While summer is often viewed as a time to slow down and relax, this was not the case for the Ottawa real estate market last month. The Ottawa Real Estate Board recorded the highest number of July sales in 15 years. This could possibly be attributed to an upsurge in new listings in July — the first time this has been seen so far this year. Despite this positive news, however, the market is still struggling to keep up with demand. By current figures, Ottawa has only a one-month supply of inventory when a three-month supply is preferred to balance the market.
“Residential house prices continue to increase; however, these are reasonable gains and are not creating a bubble by any stretch,” states Dwight Delahunt, President of the Ottawa Real Estate Board. “Condo prices have now recovered, and the oversupply in that sector no longer exists. Ottawa has a healthy condo market and with major developments coming online in the future, we expect these too will be absorbed in due course.”
With the upcoming election looming, the real estate industry will also be eager to hear how each political party plans to address the controversial issue of the mortgage stress test and the effect that it has been having on Canada’s housing market.
- Members of the Ottawa Real Estate Board sold 1,842 residential properties in July 2019 (an increase of 14.8 percent from the previous year).
- There were 1,382 sales in the residential property class (up 12.3 percent from a year ago) with an average sale price of $487,308.
- July saw 460 sales in the condominium property class (a rise of 23 percent from July 2018) with an average sale price of $299,665.
- The $350,000 to $499,999 range is the most active price point in the residential market, accounting for 42 percent of home sales, while 28 percent of residential sales were in the $500,000 to $749,999 range.
- The most active price point in the condominium market is the $225,000 to $349,999 range, accounting for 52 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.
