Ottawa Market Update, August 2019
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%. The five-year average for August unit sales is 1,522. Although the numbers are up, Ottawa continues to undergo issues with inventory as the limited supply persists.
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. Year to date average prices are more reliable indicators than monthly average prices and they show steady, reasonable, and sustainable increases.
Coming into the fall months, which are typically busy, we expect the market will continue to pick up steam. 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. Every area is different, so please give me a call if you are thinking of buying or selling – and keep those referrals coming!