For the second consecutive month, residential home sales in the Ottawa real estate market continued to decrease in February. There were 729 residential homes sold during that period compared to 770 residential homes sold during the same time period in February 2017, a 5.3 per cent decrease. 

Once again, the contributing factor to the low residential home sales in February was the low inventory of residential homes available for sale in the market. For new listings, there were 1,317 residential homes in the market compared to 1,560 new homes listed in February 2017, a 15.6 percent decrease. Another contributing factor is attributed to homeowners being reluctant to sell their homes until they are assured that they have found another home to live in.

Despite the low residential home sales, the condo market continued its consistent pace of record unit sales. This trend was evident by 250 sold condo units compared to 232 units sold in February 2017, a 7.8 per cent increase.

Other important highlights of the condo market's performance: 

• The majority of the sales occurring in the $150,000 and $250,000 price range, accounting for 56 percent of the condo market.

• The most sold units were: 
  • two-storey homes - average price - $233,836 (previously $210,832 in February 2017)
  • one-level homes - average price - $302,515 (previously $287,086 in February 2017)

• Most of the condos bought were in:
  • Central Ottawa - average price - $317,938 (previously $295,222 in February 2017)
  • Orleans - average price - $209,169 (previously $212,458 in February 2017)

The critical factors to the growing condo market's success are low unit prices and the shortage of condo units available for sale in the market. These trends are encouraging renters to take advantage of home ownership where they no longer want to pay high rental costs. 

Increased Property Values For Single-Family Homes In Western & North-End Areas of Ottawa 

• Owners of single-family homes, located along the Ottawa River, in Rockcliffe Park, New Edinburgh, Manor Park and west-end Ottawa still continued to benefit financially from increased property values on their homes compared to February 2017. The top neighbourhoods in those areas were:

1. Rockcliffe Park - 28.5 per cent (average price: $1,503,000)
2. New Edinburgh/Lindenlea - 25.4 per cent (average price: $756,500)
3. Crystal Bay/Rocky Point/Bayshore – 22.2 per cent (average price: $456,400)
4. Manor Park/Cardinal Glen - 17.2 per cent (average price: $570,800)
5. Carlingwood/Westboro - 17 per cent (average price: $758,400)
6. Britanna Heights - 16.2 per cent (average price: $442,800)
7. Overbrook/Castle Heights - 15.7 per cent (average price: $408.900)
8. Parkwood Park, Queensway – 15.6 per cent (average price: $415,600)
9. Westboro/Hampton Park – 14.1 per cent (average price: $629,400)
10. Britanna & Lincoln Heights - 14.1 per cent (average price: $430,600)

Tip: When obtaining property insurance for your new home, receiving a low-cost premium is a great deal to have, right? Not really. Getting the right coverage that addresses your personal needs and protects you and your family financially is the most important factor in any property insurance product you purchase.

There have been cases where homeowners paid low-cost premiums on insurance policies that didn't provide them full coverage, such as sewer backup and personal liability coverages. When their homes were flooded from poor sewer drainage or faced a lawsuit from a slip and fail victim on their property, they suffered financially and emotionally. The saying holds true in this situation, "you get what you pay for." It is not the cost of insurance that is important, what matters most is the amount of coverage you have that will protect you and your family and will offer you a peace of mind.