Average Residential Home Prices In Ottawa Surge Up To 17 Per Cent In November

The Ottawa real estate market did not cool during the traditional winter slowdown as it continued with growing residential and condo sales, along with the average price for a residential home hitting just over  $500,000 for the second time this year. Furthermore, the luxury home market experienced increased sales. 

Here is how the market performed:

Strong Residential Resale Home Market

• 958 homes were sold in November 2019, an increase of 10.5 per cent compared to 867 properties sold in November 2018. 

• Residential homes sold quickly on average from 62 days to 53 days on the market, which is about a 16 per cent decrease.

• Buyers continued to buy residential homes in the $350,000 and $500,000 price range, which accounted for 39 per cent of the residential home market, and $500,000 and $750,000, which accounted for 32 per cent of residential home sales.

• Buyers bought mostly: 
  • Two-storey homes - average sale price - $530,056 (previously $442,323 in November 2018) 
  • Bungalows (1-story) - average sale price - $443,586 (previously $405,969 in November 2018) 
     

• Most of the homes bought were in:
  • Downtown Ottawa - average sale price - $631,628 (previously $556,511 in November 2018)
  • Kanata/Nepean - average sale price - $510,309 (previously $436,624 in November 2018)
  • Orleans - average sale price - $498,600 (previously $428,912 in November 2018)

Strong Condo Market

• The condo market sold 330 condo units compared to 294 units sold in November 2018, a 12.2 per cent increase. 

• Similar to residential homes, condo units sold quickly on average from 69 days to 34 days on the market, which is a 50 per cent decrease.

• Buyers bought most of the condo units priced in the $225,000 - $350,000 price range, accounting for 58 per cent of the condo market. 

• The most sold condo units were:  
  • Two-storey homes - average sale price - $279,247 (previously $261,536 in November 2018)
  • One-level homes - average sale price - $341,843 (previously $304,427 in November 2018)

• Most of the condos bought were in:
  • Downtown Ottawa - average sale price - $343,250 (previously $332,117 in November 2018)

Growing Luxury Home Market 

• 94 luxury homes were sold compared to 39 homes sold in November 2018, a whopping 264% per cent increase!

• Buyers bought most luxury homes priced in the $750,000 - $1,000,000+ price range.  

 West-End Ottawa Continues to Dominate In Average Price Increases For Single-Family Homes

Single-family homes sold west of Bank Street gained significant average price increases from November 2018 with the exception of Sandy Hill, due to increased buyer demand as a result of re-gentrification in and around that particular neighbourhood.

Source: James Bagnall, Ottawa Citizen, December 4, 2019, @JamesBagnall1