Ottawa Real Estate Board (OREB)
Latest News Release
Sizzling Summer Continues into August
OTTAWA, September 5, 2019 – Members of the Ottawa Real Estate Board sold 1,731 residential properties in August through the Board’s Multiple Listing Service® System, compared with 1,581 in August 2018, an increase of 9.5 per cent. August’s sales included 1,300 in the residential-property class, up 9.7 per cent from a year ago, and 431 in the condominium-property category, an increase of 8.8 per cent from August 2018. The five-year average for August unit sales is 1,522.
“August’s ten percent increase in unit sales from 2018 is over twice the percentage increase experienced last year and three times higher than the previous August,” reports Dwight Delahunt, Ottawa Real Estate Board President. “However, although the numbers are up, Ottawa continues to undergo issues with inventory as the limited supply persists.”
August’s average sale price for a condominium-class property was $308,781, an increase of 11.5 per cent from last year while the average sale price of a residential-class property was $484,921, an increase of 11.8 per cent from a year ago. Year to date figures show an 8.4 per cent and 7.9 per cent increase in average sale prices for residential and condominiums respectively. *
“Year to date average prices, which are more reliable indicators than monthly average prices, show steady, reasonable, and sustainable increases. We don’t anticipate there will be a major correction in the foreseeable future,” Delahunt maintains.
The $350,000 to $499,999 price range was the most prevalent price point in the residential market, accounting for 42 per cent of August’s transactions while 27 per cent of residential sales were in the $500,000 to $749,999 range. The most active price point in the condominium market has increased again in 2019 to $250,000-$399,999, accounting for 50 per cent of the units sold.
“As to be expected, now that the units in the lower end of the condo market have been acquired, there appears to be another upward movement in the prices of available condominiums,” Delahunt points out. “Statistics show the higher end of the residential market has picked up with the doubling of unit sales in the $750K to $1M price range from this time last year,” he adds.
When questioned about the government’s First-Time Home Buyer Incentive (FTHBI) which came into effect on September 2, Delahunt cautions, “It’s too early to tell what the impact will be or if there will be any impact in Ottawa’s market – these measures are not helping the supply side. 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.”
“Coming into the fall months, which are typically busy, we expect the market will continue to pick up steam,” he speculates. “Your home purchase or sale is not a DIY project; there’s too much at stake. Be sure to find a local REALTOR® with the depth of knowledge and experience that is warranted in one of the biggest investments you will make in your life.”
In addition to residential sales, OREB Members assisted clients with renting 1,906 properties since the beginning of the year.
* The Board cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Price and conditions will vary from neighbourhood to neighbourhood.
OREB Ottawa Real Estate Board Statistics
July 2019
Ottawa Housing Market News
Sales activities continue to increase in Ottawa withe a most noticeable difference in condo sales. Days on market in July avaeraged to 39 compared to 54 one year ago. Condo days on market were 49 down from 63.
The top 10 neighbourhoods in Ottawa with the highest gains are: Vanier – Elmvale Acres – Overbrook, Castleheights – Tanglewood, Grenfell Glen, Pineglen – Orleans, Cumberland – Cyrville, Carson Grove, Pineview – Bells Corners, south to Fallowfield – Carlington, Central Park – Westoboro, Hampton Park – Meadowlands, Crestview.
The 10 neighbourhoods in Ottawa with the lowest gains are: Ottawa West, Tunneys Pasture – Hintonburg, West Centretown – Glebe, Ottawa East – Alta Vista & Area – Crystal Bay, Rocky Poiint, Bayshore – McKellar Heights – Centretown – Country Place, Pineglen, Cresview – Lower Town, Sandy Hill – New Edinburgh, Lindenlea
The lower 10 some neighbourhoods have been in the top for a long time have reached a level of maturity where price increase slows down. Clients with a limited budget will tell me avoid New Edinburgh, Sandy Hill, the Glebe, or Westboro knowing that their real estate dollar will not buy them the same square footage as in other areas. Read more here.
Ottawa Real Estate Newsletter – August 2019
Ottawa Real Estate Board (OREB)
Latest News Release
Hot Market in a Scorching July
OTTAWA, August 6, 2019 – Members of the Ottawa Real Estate Board sold 1,842 residential properties in July through the Board’s Multiple Listing Service® System, compared with 1,605 in July 2018, an increase of 14.8 per cent. July’s sales included 1,382 in the residential-property class, up 12.3 per cent from a year ago, and 460 in the condominium-property category, a rise of 23 per cent from July 2018. The five-year average for July unit sales is 1,579.
“Typically, after the busy spring, July tends to be a slower month as people take vacations and spend more time with their families, but there was no slow down this past month,” observes Dwight Delahunt, President of the Ottawa Real Estate Board. “In fact, we recorded the highest number of July sales in 15 years.”
