Condominium sales continue to boost the Ottawa resale market, providing an excellent opportunity for both first-time homebuyers looking to get on the property ladder and homeowners looking to downsize. Condo sales have seen a 14 percent increase over the last year.
“Despite the continuous free fall of inventory levels, we still have a higher sales volume than this time last year,” observes Dwight Delahunt, Ottawa Real Estate Board’s President. “Well-priced and positioned properties are turning over quickly with residential days on market declining 17 percent on average from 34 to 28 days from last May and a whopping 33 percent decrease for the condominium market from 46 days to 31 days.”
Although homes are selling quickly and despite reports of multiple-offer bids on homes becoming more frequent, 62 percent of homes are still selling at or below the asking price. In recent years, home prices in Ottawa have been seeing slow sustained growth at a reasonable rate, demonstrating a healthy housing market.
- Members of the Ottawa Real Estate Board sold 2,423 residential properties in April 2019 (an increase of 6.7 percent from the previous year).
- There were 1,869 sales in the residential property class (an increase of 4.6 percent from a year ago) with an average sale price of $493,691.
- April saw 554 sales in the condominium property class (an increase of 14.2 percent from April 2018) with an average sale price of $297,731.
- The $300,000 to $449,999 range remains the most active price point in the residential market, accounting for 42 percent of home sales.
- The most active price point in the condominium market is the $225,000-$349,999 price range, accounting for 57 percent of the units sold.
If you are seeking any kind of support in listing your home, purchasing a new home, or in learning more about the current real estate market in Ottawa, 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.