A number of factors coming together at the right time are making Ottawa the right place for Real Estate. The Ottawa economy is robust and showing signs of expansion. Local high tech companies are growing while major retailers are all announcing expansion plans. The expected launch of light rail transit in the nation’s capital in 2018 is highlighting the Real Estate market for condominiums in particular.
AVERAGE RESIDENTIAL SALE PRICE (ALL HOME TYPES) APRIL TO JUNE, YEAR OVER YEAR
2017 $376,853
2018 $388,863
UP 3%
AVERAGE DETACHED HOME PRICE
2017 $410,676
2018 $425,200
UP 3%
AVERAGE CONDO PRICE
2017 $295,877
2018 $308,137
UP 4%
AVERAGE DAYS ON MARKET
2017 51 DAYS
2018 42 DAYS
DOWN 17%
Ottawa’s relative affordability, pushing up price growth, Steady population growth and migratory flows into Ottawa from other parts of the province and higher share of foreign buyers are expected and will remain supportive of housing activity.
Overall inventory stock is down in both the residential and condo market, the inventory is turning over quickly is certainly a sign that Ottawa is a healthy Real Estate market.
In the first six months of 2018, the average sale price of single family home in the Ottawa area was $448,201, about 8% price appreciation and the average sale price for a condominium was $287,447, approximately 6.5% increase. Older condominium units are also becoming increasingly attractive for first-time home buyers, as their prices have remained relatively low and Ottawa remains an attractive city for many first-time home buyers and families migrating from other urban centers.
Ottawa’s selling to listing ratio is 99% and the average Days on Market (DOM) for residential homes has decreased by 18% to 37 days currently. For condos, the DOM has decreased to 52 days, a 27% decrease.
For more information on how the market is doing in your particular neighbourhood, feel free to reach out to us!
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