The Strong Condo Market Continues to Dominate the Resale Market in June

Similar to May, the Ottawa resale market continued to grow in June with the help of increased condo market sales.

Here is what happened in the market in June:

 Increased Condo Sales Continue

• The condo market sold 493 condo units compared to 453 units sold in June 2018, an 8.8 per cent increase. 

• Condo units sold quickly in terms of average days in the market from 43 days to 31 days, which is a 39 per cent decrease.

• Buyers bought most of the condo units priced in the $225,000 and $350,000 price range, accounting for 55 per cent of the condo market. 

• The most sold condo units were: 
  • two-storey homes - average sale price - $272,745 (previously $236,084 in June 2018)
  • one-level homes - average sale price - $337,001 (previously $321,935 in June 2018)

• Most of the condos bought were in:
  • Downtown Ottawa - average sale price - $336,092 (previously $334,886 in June 2018)
  • Kanata/Nepean - average sale price - $278,399 (previously $234,740 in June 2018)
  • Orleans - average sale price - $251,474 (previously $222,146 in June 2018)

Steady Residential Home Market

• Despite stable sales similar to June 2018, the average sale price of residential homes in June 2019 was $500,700, an 11.4 per cent increase, which is a record marking the first time that average prices exceeded half a million dollars in the residential market.  

• In the residential home market, 1,612 homes were sold in May 2019, an increase of 0.1 per cent compared to 1,611 properties sold in June 2018. 

• Similar to condo units, residential homes sold quickly in terms of average days in the market from 35 days to 27 days, which is a 30 per cent decrease.

• Buyers continued to buy residential homes in the $350,000 and $500,000 price range, which accounted for nearly 43 per cent of the residential market, and $500,000 and $750,000, which accounted for 29 per cent of residential home sales.

• Buyers bought mostly: 
  • Two-storey homes - average sale price - $531,196 (previously $476,437 in June 2018)
  • Three-storey homes - average sale price - $573,593 (previously $576,518 in June 2018)
  • Bungalows (1-story) - average sale price - $447,745 (previously $403,812 in June 2018)
  • Split-level homes - average sale price - $457,156 (previously $413,157 in June 2018) 

• Most of the homes bought were in:
  • Downtown Ottawa - average sale price - $644,866 (previously $586,983 in June 2018)
  • Kanata/Nepean - average sale price - $508,953 (previously $462,930 in June 2018)
  • Orleans - average sale price - $463,138 (previously $437,788 in June 2018)
  • Rockland/Casselman/Hawkesbury - average sale price - $340,311 (previously $292,365 in June 2018)
  • Stittsville - average sale price - $537,168 (previously $453,581 in June 2018)

 West-End Ottawa Continues With Property Price Increases 

Most of the largest price increases, from June 2018 to June 2019, occurred mostly in the western districts of the city.  This price trend, according to James Bagnall of the Ottawa Citizen, is the result of the following factors:

• Real estate developers' plans to develop an additional 10,000+ new housing units in the Kanata area;
• The relocation of the majority of the Department of National Defence civilian and military staff to the new Department's headquarters in Bells Corners, and 
• The growth of the Kanata's high-tech industry, particularly in the fifth-generation wireless technology and software-as-a-service industry sectors.