First Half of 2019 sees Ottawa House Prices up 7.6 %
The average price of a resale residential home in Ottawa in June was $500,716 _ an 11.4 % increase over the average price in June of 2018, the Ottawa Real Estate Board says.
In its announcement of sales numbers for June of 2019 in our region, the Board said the average sale price of a condominium unit sold in our area was $308,482 _ an increase of 6.2 % over the price in June of last year.
For residential-class properties in Ottawa in June, the most prevalent price point was for properties in the $350,000 to $499,999 price range, representing 43 % of June’s sales, the Board reports. Properties priced in the $500,000 to $749,999 range represented 29 % of residential sales.
On the condo market, the most active price point was for units priced from $225,000 to $349,999. That price range accounted for 55 % of all condo units sold in June.
For buyers in June, the good news was that 61 % of properties sold at or below the listed price, though some areas saw sellers receiving multiple offers, with properties selling for above the asking price.
“Even though 39 % of properties this month sold above the asking price, the vast majority of properties are still being sold at or below the listed price,” says Dwight Delahunt, President of the Ottawa Real Estate Board. “A professional Realtor’s market knowledge and neighbourhood expertise are invaluable, whether you’re a buyer or a seller.”
In June, members of the Ottawa Real Estate Board sold 2,105 residential properties through the Multiple Listing Service System. That’s an increase of 2 % over the properties sold in June of last year.
While the number of residential (non-condo) homes sold in June was about the same as the number sold in June of 2018, the 493 condo units sold in June represented an 8.8 % increase over the number sold in June of last year. That increase was part of a steady resurgence in condo sales in our region.
As it always does when it reports monthly numbers, the Board cautions that although average sale prices for a specific month can be useful in establishing trends over time, they should not be used as indicators that specific properties have increased or decreased in value. As with any city, prices and conditions in Ottawa will vary from neighbourhood to neighbourhood.
However, with June officially marking the halfway point of 2019, the Ottawa Real Estate Board was also able to look at the first six months of sales in the Ottawa area. The numbers are positive.
The Board says year-to-date figures for average sale prices indicate a steady growth of 7.6 % for residential-class homes and 7.5 % for condominium-class properties.
Delahunt notes that Ottawa remains “one of Canada’s most affordable major cities.”
“In the past decade, we have seen an approximate 52 % increase in average prices for residential properties and 34 % for condominiums, indeed an excellent return on investment for homeowners,” he says.
“This is not a speculation market. Going forward, we anticipate there will be a high demand in the foreseeable future, due to increasing population and strong employment in the area.”
If you’re considering buying or selling property in the Ottawa area, I’d love to chat with you about the current market and prices in your part of the city, and the knowledge I can offer, with more than 30 years of experience helping clients buy and sell in neighbourhoods across the Ottawa area.