Historical Record-Breaking Home Sales For Ottawa In January
What you are about to read is truly stunning and surprising at the same time!
The Ottawa real estate market recorded its highest number of home sales for January in decades. Historically, the Ottawa market typically doesn't experience much home sales activity in January due to the inclement, winter weather which doesn't generate much real estate activity among buyers and sellers. However, that trend changed
Record Residential Home Sales
- The residential market experienced 611 homes sold compared to 535 homes sold in January 2018, a record-breaking 14.2 per cent increase. This record is attributed to several factors:
- extremely motivated buyers;
- stable home prices due to an increase in new homes being built which provides a reasonable supply of inventory of affordable homes, and
- properties selling quickly for a few days or even in less than 24 hours!
- The majority of the residential home sales were in the $300,000 and $450,000 price range, accounting for 42.5 per cent of the residential market, and $500,000 and $750,000, which accounted for 22.7 per cent of residential home sales.
- Buyers bought mostly:
- Two-storey single-family homes - average price - $465,143 (previously $445,232 in January 2018)
- Bungalows - average price - $383,477 (previously $404,606 in January 2018)
- Most of the homes bought were in:
- Casselman/Hawkesbury/Rockland - average price - $308,065 (previously $294,846 in January 2018)
- Kanata/Nepean - average price - $462,429 (previously $436,163 in January 2018)
- Downtown Ottawa - average price - $562,903 (previously $542,982 in January 2018)
- Orleans - average price - $451,789 (previously $387,364 in January 2018)
Record Condo Sales
- The condo market sold 209 condo units compared to 173 units sold in January 2018, a record-breaking 20.8 per cent increase. The trend is attributed to affordability in the condo prices, especially for first-time home buyers and retirees who are seeking value.
- The majority of the sales occurred in the $175,000 and $275,000 price range, accounting for 54.1 per cent of the condo market.
- The most sold units were:
- two-storey homes - average price - $241,713 (previously $233,263 in January 2018)
- one-level homes - average price - $305,242 (previously $296,722 in January 2018)
- Most of the condos bought were in Downtown Ottawa at an average price of $319,206 (previously $308,148 in January 2018).
Increased Property Values For Single-Family Homes Occurred In West and East-End Ottawa
Although Hintonburg, West Centretown received the largest price increase from January 2018 to January 2019, other single-family homes located in Blackburn Hamlet, Tanglewood-Grenfell Glen, Orléans-Cumberland, Vanier and Carp-Dunrobin-Fitzroy also received significant price increases. These price trends indicate that buyers are looking for affordable homes as a result of the mortgage stress-test.
Helpful Tip:
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