The Ottawa real estate market experienced a very busy summer period, with this buoyancy of activity looking posed to continue into the fall season. With both residential and condominium sales and home prices up since the same time last year, this positive growth indicates an encouraging active future for the real estate market in Ottawa.
“Ottawa continues to be an affordable place to buy property and is experiencing sensible price growth more in line with inflation. Our inventory is very low (18% off last year’s inventory level) but other than some pockets of the city, prices have not yet been significantly affected,” states Ottawa Real Estate Board President Ralph Shaw.
● Members of the Ottawa Real Estate Board sold 1,586 residential properties in August (an increase of 3.3 per cent from the previous year).
● 1,188 sales in the residential property class with an average sale price of $433,684.
● 398 sales in the condominium property class (an increase of 10.9 per cent from the previous year) with an average sale price of $276,720.
• The most active price point in the condominium market is between $175,000 to $274,999.
• The $300,000 to $449,999 range remains the most active price point in the residential market.
A huge benefit to the Ottawa real estate market is its potential for growth. As home buyers are priced out of neighbourhoods closer to the downtown core, they can look to suburban areas in surrounding communities that offer great amenities while remaining an easy 30-minute commute from central Ottawa.
Lack of availability in the rental market continues to be an issue, however this appears to be driving up the demand for condos as first-time home buyers look for affordable and available housing. Developers of halted condominium projects may be encouraged to continue building if this need continues.
If you are looking to sell this year, now is a great time to put your home on the market. 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.