July Market Heat Up!

What an amazing month for the real estate market! Since July is such a vacation-heavy month, people are usually more focused on their summer than purchasing or selling their home. But compared to last year, the numbers tell a different story.

Here are the July 2019 numbers:

  • Total number of units sold: 1,842 – up 14.8% from 1,605 in July 2018.
  • Five year average unit sales for July: 1,579.

Although there’s a rise in new listings, there’s more demand than supply. Dwight Delahunt, President of Ottawa Real Estate Board, believes we need a three-month supply of listings to reach a balanced market.

Here are the specifics for each property class:

  • Number of residential-class properties sold: 1,382 – up 12.3% from 1,212 in July 2018.
  • Average sale price of a residential-class property: $500,716 – up 11.4% from $443,634 in July 2018.
  • Number of condominium-class properties sold: 460 – up 23% from 354 in July 2018.
  • Average sale price of a condominium-class property: $308,482 – up 6.2% from $289,358 in July 2018.

Potential Global Recession

We’ve been so fortunate to have conducted in such a fruitful housing market but it could come to an end. Economists are predicting a global recession in the future months. Although it isn’t imminent, there’s a possibility. So, what does this mean for the real estate market? Most likely, housing prices will decrease in value and interest rates could rise higher in percentage.

We are open and taking precautionary measures to help keep our communities safe. Learn more about the steps we are taking.
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