real estate.
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If you or someone you know is considering buying, selling, or moving to Ottawa in the next 6 months, call us at
613-831-6747.
I
n all markets it's important that you choose an agent to represent you who is experienced, knows the market and your goals, and is dedicated
to working first toward your best interests. Our commitment is in writing. Call or email us to help with your plan.
Coldwell Banker First Ottawa Realty Brokerage | 613-831-9628 | 613-831-6747
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