The Ottawa Housing Market Continues To Be Strong....

The Ottawa real estate market continued to be strong with growing sales and modest residential and condo price increases in September, especially in the hot condo market, despite low inventory of properties available for sale in the market. 

Here is how the market performed:

Record Condo Sales

• The condo market sold 436 condo units compared to 345 units sold in September 2018, a 26.4 per cent increase. 

• Similar to residential homes, condo units sold quickly from 74 days to 36 average days on the market, which is a 51.1 per cent decrease.

• Buyers bought most of the condo units priced in the $225,000 - $350,000 price range, accounting for 56 per cent of the condo market. 

• The most sold condo units were:  
  • Two-storey homes - average sale price to date - $278,839 (previously $257,884 in September 2018)
  • One-level homes - average sale price to date - $333,285 (previously $297,813 in September 2018)

• Most of the condos bought were in:
  • Downtown Ottawa - average sale price - $338,131 (previously $321,015 in September 2018)

Stable Residential Home Sales

• 1,113 homes were sold in September 2019, an increase of 6.9 per cent compared to 1,041 properties sold in September 2018. 

• Residential homes sold quickly from 60 days to 43 average days on the market, which is a 29.6 per cent decrease.

• Buyers continued to buy residential homes in the $350,000 and $500,000 price range, which accounted for nearly 43.5 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 to date - $514,200 (previously $466,163 in September 2018) 
  • Bungalows (1-story) - average sale price to date - $465,530 (previously $404,679 in September 2018) 
     

• Most of the homes bought were in:
  • Downtown Ottawa - average sale price - $623,524 (previously $580,182 in September 2018)
  • Kanata/Nepean - average sale price - $507,756 (previously $458,436 in September 2018)
  • Orleans - average sale price - $467,555 (previously $432,062 in September 2018)

 Reduced Residential and Condo Listings

• There were 2768 active residential home listings in the market compared to 3439 active listings in September 2018, which resulted in a 19.53 per cent decrease in listing inventory.

• There were 592 active condo listings in the market compared to 985 active listings in September 2018, which resulted in a 39.9 per cent decrease in listing inventory.

West-End Ottawa Continues to Dominate With Property Price Increases For Single-Family Homes

Single-family homes sold in the south, central, east and western sections of the city continued to experience significant sale price increases from September 2018 due to sales of some multi-million dollar properties in those locations. As such, this trend indicates that luxury homes continue to be a popular market for buyers in those locations, which contributed to the significant sale price increases.

Source: James Bagnall, Ottawa Citizen, @JamesBagnall1