The Hot Ottawa Real Estate Market Continues to Cool Down
The hot Ottawa real estate market continued to cool down in September due to low residential home sales, however, the condo market is experienced strong growth. Here is how the Ottawa real estate market performed in September:
Low Residential Home Sales
- The residential market had a decrease in sales with 1,046 homes sold compared to 1,073 homes sold in September 2017, a 2.5% decrease. This trend is due in part to the limited supply of residential homes available for sale in the market.
- The majority of the residential home sales were in the $300,000 and $450,000 price range, accounting for 46 per cent of the residential market, and $500,000 and $750,000, which accounted for 22.5 per cent of residential home sales.
- Buyers bought mostly:
- Two-storey single-family homes - average price - $465,049 (previously $441,013 in September 2017)
- Bungalows - average price - $405,716 (previously $380,637 in September 2017)
- Most of the homes bought were in:
- Casselman/Hawkesbury/Rockland - average price - $293,803 (previously $296,766 in September 2017)
- Kanata/Nepean - average price - $455,832 (previously $424,313 in September 2017)
- Central Ottawa - average price - $579,087 (previously $511,886 in September 2017)
- Orleans - average price - $432,408 (previously $401,649 in September 2017)
Record Number of Condo Units Sold
- The condo market sold 347 condo units compared to 310 units sold in September 2017, an 11.9 per cent increase.
- The majority of the sales occurred in the $175,000 and $275,000 price range, accounting for 57 per cent of the condo market.
- The most sold units were:
- two-storey homes - average price - $257,832 (previously $225,476 in September 2017)
- one-level homes - average price - $296,355 (previously $290,822 in September 2017)
- Most of the condos bought were in:
- Central Ottawa - average price - $319,074 (previously $301,228 in September 2017)
- Kanata/Nepean - average price - $253,317 (previously $218,165 in September 2017)
- Orleans - average price - $221,290 (previously $221,754 in September 2017)
- The condo market maintained its strong sales growth due to its affordability, especially for first-time home buyers, and the low vacancy rate for rental apartments.
Increased Property Values For Single-Family Homes In West-End Ottawa
According to the Ottawa Real Estate Board, west-end Ottawa continued to grow with price increases of single-family homes, where homeowners received significant financial gains in increased property values of their homes over a one-year period (from September 2017 to September 2018). The largest price increases occurred in Bells Corners, and in Hintonburg-West Centretown, where the average price was $555,000 (a 15 per cent increase).
There were modest price increases in Carlingwood-Westboro at 4.7 per cent where single-family homes there still sold at an average price of $776,800, and in Westboro-Hampton Park at 5.1 per cent with an average price of $628,800.
Helpful Tip:
If you are on the road looking to buy a home, there is a free app called the Canadian Mortgage App where you can use it to calculate quickly your mortgage, land transfer fees, closing costs and other home ownership costs. This practical app provides you various scenarios on how to reduce your home ownership costs in order for you to be able to afford to buy a home. You can download the app on your mobile phone at http://www.
