Record Home Sales in July As Ottawa Real Estate Market Continues To Grow

July was the best month of the year so far for the Ottawa real estate market. The market generated record home sales for the month of July.

Here is how the market performed:

Record Residential Home Sales

• 1,382 homes were sold in July 2019, an increase of 12.3 per cent compared to 1,231 properties sold in July 2018. 

• Residential homes sold quickly from 54 days to 39 average days on the market, which is a 38 per cent decrease.

• Buyers continued to buy residential homes in the $350,000 and $500,000 price range, which accounted for nearly 42 per cent of the residential home market, and $500,000 and $750,000, which accounted for 28 per cent of residential home sales.

• Buyers bought mostly: 
  • Two-storey homes - average sale price - $521,104 (previously $473,424 in July 2018)
  • Bungalows (1-story) - average sale price - $443,317 (previously $390,036 in July 2018) 
     

• Most of the homes bought were in:
  • Downtown Ottawa - average sale price - $625,949 (previously $595,187 in July 2018)
  • Kanata/Nepean - average sale price - $504,587 (previously $443,779 in July 2018)
  • Orleans - average sale price - $464,063 (previously $418,152 in July 2018)
  • Rockland/Casselman/Hawkesbury - average sale price - $328,641 (previously $319,255 in July 2018)

 Record Condo Sales

• The condo market sold 460 condo units compared to 374 units sold in July 2018, an 23 per cent increase. 

• Similar to residential homes, condo units sold quickly from 63 days to 39 average days on the market, which is a 39 per cent decrease.

• Buyers bought most of the condo units priced in the $225,000 and $350,000 price range, accounting for 52 per cent of the condo market. 

• The most sold condo units were: 
  • two-storey homes - average sale price - $266,195 (previously $238,226 in July 2018)
  • one-level homes - average sale price - $317,969 (previously $307,626 in July 2018)

• Most of the condos bought were in:
  • Downtown Ottawa - average sale price - $329,580 (previously $325,651 in July 2018)
  • Kanata/Nepean - average sale price - $272,816 (previously $244,610 in July 2018)
  • Orleans - average sale price - $251,878 (previously $214,332 in July 2018)

 East-End Ottawa Dominates With Property Price Increases For Single-Family Homes

Historically, in the last few years, west-end Ottawa dominated the market with consistent monthly price increases for single-family homes. Surprisingly, however, from July 2018 to July 2019, top six districts in east-end Ottawa took over with price increases despite it being a regional area as the least expensive to purchase a single-family home.  This trend may be attributed to buyers looking aggressively for affordable homes and who are affected by the listing price increases and the mortgage stress-test.

Source: James Bagnall, Ottawa Citizen, August 7, 2019