2019 Ottawa Real Estate Market Report

First Half of 2019 sees Ottawa House Prices up 7.6%!

The average price of a resale residential home in Ottawa in June was $500,716, an 11.4% increase over the average price in June of 2018.

The average sale price of a condominium unit sold was $308,482, an increase of 6.2% over the price in June of last year.

For residential-class properties in Ottawa in June, the most prevalent price point was for properties in the $350,000 to $499,999 price range, representing 43% of June’s sales. Properties priced in the $500,000 to $749,999 range represented 29% of residential sales.

On the condo market, the most active price point was for units priced from $225,000 to $349,999. That price range accounted for 55% of all condo units sold in June.

For buyers in June, the good news was that 61% of properties sold at or below the listed price, though some areas saw sellers receiving multiple offers, with properties selling for above the asking price.

In June, members of the Ottawa Real Estate Board sold 2,105 residential properties through the Multiple Listing Service System. That’s an increase of 2% over the properties sold in June of last year.

With June officially marking the halfway point of 2019, the Ottawa Real Estate Board was also able to look at the first six months of sales in the Ottawa area. The numbers are positive.

Figures for average sale prices indicate a steady growth of 7.6% for residential-class homes and 7.5% for condominium-class properties.

This is not a speculation market. Going forward, we anticipate there will be a high demand in the foreseeable future, due to increasing population and strong employment in the area.

If you’re considering buying or selling property in the area, and as the #1 RE/MAX Team in Ottawa we’d love to chat with you about the current market and prices in your part of the city, and the knowledge we can offer, with more than 3000 homes sold.

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