Despite A Listing Shortage, Ottawa House Prices Continue To Rise
For the month of February, eager buyers are continuing to buy homes while there were limited homes available for sale in the Ottawa real estate market. There were 2,413 residential listings at the end of February compared to 3,021 residential homes listed in February 2018, a 20 per cent decrease. This trend is similar in the condo market where there were only 734 listings at the end of February compared to 1,064 listings in February 2018, a 31 per cent decrease.
In the residential home market, average prices rose modestly to 8.6 per cent to $466,654 while condo prices rose to 5.6 per cent for an average of $268,350.
Residential Home Sales
- The residential market experienced 756 homes sold compared to 726 homes sold in February 2018, a 3.8 per cent increase.
- When it came to days on the market, residential homes were sold on average of 34 days from 46 days in February 2018.
- Buyers continued to buy residential homes in the $300,000 and $450,000 price range, which accounted for nearly 44 per cent of the residential market, and $500,000 and $750,000, which accounted for 26 per cent of residential home sales.
- Buyers bought mostly:
- Two-storey single-family homes - average price - $489,428 (previously $452,336 in February 2018)
- Bungalows - average price - $433,711 (previously $410,309 in February 2018)
- Most of the homes bought were in:
- Kanata/Nepean - average price - $488,129 (previously $451,983 in February 2018)
- Downtown Ottawa - average price - $572,365 (previously $545,630 in February 2018)
- Orleans - average price - $459,948 (previously $429,668 in February 2018)
Condo Sales
- The condo market sold 249 condo units compared to 250 units sold in February 2018, a record-breaking 0.4 per cent decrease.
- Condos were sold on average of 45 days from 70 days in February 2018.
- The majority of the sales occurred in the $175,000 and $275,000 price range, accounting for 48 per cent of the condo market.
- The most sold units were:
- two-storey homes - average price - $255,218 (previously $233,836 in February 2018)
- one-level homes - average price - $309,274 (previously $302,515 in February 2018)
- Most of the condos bought were in Downtown Ottawa at an average price of $323,470 (previously $317,938 in February 2018).
Increased Property Values For Single-Family Homes Occurred In West and East-End Ottawa
Most of the largest price increases, from February 2018 to February 2019, occurred in the western and eastern districts of the city. Most of the small price increases occurred in districts which had the fastest growth in benchmark house prices in 2018. These price trends indicate that budget-sensitive buyers are looking for affordable homes that offer value due to the mortgage stress-test.
Helpful Tip:
If you are shopping around for the best home mortgage rates these days, here they are courtesy of superbrokers.ca.
| Financial Institution | Mortgage Type/Term | ||||||
| Variable | 6 Mth | 1 Year | 2 Year | 3 Year | 4 Year | 5 Year | |
| Our Mortgage Rates** | 2.85 | 4.50 | 3.14 | 3.19 | 3.39 | 3.59 | 3.49 |
| Tangerine | 3.45 | - | 3.49 | 3.44 | 3.24 | 3.54 | 3.34 |
| Canadian Western Bank/Trust | 3.85 | 3.94 | 3.34 | 3.39 | 3.34 | 3.49 | 3.54 |
| Steinbach Credit Union | - | - | 3.29 | 3.39 | 3.49 | 3.59 | 3.69 |
| HSBC Bank Canada | 3.19 | 3.69 | 3.34 | 3.39 | 3.49 | 3.54 | 3.34 |
| Alterna Bank/Savings | 3.14 | 4.40 | 3.64 | 3.84 | 3.54 | 4.94 | 3.59 |
| League Savings & Mortgage | - | 4.45 | 3.40 | 3.45 | 3.55 | 3.65 | 3.75 |
| Comtech Credit Union | - | 6.20 | 3.39 | 3.49 | 3.69 | 3.74 | 3.79 |
| ATB Financial | 3.50 | 4.50 | 3.49 | 3.59 | 3.74 | 3.84 | 3.79 |
| Meridian Credit Union | 3.15 | 4.00 | 3.24 | 3.49 | 3.74 | 3.89 | 3.69 |
| Libro Credit Union | - | 4.75 | 3.64 | 3.69 | 3.74 | 3.79 | 3.84 |
| Peace Hills Trust | - | 4.50 | 3.35 | 3.50 | 3.75 | 4.05 | 4.25 |
| FirstOntario Credit Union | 3.45 | 4.94 | 3.79 | 3.74 | 3.79 | 3.79 | 3.89 |
| Home Trust | - | - | 3.99 | 3.54 | 3.79 | 3.84 | 3.74 |
| Manulife | 4.45 | 4.45 | 3.69 | 3.79 | 3.89 | 3.94 | 4.04 |
| Simplii Financial | 3.95 | 6.19 | 3.54 | 3.64 | 3.89 | 4.39 | 4.99 |
| TD Canada Trust | 4.10 | 3.34 | 3.59 | 3.74 | 3.89 | 3.94 | 5.34 |
| CIBC | 3.95 | 3.75 | 3.54 | 3.64 | 3.94 | 4.49 | 5.34 |
| Parama Credit Union | 3.70 | - | 3.75 | 3.85 | 3.95 | 4.05 | 4.15 |
| PACE Savings & Credit Union | 3.95 | - | 3.64 | 3.84 | 3.95 | 4.59 | 4.99 |
| Your Neighbourhood Credit Union | - | - | 3.69 | 3.79 | 3.99 | 4.09 | 4.19 |
| First National Financial | 3.95 | 4.50 | 4.29 | 3.99 | 3.99 | 3.99 | 3.69 |
| Rapport Credit Union | 3.70 | 6.00 | 3.54 | 3.59 | 4.04 | 4.44 | 5.35 |
| London Life | 3.70 | 4.20 | 3.49 | 3.59 | 4.14 | 4.89 | 5.34 |
| Investors Group Trust | 3.70 | 4.20 | 3.49 | 3.59 | 4.14 | 4.89 | 5.34 |
| Kindred Credit Union | 3.95 | - | 4.15 | 4.20 | 4.25 | 4.30 | 4.35 |
| Bank of Montreal | 4.10 | 4.20 | 3.79 | 3.99 | 4.29 | 4.89 | 5.34 |
| National Bank | 3.95 | 4.50 | 3.64 | 3.89 | 4.30 | 4.89 | 5.34 |
| Desjardins - Caisses | 3.95 | 4.40 | 3.79 | 3.89 | 4.34 | 4.89 | 5.54 |
| Laurentian Bank of Canada | 3.95 | 4.40 | 3.79 | 3.89 | 4.34 | 4.89 | 5.49 |
| Luminus Financial | 4.00 | - | 4.10 | 4.20 | 4.35 | 4.80 | 5.34 |
| Scotiabank | 4.15 | 4.75 | 3.79 | 3.79 | 4.44 | 4.59 | 5.44 |
| Equitable Bank | - | - | 3.64 | 3.89 | 4.45 | 5.04 | 5.34 |
| RBC Royal Bank | 3.95 | 3.64 | 3.64 | 3.89 | 4.45 | 5.04 | 5.34 |
| Effort Trust | - | 4.50 | 4.40 | 4.50 | 4.95 | 5.00 | 5.30 |
