January is typically a slower month for real estate in Ottawa, due to lower temperatures and bad weather. However, this has not been the case so far this year. Instead, Ottawa RealtorsⓇ can look back on a very successful month, with January unit sales up a staggering 16% — the highest they have been in decades.
The Ottawa residential market is currently very active. Buyers are extremely motivated and available properties are spending fewer and fewer days on the market. Despite the fact that Ottawa continues to experience reduced inventory, there are a number of new builds coming on the market to boost supply and help property prices remain stable. Ottawa Real Estate Board’s 2019 President, Dwight Delahunt, states, “The fact is there is quality affordable housing available for almost every level of homebuyer in Ottawa.”
- Members of the Ottawa Real Estate Board sold 820 residential properties in January 2019 (an increase of 15.8 per cent from the previous year).
- There were 611 sales in the residential property class (a rise of 14.2 per cent from a year ago) with an average sale price of $432,829.
- January saw 209 sales in the condominium property class (an increase of 20.8 per cent from January 2018) with an average sale price of $283,990.
- The $300,000 to $449,999 range remains the most active price point in the residential market, accounting for 42.5 per cent of home sales.
- The most active price point in the condominium market is between $175,000 to $274,999, accounting for 54.1 per cent of the units sold.
If you are looking to sell your home now, do not think you have to wait until spring! 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