Ottawa House for Sale
Sizzling Summer Continues into August

Members of the Ottawa Real Estate Board sold 1,731 residential properties in August through the Board’s Multiple Listing Service® System, compared with 1,581 in August 2018, an increase of 9.5%. 
Ottawa real Estate Board, Sept 5, 2019

August’s sales included 1,300 in the residential-property class, up 9.7% from a year ago, and 431 in the condominium-property category, an increase of 8.8% from August 2018. The five-year average for August unit sales is 1,522.

August’s average sale price for a condominium-class property was $308,781, an increase of 11.5% from last year while the average sale price of a residential-class property was $484,921, an increase of 11.8% from a year ago. Year to date figures show an 8.4% and 7.9% increase in average sale prices for residential and condominiums respectively.

 “August’s 10% increase in unit sales from 2018 is over twice the percentage increase experienced last year and three times higher than the previous August,” reports Dwight Delahunt, Ottawa Real Estate Board President. “However, although the numbers are up, Ottawa continues to undergo issues with inventory as the limited supply persists.”

“Year to date average prices, which are more reliable indicators than monthly average prices, show steady, reasonable, and sustainable increases. We don’t anticipate there will be a major correction in the foreseeable future,” Delahunt maintains.

“As to be expected, now that the units in the lower end of the condo market have been acquired, there appears to be another upward movement in the prices of available condominiums,” Delahunt points out. “Statistics show the higher end of the residential market has picked up with the doubling of unit sales in the $750K to $1M price range from this time last year,” he adds.

When questioned about the government's First-Time Home Buyer Incentive (FTHBI) which came into effect on September 2, Delahunt cautions, “It’s too early to tell what the impact will be or if there will be any impact in Ottawa’s market – these measures are not helping the supply side. We continue to call on all three levels of government to implement actions to increase supply which will facilitate restoring balance to our local real estate market.”

“Coming into the fall months, which are typically busy, we expect the market will continue to pick up steam,” he speculates. “Your home purchase or sale is not a DIY project; there’s too much at stake. Be sure to find a local REALTOR® with the depth of knowledge and experience that is warranted in one of the biggest investments you will make in your life.”

In addition to residential sales, OREB Members assisted clients with renting 1,906 properties since the beginning of the year.