news letter aug.2011
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Do you know how much education is government, protecting the public interest required before a real estate professional can through a fair, safe and informed be registered in this province? Or who marketplace. All real estate professionals in regulates the conduct of real estate brokers Ontario must be registered with RECO, and and sales professionals in Ontario? are required to adhere to standards Established in 1997 as a result of the mutual contained in the Act. The Ministry of desire of the government and the real estate Consumer Services is responsible for the industry to enhance professionalism, the Real Act, as well as general oversight of RECO.Estate Council of Ontario strives to increase consumer protection while providing an effective, efficient and responsive regulatory framework for the real estate industry in Ontario. RECO is a self-managed, not-for-prof i t corporat ion, responsib le for administering the Real Estate and Business Brokers Act, 2002 – along with its associated regulations – on behalf of the provincial
Members of the Ottawa Real Estate Board (OREB) sold 1,326 residential properties in July 2011 compared with 1,116 in July 2010, an increase of 18.8 percent. There were 1,712 sales in June 2011.
“What a difference a year makes. Last summer the real estate market was reeling from the implementation of the HST that saw many buyers and sellers move up their purchases to the winter and early spring. 2011 is a different story, one that looks a lot more like the average year for Ottawa’s resale housing market,” said OREB's President.
The average sale price of res ident ia l p roper t ies , including condominiums, sold in July in the Ottawa area was $341,330, an increase of 6.2 percent over July 2010. The average sale price for a condominium-c l a s s p r o p e r t y w a s $270,933, an increase of 11.3 percent over July 2010. The average sale price of a residential-class property was $362,539, an increase of 4.8 percent over July 2010.
Call today for real estate advice and information!
Ottawa housing
market warms up in July
What means for consumersRECO
Protecting the public interest is achieved through:
Enforcing the standards required to obtain and maintain registration as a brokerage, broker or salesperson.
Establishing minimum requirements for pre-registration andcontinuing education.
Conducting routine inspections of brokerage offices to ensurecompliance with REBBA 2002 and educate brokers.
Addressing inquiries, concerns and complaints about the conductof registrants received from all sources and taking appropriateaction to protect the public interest.
Establishing and administering insurance requirements, whichinclude consumer deposit protection.
Promoting ongoing education and competent, knowledgeable andprofessional service.
Real Estate NewsDebbie Gibbons
Sales Representative
Office: (613) 723-5300 Fax: (613) 723-8957debbiegibbons@royallepage.ca
REAL ESTATE NEWS
Ottawa ResidentialAverage Sales Chartfrom 1956 to 2010
MLS Residential Sales PercentageIncrease or Decrease Over Previous Year
Based on Ottawa Real Estate Board MLS Stats
1956
1957
1958
1959
1960
1961
1962
1963
1964
1965
1966
1967
1968
1969
1970
1971
1972
1973
1974
1975
1976
1977
1978
1979
1980
1981
1982
1983
$13,351
$14,230
$15,564
$16,038
$16,791
$16,070
$15,952
$16,549
$16,563
$17,056
$18,004
$19,476
$23,329
$25,652
$26,532
$27,808
$30,576
$38,305
$46,661
$49,633
$54,623
$57,032
$59,134
$61,896
$62,748
$64,896
$71,080
$86,245
0.24%
6.58%
9.37%
3.05%
4.70%
-4.29%
-0.73%
3.74%
0.08%
2.98%
5.56%
8.18%
19.78%
9.96%
3.43%
4.81%
9.95%
25.28%
21.81%
6.37%
10.05%
4.41%
3.69%
4.67%
1.38%
3.42%
9.53%
21.34%
1984
1985
1986
1987
1988
1989
1990
1991
1992
1993
1994
1995
1996
1997
1998
1999
2000
2001
2002
2003
2004
2005
2006
2007
2008
2009
2010
$102,084
$107,306
$111,643
$119,612
$128,434
$137,455
$141,438
$143,361
$143,868
$148,129
$147,543
$143,193
$140,513
$143,873
$143,953
$149,650
$159,511
$175,971
$200,711
$218,692
$235,678
$244,531
$255,889
$272,477
$289,477
$303,888
$327,225
18.37%
5.12%
4.04%
7.14%
7.38%
7.02%
2.90%
1.36%
0.35%
2.96%
-0.40%
-2.90%
-1.90%
2.40%
0.10%
4.03%
6.58%
10.32%
14.06%
9.00%
7.70%
3.80%
4.70%
6.40%
6.30%
4.90%
7.70%
YearAverageSale Price
PercentChange Year
AverageSale Price
PercentChange
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