Ottawa resale market up from January

Written by Roch St-Georges on . Posted in Market Updates

Members of the Ottawa Real Estate Board sold 914 residential properties in February through the Board’s Multiple Listing Service® system, compared with 1,008 in February 2012, a decrease of 9.3 per cent.

“It is clear that the Ottawa resale market has slowed down in comparison to this time last year,” says Tim Lee, President of the Ottawa Real Estate Board. “The government was successful in its quest to “cool down” the market. However, if we look at this month’s sales, in comparison to last month’s sales, the market seems to be picking back up as we approach the busy spring season – 315 more homes were sold in February, over January, even with three fewer days.”

February’s sales included 224 in the condominium property class, and 690 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, stacked etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.

The average sale price of residential properties, including condominiums, sold in February in the Ottawa area was $346,774, a slight decrease of 1.1 per cent over February 2012. The average sale price for a condominium-class property was $264,953, a decrease of 3.1 per cent over February 2012. The average sale price of a residential-class property was $373,337 a slight decrease of 0.6 per cent over February 2012. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.

“Even with the slight decline in sales year-over-year, Ottawa continues to be a great place to buy and/or sell your home,” says Lee. Talk to an Ottawa area REALTOR® for more information about the housing market outlook where you live, or want to live.

The Ottawa Real Estate Board is an industry association of over 2,900 sales representatives and brokers in the Ottawa area. Members of the Board are also members of the Canadian Real Estate Association.

Source: OREB

Buying A Hotel In Ottawa

Written by Roch St-Georges on . Posted in Market Updates

If you’re looking at the real estate industry in Ottawa and commercial buying you may or may not have already considered buying a hotel. This is a completely different form of real estate since it is in the hospitality business, but it is a very lucrative career for someone that wants to take the real estate game up to a higher level.

Hotels are not often put on the market due to their high cost. In most cases hotel deals are made behind the scenes between influential companies and investors. It is certainly something to strive for, however, if you are interested in this service industry and would like to try something new and exciting.

Motels

Sometimes you’ll run into a motel that’s been run as a mom-and-pop industry at the side of the road or even a small motel inside the city. Some of the motels in Ottawa have been around for years and are sitting on prime real estate property. If you have any interest in investing in a motel you can talk to a real estate agent about this kind of business venture. An agent is in more of a position to hear through the grapevine when a motel could possibly be sold, either as a business or as a location.

The hotel industry risks

There are a lot of risks that go along with owning a hotel. Vacancy rates can be a problem and lower the profits to the extent that the business is no longer viable. If you are looking for a small Ottawa motel to run and own your best bet is to look for one in a location that would automatically attract customers. Advertising will also help get in the traffic, and you should enlist the help of an advertising agency to help get your business off the ground quickly.

If you’re looking for something different and exciting as an investment opportunity, you may want to consider buying a hotel or motel in Ottawa. If you are interested in managing the hotel yourself, it is a good idea to have previous experience in the hospitality service industry. If you want to become an owner you’ll have to look at the profit potential if a manager is hired to run the entire operation. Find out what your agent thinks about this possibility and ask him for any advice he has to offer.

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