Here are the December 2019 numbers:
- Total number of units sold: 761 – up 15.3% from 660 in December 2018.
- Five-year average unit sales for December: 720.
Here are the specifics for each property class:
- Number of residential-class properties sold: 534 – up 13.9% from 460 in December 2018.
- Average sale price of a residential-class property: $500,306 – up 10.3% from $448,775 in December 2018.
- Number of condominium-class properties sold: 227 – up 18.8% from 184 in December 2018.
- Average sale price of a condominium-class property: $310,675 – up 11.5% from $274,947 in December 2018.
Here are the total 2019 numbers:
- Total number of units sold in 2019: 18,622 – up 6.6% from 17,467 in 2018.
Here are the specifics for each property class:
- Number of residential-class properties sold in 2019: 14,038 – up 4.7% from 13.411 in 2018.
- Average sale price of a residential-class property in 2019: $486,590 – up 8.9% from $443,284 in 2018.
- Number of condominium-class properties sold in 2019: 4,584 – up 13% from 4,056 in 2018.
- Average sale price of a condominium-class property in 2019: $304,203 – up 9.3% from $275,912 in 2018.
Slow December Still Busy
With all the holiday festivities underway, you’d think people would take a break from selling and buying homes. Well, not with the way this Ottawa market has shaped up. Compared to previous Decembers, this one was busy. Some even closing on properties during Christmas Eve. With the high demand for properties with little on the market, Ottawa residents didn’t take a day off when it came to buying or selling real estate.
“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,” states Dwight Delahunt, Ottawa Real Estate Board’s 2019 President. “Unit sales in the condominium class consistently led the way, offering lower price point options for homebuyers that simply weren’t available in the residential category,” he adds.
Plentiful 2019 Real Estate Market
“2019 was a record-breaker in both the number of sales as well as average prices, with the residential property class reaching $500K in several months during the year. This price growth is warranted due to the fundamental economic principle of supply and demand playing out, with limited supply putting upward pressure on prices. However, even with these increases, Ottawa’s real estate market continues to remain one of the most affordable and sustainable in the country,” Delahunt stresses.
2019 was quite a year for real estate in Ottawa. At Paul Rushforth, we’re thankful for all who trusted our team with your most expensive possession. We can’t wait for 2020 and all that comes with it!