Home Sales in the Ottawa Real Estate Market Are Slowing Down

The Ottawa real estate market experienced slow growth in home sales in November compared to November 2017. The contributing factor to this slow sales growth is the low inventory of homes available for sale, especially in the residential market. There were  2,605 active listings at the end of the month compared to 3,212 on Nov. 30, 2017, an 18.9 per cent decrease.

Decreased Residential Home Sales 

• The residential market had a decrease in sales with 870 homes sold compared to 938 homes sold in November 2017, a 7.2 per cent decrease. 

• The majority of the residential home sales were in the $300,000 and $450,000 price range, accounting for 47 per cent of the residential market, and $500,000 and $750,000, which accounted for 20 per cent of residential home sales.

• Buyers bought mostly: 
  • Two-storey single-family homes - average price - $442,492 (previously $446,984 in November 2017)
  • Bungalows - average price - $405,905 (previously $391,077 in November 2017) 

• Most of the homes bought were in:
  • Casselman/Hawkesbury/Rockland - average price - $318,362 (previously $283,843 in November 2017)
  • Kanata/Nepean - average price - $436,916 (previously $425,501 in November 2017)
  • Central Ottawa - average price - $556,513 (previously $523,591 in November 2017)
  • Orleans - average price - $418,025 (previously $388,456 in November 2017)

Condo Market Remains Stable

• The condo market sold 295 condo units compared to 294 units sold in November 2017, a 0.3 per cent decrease.

• The majority of the sales occurred in the $175,000 and $275,000 price range, accounting for 47 per cent of the condo market. 

• The most sold units were: 
  • two-storey homes - average price - $262,041 (previously $225,426 in November 2017)
  • one-level homes - average price - $303,909 (previously $283,684 in November 2017)

• Most of the condos bought were in:
  • Kanata/Nepean - average price - $242,094 (previously $216,966 in November 2017)
  • Central Ottawa - average price - $332,117 (previously $290,319 in November 2017)
  • Orleans - average price - $220,610 (previously $220,184 in November 2017)

Increased Property Values For Single-Family Homes Continue In West-End and East-End Ottawa 

According to the Ottawa Real Estate Board, west-end and east-end Ottawa continued to experience growth in price increases of single-family homes from November 2017 to November 2018), particularly in:

• Hintonburg-West Centretown - $540,500 (a 12 per cent increase) 
• Britannia-Lincoln Heights - $451,900 (a 11.9 per cent increase) 
• Carlington-Central Park - $415,100 (a 10.3 per cent increase)
• Tanglewood-Grenfell Glen-Pineglen - $381,700 (a 10.2 per cent increase)
• Orléans-Cumberland - $393,800 - (a 9.3 per cent increase)
• South of Baseline to Knoxdale - $483,100 (a 9.3 per cent increase)
• Mooney's Bay-Carleton Square - $518,600 (an 8.7 per cent increase)
• Vanier - $367,000 (an 8.7 per cent increase)
• Overbrook-Castleheights - $434,400 (an 8.5 per cent increase)
• Qualicum-Bruce Farm - $591,400 (an 8.3 per cent increase)

Helpful Tips: 

Here are some proven winter maintenance tips for your home to help you avoid problems in the future where you can save money. It is recommended to hire a trusted and experienced professional to do this maintenance work if you are unable to do it yourself.  

Indoors:

• Air Filters: Clean or replace air filters in HRV, furnace, hood­ fan (do monthly or as needed).

• Air Vents: Ensure indoor air vents (HRV & forced air furnace supplies & returns) are clean and not blocked by dust,­ furnishings, drapes, etc. Air supply vents in the basement should be open.

• Humidifier: Turn on and clean humidifier and open humidifi­er damper, if you have a humidifier. Adjust settings to provide a relative humidity of 30% or higher.

• Doors: Whenever possible, leave bedroom doors open to allow for better air circulation.

• Furnace: Refer to furnace manual and carry out any required furnace maintenance.  Run furnace fan throughout the year to provide ventilation for your home.

• Hardwood Flooring: Winter is a critical time of year to closely monitor your indoor relative humidity with a suitable hygrometer. If the air is too dry, your floor will release its moisture. A low moisture content will damage your hardwood floor, lead­ ing to gapping, cracking, and squeaks.

• Window Coverings: Keeping blinds and curtains open when­ ever possible exposes the glass to warm inside air, minimizing condensation.

Outdoors: 

• Attic Vents: Ensure roof louvers, vents and soffits are not blocked with snow. Ventilation is a critical factor in roof dura­bility - air must be able to move through the attic.

• Ensure roof louvers, vents and soffits are not blocked. Ven­tilation is a critical factor in roof durability - air must be able to move through the attic. Check for damaged areas, nests, trees or vines blocking openings, etc.

• Shingles and Roofing: Remove excessive accumulations of snow and ice from the roof to avoid ice damming. Snow covered roof vents will not keep the attic properly ventilated.