Surprisingly, with a 47 per cent decrease in the supply of residential homes and condos for sale, the Ottawa real estate market continued its tradition of record home sales in the month of April. 

Residential Market

• The residential market again gained record home sales with 1,616 residential homes sold in April compared to 1,476 residential homes sold in April 2017, an 9.5 per cent increase.

• The majority of the residential home sales were in the $300,000 and $450,000 price range, accounting for 31.7 per cent of the residential market, and $500,000 and $750,000, which accounted for 23.7 per cent of residential home sales.

• Buyers bought mostly: 
  • one-and-a-half storey single family homes - average price - $323,915 (previously $315,573 in April 2017
  • two-storey single-family homes - average price - $471,528 (previously $449,162 in April 2017)
  • three-storey single-family homes - average price - $588,213 (previously $544,594 in April 2017)
  • bungalows - average price - $425,904 (previously $403,804 in April 2017)
  • split-level - average price - $416,294 (previously $441,481 in April 2017)

• Most of the homes bought were in:
  • Almonte - average price - $342,699 (previously $374,718 in April 2017)
  • Brockville/Kemptville/Prescott - average price - $330,043 (previously $351,470 in April 2017)
  • Casselman/Hawkesbury/Rockland - average price - $307,062 (previously $287,089 in April 2017)
  • Metcalfe - average price - $535,653 (previously $527,841 in April 2017)
  • Manotick - average price - $633,785 (previously $759,350 in April 2017)
  • Stittsville - average price - $477,674 (previously $487,865 in April 2017)
  • Kanata/Nepean - average price - $455,039 (previously $416,778 in April 2017)
  • Orleans - average price - $448,173 (previously $422,258 in April 2017)

Condo Market

• The condo market remained consistent in its record sales where 416 condo units were sold compared to 312 units sold in April 2017, a 33.3 per cent increase.

• The majority of the sales occurred in the $150,000 and $175,000, $225,000 and $275.000 and $300,000 and $350,000 price ranges, accounting for 48.1 per cent of the condo market.

• The most sold units were: 
  • two-storey homes - average price - $240,402 (previously $240,146 in April 2017)
  • one-level homes - average price - $287,900 (previously $287,893 in April 2017)

• Most of the condos bought were in:
  • Kanata/Nepean - average price - $223,908 (previously $223,289 in April 2017)
  • Central Ottawa - average price - $309,349 (previously $304,670 in April 2017)
  • Orleans - average price - $214,656 (previously $209,153 in April 2017)

Increased Property Values For Single-Family Homes In Western & North-End Areas of Ottawa 

• Property values for single-family homes located along the Ottawa River, in New Edinburgh, Manor Park and west-end Ottawa continued to increase in appreciation compared to April 2017. These top neighbourhoods were:

1. New Edinburgh/Lindenlea - 31.4 per cent (average price: $779,200)
2. Crystal Bay/Rocky Point/Bayshore – 21.9 per cent (average price: $473,300)
3. Manor Park/Cardinal Glen - 18.9 per cent (average price: $585,800) 
4. Carlingwood/Westboro - 17.4 per cent (average price: $773,100)
5. Britannia Heights - 16 per cent (average price: $447,300)

Tip: Apart from the price, location and features that can determine how much and how fast your home sells, there is another important factor that I see all the time that most sellers forget. That factor is understanding the buyer market, specifically knowing who your target buyer is to purchase your home.

Many buyers have different needs and wants in buying a home that meets their personal needs. For example, in the Ottawa market, there is a large population of Baby Boomers who are looking to downsize and do not want to live in downtown condos. They prefer to live in smaller homes in the suburbs that come with a garage and a reasonable-sized backyard where they can do some gardening and host BBQ parties for their friends and family. If you are an owner of a small home with a garage and a decent backyard, having this information available to you, provides you with a competitive advantage over other homeowners. to help you strategically market and promote your home that would immediately attract the right buyers. As a result, you would be able to sell your home faster over and above your asking price. 

Knowing and understanding the needs of your target buyer market plays a critical role in determining how long and how much money your home will sell for. You can find out details about your target buyer market through various sources. You can speak to a trusted, experienced realtor who has access to housing market information. As well, you can refer to the following housing and demographic information sources:

Canadian Mortgage and Housing Corporation Housing Market Outlook - Ottawa

https://tinyurl.com/yb8lsdms

City of Ottawa Annual Development Reports

https://tinyurl.com/y8fl6nk6