August Listings Haven’t Cooled Down

A surprising month for listings. Still continuing the trend that July started, listings have been solid in Ottawa.

Here are the August 2019 numbers:

  • Total number of units sold: 1,731 – up 9.5% from 1,581 in August 2018.
  • Five-year average unit sales for August: 1,579.

Here are the specifics for each property class:

  • Number of residential-class properties sold: 1,300 – up 9.7% from 1,174 in August 2018.
  • Average sale price of a residential-class property: $484,921 – up 11.4% from $427,700 in August 2018.
  • Number of condominium-class properties sold: 431 – up 8.8% from 393 in August 2018.
  • Average sale price of a condominium-class property: $308,781 – up 11.5% from $273,271 in August 2018.

First Time Home Buyer’s Incentive

Since the First Time Home Buyer’s Incentive started in September, some questions surround this program on whether it’ll have an effect on the Ottawa real estate market? “It’s too early to tell”, says Dwight Delahunt, Ottawa Real Estate Board President. “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.”

The program expects to serve about 100,000 Canadian homebuyers. Whether this will affect Ottawa, only time will tell. This incentive ends on November 1st, 2019.