June Ottawa Real Estate Market Summary
As the city of Ottawa celebrated a major milestone by reaching a million residents last month, the real estate market in the Nation’s Capital continues to offer affordable high-quality living to people settling here. While year-to-date residential resales are on par with 2018, the current success of the condo resale market, seeing an increase of 8.3 percent from last year, is providing a huge boost to the total units sold so far in 2019.
There is active competition for homes that are well-priced and positioned in the current market and some areas of the city continue to experience multiple-offer scenarios, with homes selling quickly and above the asking price. However, only 39 percent of homes sold over asking last month. The majority of properties on the market are still selling at or below the listing price. Planning on selling your home this year and need help determining the best price? Make sure you read our latest blog post about why your home’s listing price is so important.
- Members of the Ottawa Real Estate Board sold 2,105 residential properties in June 2019 (an increase of 2 percent from the previous year).
- There were 1,612 sales in the residential property class (on par with sales from a year ago) with an average sale price of $500,716.
- June saw 493 sales in the condominium property class (a rise of 8.8 percent from June 2018) with an average sale price of $308,482.
- The $350,000 to $499,999 range is the most active price point in the residential market, accounting for 43 percent of home sales, while 29 percent of residential sales were in the $500,000 to $749,999 range.
- The most active price point in the condominium market is $225,000 to $349,999 for the third straight month, accounting for 55 percent of the units sold.
“This is not a speculation market. Going forward, we anticipate there will be a high demand in the foreseeable future due to the 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,” states Dwight Delahunt, Ottawa Real Estate Board President.
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