I don't understand this. And I saw hiring sign in almost every store. Where is the slow down?
ottawasun.com - Money - 'Great news for sellers'
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While analysts say the economy and housing markets across the country are cooling off, Ottawa's housing market is still hot.
As the United States passes a bill to provide $700 billion to help its sinking economy, residential properties in Ottawa are selling like never before.
Members of the Ottawa Real Estate Board sold 1,208 properties in September. That's a 6.1% increase year over year and makes it the best September on record.
"This demonstrates clearly that Ottawa's housing market is still strong and very healthy," said board president Heather Skuce. "Prices continued to rise at a gentle but steady pace, similar to what we've been seeing for months, which is great news for sellers."
The average price of residential properties, including condominiums, sold in the Ottawa area was $288,006, also a 6.1% increase over the same period the previous year.
Not only that, according to a Re/Max report, sales of houses valued at $750,000 and higher have climbed 36%.
That's the highest increase in the nation.
In contrast, housing sales in the Greater Vancouver area plummeted 42.9% in September, Toronto was down 16% through the first half of the month, while Montreal was up just 2%.
"Sales are happening," said Century 21 Capital Realty broker Peter Sardelis. "I expected less, but they keep coming."
Sardelis said Ottawa being a government town means it's often insulated from the economic highs and lows of other cities in Canada.
"People employed by the government here have a solid base. Historically, in Ottawa housing we haven't seen overall prices drop since the '90s."
He admitted that fears of a major economic slowdown will have some effect, but predicted longer selling periods would prevail over lower sales in general.
"My personal opinion is that it will have some impact, but the home buyer will still buy the home. I don't see things changing much."
Commercially, the news was nowhere near as good. According to a study by CB Richard Ellis, commercial real estate investment fell by almost 50% to $322 million compared to last year. However, the real estate services firm is still bullish on the city, calling Ottawa "solid" and at least partially blaming the investment shortfall on a lack of vacant properties. "
ottawasun.com - Money - 'Great news for sellers'
"
While analysts say the economy and housing markets across the country are cooling off, Ottawa's housing market is still hot.
As the United States passes a bill to provide $700 billion to help its sinking economy, residential properties in Ottawa are selling like never before.
Members of the Ottawa Real Estate Board sold 1,208 properties in September. That's a 6.1% increase year over year and makes it the best September on record.
"This demonstrates clearly that Ottawa's housing market is still strong and very healthy," said board president Heather Skuce. "Prices continued to rise at a gentle but steady pace, similar to what we've been seeing for months, which is great news for sellers."
The average price of residential properties, including condominiums, sold in the Ottawa area was $288,006, also a 6.1% increase over the same period the previous year.
Not only that, according to a Re/Max report, sales of houses valued at $750,000 and higher have climbed 36%.
That's the highest increase in the nation.
In contrast, housing sales in the Greater Vancouver area plummeted 42.9% in September, Toronto was down 16% through the first half of the month, while Montreal was up just 2%.
"Sales are happening," said Century 21 Capital Realty broker Peter Sardelis. "I expected less, but they keep coming."
Sardelis said Ottawa being a government town means it's often insulated from the economic highs and lows of other cities in Canada.
"People employed by the government here have a solid base. Historically, in Ottawa housing we haven't seen overall prices drop since the '90s."
He admitted that fears of a major economic slowdown will have some effect, but predicted longer selling periods would prevail over lower sales in general.
"My personal opinion is that it will have some impact, but the home buyer will still buy the home. I don't see things changing much."
Commercially, the news was nowhere near as good. According to a study by CB Richard Ellis, commercial real estate investment fell by almost 50% to $322 million compared to last year. However, the real estate services firm is still bullish on the city, calling Ottawa "solid" and at least partially blaming the investment shortfall on a lack of vacant properties. "
