Ottawa Market Update, June 2019
Members of the Ottawa Real Estate Board sold 2,105 residential properties in June through the Board’s Multiple Listing Service® System, compared with 2,064 in June 2018, an increase of 2%. June’s sales included 1,612 in the residential-property class, on par with a year ago, and 493 in the condominium property class, a rise of 8.8% from June 2018. The five-year average for June unit sales is 2,002. Condo resales, up 8.3% from last year, are the driving force for the upturn in units sold in the first half of 2019.
June’s average sale price for a condominium class property was $308,482, an increase of 6.2% from last year while the average sale price of a residential-class property was $500,716, a rise of 11.4% from a year ago. YTD figures show a steady growth of 7.6% and 7.5% for residential and condominiums respectively.
In the past decade we have seen an approximate 52% increase in residential average prices and 34% for condominiums – a great return on investment for homeowners. Ottawa remains one of Canada’s most affordable major cities. Some areas of the city are experiencing multiple offers, and the competition for well-priced and positioned properties is brisk – 39% of properties sold in June went for more than the asking price.
This is not a speculation market. We anticipate there will be a high demand in the foreseeable future due to increasing population and strong employment in the area. Having an experienced Realtor® becomes extremely important in a challenging market. Every area is slightly different so please give me a call if you are thinking of buying or selling.