Despite rounding out the year with a strong finish in 2017, sales at the beginning of this year have been markedly low – even after taking into account the fact that January typically sees low levels of new listings. Currently, the Ottawa resale market is facing low inventory challenges in both the residential and condo property markets and, as supply continues to decrease, it is likely that prices will be seen to rise: “We saw this trend throughout 2017, and the result is our resale market is being challenged by decreasing supply in both the residential and condo markets. Furthermore, as the supply continues to be reduced, it will tend to put an upward pressure on prices. This is simple supply and demand economics,” says Rick Eisert, 2017 President of the Ottawa Real Estate Board.
- Members of the Ottawa Real Estate Board sold 712 residential properties in January (an increase of 7.2 per cent from the previous year).
- 539 sales in the residential property class with an average sale price of $427,487.
- 173 sales in the condominium property class with an average sale price of $263,744.
- The most active price point in the residential market is the $300,000 to $449,999 range, accounting for 47.5 per cent of the market.
- The most active price point in the condo market is the $150,000 to $249,999 range, which accounts for 55 per cent of the market.
- The five-year average for new listings in January is 1,396 for residential and 500 for condominiums. January 2018’s listings were at 994 and 406 respectively.
Sales in the residential property class were on a par with those in January 2017, however, unit sales in the condo market have seen a drastic increase, rising 45 per cent in the past 12 months. Condo units in the lower end of the market have seen a marked increase, with the likelihood of this due to demand and an interest in the attractive lower price points.
For any homeowners looking to sell this year, now would be a good time to put your house on the Ottawa real estate market. With inventory levels low, your home will certainly stand out to potential buyers, especially as the choice in certain areas is extremely limited.
If you are seeking any kind of support in listing your home, purchasing a new home, or in learning more about how the current change in mortgage regulations could affect you, please contact our team of expert Realtors® at Royal LePage Performance Realty today. For more information on monthly real estate statistics in Ottawa, visit the Ottawa Real Estate Board.