“Also, for the first time in 2019, there was an upsurge in new listings which has slightly improved housing inventory. Although this is encouraging news, it is not enough to keep up with demand. In order to bring about a more balanced market, there needs to be at least a three-month supply of listings. Currently, Ottawa is closer to a one-month supply,” he adds.
“In this type of market, it is vital that Sellers utilize the experience and advice of a REALTOR® to maximize your property’s potential — and if you are a Buyer, to guide you through the complexities this intricate market presents,” Delahunt recommends.
July’s average sale price for a condominium-class property was $299,665, an increase of 6.8 per cent from last year while the average sale price of a residential-class property was $487,308, an increase of 10.4 per cent from a year ago.*
“Residential house prices continue to increase; however, these are reasonable gains and are not creating a bubble by any stretch,” Delahunt maintains. “Condo prices have now recovered, and the oversupply in that sector no longer exists. Ottawa has a healthy condo market and with major developments coming online in the future, we expect these too will be absorbed in due course.”
The $350,000 to $499,999 price range was the most prevalent price point in the residential market, accounting for 42 per cent of July’s transactions while 28 per cent of residential sales were in the $500,000 to $749,999 range. The most active price point in the condominium market, $225,000-$349,999, accounts for 52 per cent of the units sold.
When asked about how the upcoming federal election might affect the real estate market, Delahunt emphasizes, “We continue to believe the stress test is negatively impacting our housing market and look forward to hearing about how the various parties intend on addressing this contentious issue as the election approaches.”
In addition to residential sales, OREB Members assisted clients with renting 1,619 properties since the beginning of the year.
* The Board cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Price and conditions will vary from neighbourhood to neighbourhood.
OREB Ottawa Real Estate Board Statistics
June 2019
Ottawa Real Estate Newsletter – July 2019
Ottawa Real Estate Board (OREB)
Latest News Release
Condo Sales Continue to Dominate Resale Market
OTTAWA, July 4, 2019 – Members of the Ottawa Real Estate Board sold 2,105 residential properties in June through the Board’s Multiple Listing Service® System, compared with 2,064 in June 2018, an increase of 2 per cent. June’s sales included 1,612 in the residential-property class, on par with a year ago, and 493 in the condominiumproperty class, a rise of 8.8 per cent from June 2018. The five-year average for June unit sales is 2,002.
“Year to date residential resales are virtually the same as this time last year with 7,565 transactions so far,” announces Dwight Delahunt, Ottawa Real Estate Board President. “Increasing by 8.3%, condo resales are the driving force for the upturn in units sold in the first half of 2019. Combined residential and condo year to date sales of 9,876 show a 1.8 per cent increase from June 2018,” he adds.
June’s average sale price for a condominium-class property was $308,482, an increase of 6.2 per cent from last year while the average sale price of a residential-class property was $500,716, a rise of 11.4 per cent from a year ago. *
“Although, the percentage increase in average price for a residential property climbed into the double digits in June, year to date figures indicate a steady growth of 7.6 per cent and 7.5 per cent for residential and condominiums respectively.”
“In the past decade, we have seen an approximate 52% increase in average prices for residential properties and 34% for condominiums, indeed an excellent return on investment for homeowners,” states Delahunt. “With a population reaching one million residents according to the City of Ottawa, we truly enjoy a high quality of living and remain one of Canada’s most affordable major cities – that’s no small feat.”
The $350,000 to $499,999 price range was the most prevalent price point in the residential market, accounting for 43 per cent of June’s transactions while 29 per cent of residential sales were in the $500,000 to $749,999 range. The most active price point in the condominium market for the third straight month, $225,000-$349,999, accounts for 55 per cent of the units sold.
“Some areas of the city are experiencing multiple offers, and the competition for well-priced and positioned properties is brisk. Even though 39% of properties this month sold above the asking price, the vast majority of properties are still being sold at or below the listed price,” Delahunt points out. “A professional REALTOR’S® market knowledge and neighbourhood expertise are invaluable whether you are a buyer or a seller,” he maintains.
“This is not a speculation market. Going forward, we anticipate there will be a high demand in the foreseeable future due to increasing population and strong employment in the area. We are pleased to see all levels of government starting to address the supply side issue, but we feel there is still work to be done. We will be watching the upcoming federal election closely to gain insight as to how the various parties intend on addressing attainable homeownership issues,” Delahunt concludes.
In addition to residential sales, OREB Members assisted clients with renting 1,314 properties since the beginning of the year, and our Commercial Members continue to be very active in our marketplace.
* The Board cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Price and conditions will vary from neighbourhood to neighbourhood.
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