The Ottawa Real Estate Market Continued to Be Hot In August

The Ottawa real estate market continued to generate record home sales in August, along with reduced inventory and price increases of over 11 per cent in the residential and condo markets. 

Here is what happened in the market:

Record Residential Home Sales

• 1,300 homes were sold in August 2019, an increase of 9.7 per cent compared to 1,185 properties sold in August 2018. 

• Residential homes sold quickly from 58 days to 42 average days on the market, which is a 28.2 per cent decrease.

• Buyers continued to buy residential homes in the $350,000 and $500,000 price range, which accounted for nearly 42 per cent of the residential home market, and $500,000 and $750,000, which accounted for 27 per cent of residential home sales.

• Buyers bought mostly: 
  • Two-storey homes - average sale price to date - $510,129 (previously $468,667 in August 2018) 
  • Bungalows (1-story) - average sale price to date - $446,854 (previously $414,095 in August 2018) 
     

• Most of the homes bought were in:
  • Downtown Ottawa - average sale price - $593,611 (previously $545,536 in August 2018)
  • Kanata/Nepean - average sale price - $532,036 (previously $444,048 in August 2018)
  • Orleans - average sale price - $477,343 (previously $422,052 in August 2018)
  • Rockland/Casselman/Hawkesbury - average sale price - $334,599 (previously $290,297 in August 2018)

 Record Condo Sales

• The condo market sold 431 condo units compared to 396 units sold in August 2018, an 8.8 per cent increase. 

• Similar to residential homes, condo units sold quickly from 68 days to 43 average days on the market, which is a 36.8 per cent decrease.

• Buyers bought most of the condo units priced in the $250,000 and $400,000 price range, accounting for 50 per cent of the condo market. 

• The most sold condo units were: 
  • Two-storey homes - average sale price to date - $263,515 (previously $235,707 in August 2018)
  • One-level homes - average sale price to date - $321,069 (previously $306,954 in August 2018)

• Most of the condos bought were in:
  • Downtown Ottawa - average sale price - $343,200 (previously $310,436 in August 2018)

Reduced Residential and Condo Listings

• There were 2758 active residential home listings in the market compared to 3548 active listings in August 2018, which resulted in a 22.3 per cent decrease in listing inventory.

• There were 614 active condo listings in the market compared to 1103 active listings in August 2018, which resulted in a 44.3 per cent decrease in listing inventory.

West-End Ottawa Dominates With Property Price Increases For Single-Family Homes

Contrast to east-end Ottawa dominating the market with consistent monthly price increases for single-family homes in July, the west-end retook the lead in August with significant price increases from August 2018. However, Vanier continued to be one of the top districts for price increases despite it being historically being the least expensive neighbourhood to purchase a single-family home.  This trend continues to signal that buyers are still looking for affordable homes.

                                     Source: James Bagnall, @JamesBagnall1, September 5, 2019