Ottawa House for Sale
Hot Market in a Scorching July

Members of the Ottawa Real Estate Board sold 1,842 residential properties in July through the Board’s Multiple Listing Service® System, compared with 1,605 in July 2018, an increase of 14.8%.
Ottawa Real Estate Board, August 6, 2019

July’s sales included 1,382 in the residential-property class, up 12.3% from a year ago, and 460 in the condominium-property category, a rise of 23%. The five-year average for July unit sales is 1,579.

July’s average sale price for a residential-class property was $487,308, an increase of 10.4% from a year ago and for a condominium-class property was $299,665, an increase of 6.8%.

 “Typically, after the busy spring, July tends to be a slower month as people take vacations and spend more time with their families, but there was no slow down this past month,” observes Dwight Delahunt, President of the Ottawa Real Estate Board. “In fact, we recorded the highest number of July sales in 15 years.”

“Also, for the first time in 2019, there was an upsurge in new listings which has slightly improved housing inventory. Although this is encouraging news, it is not enough to keep up with demand. In order to bring about a more balanced market, there needs to be at least a three-month supply of listings. Currently, Ottawa is closer to a one-month supply,” he adds.

“In this type of market, it is vital that Sellers utilize the experience and advice of a REALTOR® to maximize your property’s potential — and if you are a Buyer, to guide you through the complexities this intricate market presents,” Delahunt recommends.

 “Residential house prices continue to increase; however, these are reasonable gains and are not creating a bubble by any stretch,” Delahunt maintains. “Condo prices have now recovered, and the oversupply in that sector no longer exists. Ottawa has a healthy condo market and with major developments coming online in the future, we expect these too will be absorbed in due course.”

When asked about how the upcoming federal election might affect the real estate market, Delahunt emphasizes, “We continue to believe the stress test is negatively impacting our housing market and look forward to hearing about how the various parties intend on addressing this contentious issue as the election approaches.”

In addition to residential sales, OREB Members assisted clients with renting 1,619 properties since the beginning of the year.