The Ottawa real estate market continues with steady sales growth due to the following factors:

Record Condo Sales in the Resale Market

• The condo market dominated the resale market where 332 condo units were sold compared to 278 units in August 2016, a 19.4 per cent increase.

• Most of the sales were in the $150,000 and $249,999 price range, accounting for 50.7 per cent of the market.

• Over the past few years, the condo market has struggled with the oversupply of newly built units that could not be sold. In fact, condo owners who experienced challenges selling their units rented them instead. However, as these same condo owners are currently seeing strong condo sales, they are placing the units back on the market. 

• The condo owners who benefitted from the strong sales were those who sold 2-storey and one-level homes, and bungalows to eager buyers.

• Most of the condos were sold in the following district areas: 
  • Kanata
  • Nepean
  • Central Ottawa
  • Orleans

Increased Buyer Demand

• Due to seeing home price increases and recent increases in mortgage rates, buyers are increasingly purchasing homes they can afford to avoid being crowded out of the market where they fear that they may not be able to afford a home for a few years.

Increased Sales in Lifestyle Luxury Homes

• 47 units were sold compared to 38 units in July 2017 in the $750,000 - $999,999 price range, a 3.9 per cent increase.

• 23 units were sold compared to 17 units in July 2017 priced over $1,000,000, a 1.9 per cent increase.

Price Increases For Single-Family Homes 

• Similar to June, homeowners living in the southern and western sections of Ottawa continue to benefit financially from the significant increases in the market value of their homes. The neighbourhoods that benefitted from this financial gain include:

1. Hunt Club/Windsor Park – 26 per cent increase (average price: $456,100)
2. Mooney’s Bay/Carleton Square – 19.7 per cent (west side): average price: $477,800 and 17.4 per cent (east side): average price: $455,800
3. Carlingwood/Westboro – 11.5 per cent (average price: $758,400)

Real Estate Tip:  To help you know the exact amount of land transfer tax that will need to be paid on the purchase of your next home, you can use this practical calculator: http://bit.ly/2ilMskZ