Ottawa Market Update December 2019
Members of the Ottawa Real Estate Board (OREB) sold 761 residential properties in December through the Board’s Multiple Listing Service® System, an increase of 15.3% over December 2018. December’s statistics reflect the same story we’ve seen all year – historically low supply yet higher unit sales than in previous years. Days on market continued to decline, especially in certain pockets of the city, as properties that came on the market were snapped up by prepared buyers. Condo sales led the way, offering lower price point options for homebuyers that simply weren’t available in the residential category. The total number of residential and condo units sold throughout 2019 was 18,622, compared with 17,467 in 2018, an increase of 6.6%. Residential property class sales went up by 4.7% and condominium property class sales increased 13% over 2018. 2019 was a record-breaker in both the number of sales as well as average prices.
December’s average sale price for a condominium-class property was $310,675, an increase of 11.5% from a year ago while the average sale price of a residential-class property was $500,306, an increase of 10.3% from December 2018. Year-end figures show an average sale price of $486,590 for residential class properties in 2019, an 8.9% increase from 2018 and $304,203 for condominium properties, up 9.3% from last year. OREB’s 2020 President, Deborah Burgoyne, forecasts Ottawa will continue to experience limited supply and reasonably increasing average prices in 2020.
Builders are constructing luxury rental units, which is something we haven’t seen much of before. These could potentially add inventory to the residential class, as boomers will have decent options if they are considering entering a different lifestyle than homeownership.
Don’t forget that every areas different and in a challenging market it is best to use an experienced real estate agent if you are thinking of buying or selling.
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