Ottawa had a busier than normal summer this year. Ottawa Real Estate Board President Ralph Shaw doesn’t expect the market pace to change.
“Our real estate market has had a busier than usual summer season, and we are shaping up for a busy fall period as well,” Shaw says. “An active market is likely to be the new normal for the foreseeable future.”
Here are the August 2018 numbers:
- Total number of units sold: 1,586 – an increase of 3.3% from 1,535 in August 2017.
- Five year average unit sales for August: 1,417.
Here are the specifics of easy property class:
- Number of residential-class properties sold: 1,188 – an increase of 0.7% from 1,179 in August 2017.
- Average sale price of a residential-class property: $$433,684 – up 3.2% from $420,335 in August 2017.
- Number of condominium-class properties sold: 398, up 10.9% from 359 in August 2017.
- Average sale price of a condominium-class property: $276,720, up 2.2% from $270,768 in August 2017.
Ottawa’s Price Growth in Line with Inflation
While prices have gone up from 2017, it’s not necessarily because of lower than usual inventory levels. Inventory refers to the number of houses on the market and how long it would take to sell them.
“Ottawa continues to be an affordable place to buy property and is experiencing sensible price growth more in line with inflation,” Shaw says.
While some pockets of the city have seen a large increase in listing amounts, overall, “prices have not yet been significantly affected,” he says.
More Neighbourhoods, Fewer Supply Problems
While inventory numbers are down across the country, Ottawa’s market continues to thrive.
“The reason we aren’t yet supply problematic, like some other markets, is that we have the ability to expand in all directions — stretching the buyer’s purchasing power,” Shaw explains.
“Within an easy 30-minute commute, there are surrounding communities with reasonably priced single-family homes and all the fundamental needs supplied within these neighbourhoods.”
High Demand for Condos Drives Ottawa’s Current Market
With a low amount of listings available, the number of available rentals has gone down as well. This translates to an increasing demand for condos.
This is helping ease the oversupply of condos we experienced in the past,” Shaw says.
“Hopefully this will encourage developers to move forward with their stalled condominium projects.”
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