Strong Gains in Residential Home and Condo Prices in December

The Ottawa real estate market continued to experience low home sales in December compared to December 2017. The slow sales growth was caused by low inventory of homes available for sale in the residential and condo markets, along with high sale prices in both markets. 

Decreased Residential Home Listings

• There were 2,075 active residential home listings at the end of December compared to 2,678 in December 2017, an 22.5 per cent decrease.

Decreased Condo Listings

• There were 616 active condo listings at the end of December compared to 905 in December 2017, an 31.9 per cent decrease.

Decreased Residential Home Sales 

• The residential market had a decrease in sales with 559 homes sold compared to 471 homes sold in December 2017, a 15.7 per cent decrease. 

• The majority of the residential home sales were in the $300,000 and $450,000 price range, accounting for 45 per cent of the residential market, and $500,000 and $750,000, which accounted for 25 per cent of residential home sales.

• Buyers bought mostly: 
  • Two-storey single-family homes - average price - $473,295 (previously $451,327 in December 2017)
  • Bungalows - average price - $397,352 (previously $391,718 in December 2017) 

• Most of the homes bought were in:
  • Casselman/Hawkesbury/Rockland - average price - $286,933 (previously $291,322 in December 2017)
  • Kanata/Nepean - average price - $485,060 (previously $442,677 in December 2017)
  • Central Ottawa - average price - $593,622 (previously $584,309 in December 2017)

Decreased Condo Sales

• The condo market sold 192 condo units compared to 206 units sold in December 2017, a 6.8 per cent decrease.

• The majority of the sales occurred in the $175,000 and $275,000 price range, accounting for 55.7 per cent of the condo market. 

• The most sold units were: 
  • two-storey homes - average price - $233,005 (previously $207,437 in December 2017)
  • one-level homes - average price - $301,784 (previously $294,886 in December 2017)

• Most of the condos bought were in:
  • Central Ottawa - average price - $320,654 (previously $285,490 in December 2017)
  • Orleans - average price - $231,263 (previously $212,992 in December 2017)

Increased Property Values For Single-Family Homes Occurred Mostly In East-End Ottawa 

According to the Ottawa Real Estate Board, homes in east-end Ottawa showed a resurgence in price increases of single-family homes, along with continued price growth in the west-end, from December 2017 to December 2018, particularly in:

Helpful Tip: 

Buying homes during the winter season provide some advantages for buyers. During the winter season, where there is less demand for homes that are currently on the market, buyers are less likely to compete against many buyers in a bidding war situation. As such, buyers have a better chance to be in a stronger bargaining position to negotiate with sellers to purchase homes at lower prices than what they were originally listed for in the market.