I have good news to share about the Ottawa Resale Market, including above average sales numbers in June, a strong first half of 2017 and an increase in multiple offers on properties in certain neighbourhoods.
The Ottawa Real Estate Board has reported that members of the Board sold 2,162 residential properties in June of 2017 through the Multiple Listing Service system. That’s up from the 1,985 properties that sold in June of 2016, and it’s also well above the five-year average for June sales, which is 1,818.
The Board also reported that for the first six months of 2017, the number of units sold in both residential and condominium class properties combined came in at 13.5 per cent more than the number of units sold in the same period in 2016.
“We’re having a stellar year so far in 2017,” says Ralph Shaw, President-elect of the Board, in a news release.
“Listings and inventory levels continue to trend downwards, and realtors report an increase in multiple offers in some pockets around the city,” says Shaw.
“While some areas within the Ottawa market are very active in sales, there are other areas of the city that remain very balanced and steady.”
In June of 2017, members of the Board sold 408 properties in the condominium property class and 1,754 properties in the residential property class.
As for prices, the average sale price of a residential-class property sold in June in the Ottawa area was $434,502. That’s an increase of 8.8 per cent over the average in June of 2016. The average sale price for a condominium-class property was $289,905, an increase of 9.4 per cent over the average in June of 2016.
The Board cautions that while the average sale price in a specific month can be useful in establishing trends over time, it should not be used as an indicator that specific properties have increased or decreased in value. That’s because the average sale price is based on the total dollar volume of all properties sold. Keep in mind that prices and conditions will vary from neighbourhood to neighbourhood.
Breaking down Ottawa’s June sales by price ranges, the most active price point for the residential market continues to be properties in the range of $300,000 to $399,999, representing 35.1 per cent of the market. In the condo market, the most active price point was in the $150,000 to $249,999 range, representing 50.8 per cent of the condo market.
If you happen to be moving to Ottawa from pricier cities like Toronto and Vancouver, you’ll understand why the real estate prices in Ottawa’s market are so appealing and can get you more for your dollar.
But the Board also notes that there has been an increase in the number of units priced over $1 million in our region, both in June of 2017 and in the first half of 2017. In June, Board members sold 46 properties priced over $1 million, and the first half of the year has seen 171 properties sold that were priced over $1 million.
“Both numbers are more than double the amount sold last year. It indicates that home buyers are looking beyond their basic needs to check off more boxes from their wish lists, such as view, downtown location, or acreage property,” Ralph Shaw said in the news release.
“Since the announcement in April by the Ontario Liberal government of cooling measures in Toronto, it’s no surprise that the Ottawa market has been thriving. Not only is Ottawa an affordable place to live, it’s also very desirable,” he says.
If you’re interested in buying or selling property in the Ottawa area, I’d love to chat with you about the current market. You can contact me through my website, at nancybenson.com, where you can also view some of my current listings. Or you can give me a call at 613-747-4747. I’d love to hear from you and fill you in on what my team and I at Nancy Benson & Associates can do for you.