Despite its pace of steady growth, the Ottawa real estate market's consecutive home sales record streak ended in May. The contributing factors to this new trend were:

Lower Inventory of Homes Available For Sale

• In May 2018, there was a total of 5,387 residential homes and condos listed in the market for sale, a 16.9 per cent decrease from May 2017 which had a total of 6,481 residential and condo listings. As such, many buyers had limited opportunities to purchase homes.

Residential Market

• The residential market experienced a decrease in its home sales with 1,794 residential homes sold in May compared to 1,850 homes sold in May 2017, a 3 per cent decrease.

• The majority of the residential home sales were in the $300,000 and $450,000 price range, accounting for 45 per cent of the residential market, and $500,000 and $750,000, which accounted for 25 per cent of residential home sales.

• Buyers bought mostly:
  • One-and-a-half storey single-family homes - average price - $405,267 (previously $401,676 in May 2017)
  • Two-storey single-family homes - average price - $476,007 (previously $451,003 in May 2017)
  • Bungalows - average price - $438,883 (previously $400,676 in May 2017)
  • Split-level family homes - average price - $452,262 (previously $413,405 in May 2017)

• Most of the homes bought were in:
  • Carleton Place/Perth - average price - $346,087 (previously $306,525 in May 2017)
  • Casselman/Hawkesbury/Rockland - average price - $325,263 (previously $298,000 in May 2017)
  • Stittsville - average price - $490,551 (previously $442,314 in May 2017)
  • Kanata/Nepean - average price - $457,949 (previously $417,904 in May 2017)
  • Central Ottawa - average price - $586,178 (previously $567,311 in May 2017)
  • Orleans - average price - $437,480 (previously $402,284 in May 2017)

Despite lower residential sales, the condo and luxury home markets performed well.

Condo Market

• The condo market sold 485 condo units compared to 444 units sold in May 2017, a 9.2 per cent increase.

• The majority of the sales occurred in the $150,000 - $250.000 price range, accounting for 49 per cent of the condo market. Apartment condos dominated the condo market with 52 per cent in sales due to affordability in its carrying costs overtime compared to renting apartments. 

• The most sold units were: 
  • two-storey homes - average price - $229,078 (previously $231,045 in May 2017)
  • one-level homes - average price - $321,756 (previously $298,943 in May 2017)

• Most of the condos bought were in:
  • Central Ottawa - average price - $321,797 (previously $315,773 in May 2017)
  • Kanata/Nepean - average price - $240,015 (previously $226,243 in May 2017)
  • Orleans - average price - $225,923 (previously $218,153 in May 2017)

Luxury Home Market

• There were 432 properties sold in the $500,000 - $750,000 price range compared to 338 properties sold in May 2017, a 24.1 per cent increase.

Increased Property Values For Single-Family Homes Throughout Ottawa 

• There has been a change in the trend of price increases of single-family homes in the city. West-end Ottawa was the dominant district for a period of time where homeowners received significant financial gains in increased property values of their homes. Now, single-family homeowners living in the eastern, northern, central and southern districts of the city have also received significant price increases on their homes over a one-year period (from May 2017 to May 2018). As reflected in the map below, the top neighbourhoods were:

1. Britannia Heights and Lincoln Heights - 59.3 per cent (average price: $605,106)
2. McKellar Heights - 52.3 per cent (average price: $823,000)
3. Crystal Bay/Rocky Point/Bayshore – 42.1 per cent (average price: $752,500)
4. Manor Park/Cardinal Glen - 41.9 per cent (average price: $780,500)
5. Carlsbad Springs - 39.6 per cent (average price: $321,125)
6. South of Baseline to Knoxdale - 34.8 per cent (average price: $582,944)
7. Lower Town, Sandy Hill – 30.3 per cent (average price: $682,773)
8. Vanier - 23.4 per cent (average price: $412,881)
9. Carlington, Central Park – 23.1 per cent (average price: $449,596)
10. Centretown - 21 per cent (average price: $781,771)

Tip: Preparing to sell a home is a time-consuming and labour-intensive process that can be challenging and stressful if not performed correctly. As such, problems can occur which can affect you financially and emotionally. To make the home-selling process easy and simple with less hassles, here is a checklist you can use and follow that covers all the important details in selling a home successfully. You can read all the details by clicking this link: Home Selling Checklist