The Ottawa real estate market finished 2017 with record-breaking results in December based on the following factors:

 Increased Record Sales In Residential Homes 

• Residential homes contributed to record sales where 566 homes were sold compared to 547 homes in December 2016, a 3.5 per cent increase.

• Similar to November 2017, the majority of the sales were in the $300,000 and $450,000 price range, accounting for 43 per cent of the residential market.

• Buyers bought mostly:
  • two-storey single-family homes - average price - $450,317
  • three-storey single-family homes - average price - $617,530
  • split-level - average price - $423,625

• Most of the homes bought were in:
  • Arnprior
  • Almonte
  • Carleton Place/Perth
  • Kemptville/Prescott/Brockville
  • Casselman/Hawkesbury/Clarence-Rockland
  • Metcalfe
  • Manotick
  • Carp
  • Stittsville
  • Central Ottawa
  • Orleans

 Record Condo Sales 

• Condos sales improved again with 205 condo units were sold compared to 164 units in November 2016, a 25 per cent increase.

• Similar to November 2017, the majority of the sales were in the $150,000 and $275,000 price range, accounting for 67 per cent of the condo market.

• The most sold units were:
  • two-storey homes - average price - $208,814
  • three-storey homes - average price - $283,207
  • one-level homes - average price - $294,886

• Most of the condos were bought in:
  • Kanata
  • Nepean
  • Central Ottawa
  • Orleans

Increased Property Values For Single-Family Homes In North & West-End Ottawa 

• Owners of single-family homes in Rockcliffe Park, New Edinburgh and west-end Ottawa continued to benefit financially from increased property values on their homes. The top neighbourhoods in those areas were:

1. Rockcliffe Park - 29.7 per cent (average price: $1,547,700)
2. New Edinburgh/Lindenlea - 27.1 per cent (average price: $767,200)
3. Crystal Bay/ Rocky Point/Bayshore – 23.9 per cent (average price: $452,400)
4. Carlingwood/Westboro - 17.4 per cent (average price: $761,800)
5. Britanna Heights - 17.3 per cent (average price: $440,100)'
6. Parkwood Park, Queensway – 14.9 per cent (average price: $410,900)
7. Manor Park/Cardinal Glen - 14.7 per cent (average price: $569,500)
8. Westboro/Hampton Park – 14.2 per cent (average price: $625,600)
9. Woodroffe – 13.8 per cent (average price: $425,300)
10. McKellar Heights – 13.2 per cent (average price: $561,800)

Tip: When selling your home, if you receive an offer from a potential buyer, it is important to make sure that your realtor requests a copy of a confirmation letter from the buyer's mortgage lender that demonstrates that the buyer is pre-approved/pre-qualified or has the financial capability to purchase your home. This due-diligence strategy will ensure that the buyer is committed to purchasing your home without any hassles or frustrations. I have seen countless times where realtors representing buyers do not confirm with them if they have been pre-approved/pre-qualified for a mortgage. As such, when a buyer submits an offer that is accepted, they then discover from their lender that they are no longer qualified for a mortgage. As a result, the seller misses the opportunity to receive better offers from other qualified buyers who purchase other homes, and the seller's property will continue to be in the market for a long period of time and lose its value.