It was a strong April for Ottawa’s re-sale real estate market, which experienced unusually strong sales numbers and increases in average prices, according to the latest numbers from the Ottawa Real Estate Board.
In a news release, the Board reports that its members sold 2,032 residential properties in April of 2018 through the Board’s Multiple Listing Service (MLS) system. That’s up from the 1,788 that were sold in April of 2017, representing a 13. 6 per cent increase. It’s also well above the five-year average for April sales, which is 1,704.
The 2,032 properties sold in our region in April included 1,616 in the residential property class and 416 units in the condominium property class.
Average sale prices in both categories were up over April of 2017.
The average sale price of a residential-class property in Ottawa in April was $455,212. That’s an increase of 4.2 per cent over the average sale price in April of 2017. The average sale price for a condominium-class property in April, meanwhile, was $269,294. That’s an increase of 0.3 per cent over the average price in April of 2017.
As it always does when releasing these sales numbers, the Ottawa Real Estate Board cautions that while average sale prices can be useful in establishing trends over time, they should not be used as an indicator that specific properties have increased or decreased in value. As in any city, prices and conditions vary from neighbourhood to neighbourhood.
Still, says Ralph Shaw, President of the Ottawa Real Estate Board, “the overall residential marketplace shows solid and steady performance on investment for homeowners, and offers a variety of property class options and price points for those looking to enter the market.”
He adds that “full employment and reasonable house prices in proportion to incomes are fueling our market. Ottawa is not only a beautiful and dynamic capital but also one of the more affordable cities in Canada.”
If you’re looking for property in the Ottawa area, your buying dollar will get you much more than it would in the Toronto area. Many young buyers in that region are struggling to enter the market. The average sale price in the GTA for a condominium apartment in April was $559,343, while the average sale price for a detached house was $1,030,103.
In Ottawa, Ralph Shaw notes, certain areas of our region continue to experience limited supply. Total inventory, including condo and residential units, was down 23.7 per cent from April of 2017.
One of the reasons, Ralph Shaw suggests, is that “With our low inventory, potential sellers are reluctant to put their home on the market if they are uncertain of their ability to acquire another property.”
In addition to residential and condominium sales, members of the Ottawa Real Estate Board have assisted clients with renting 770 properties since the beginning of the year. Some clients are not aware that Realtors can also assist them in renting properties. I have helped many clients who, after selling their house or condo, have decided to go back to renting, and use the proceeds from their sales to boost their retirement funds. I’ve been happy to help those clients find rental units in the neighbourhood of their choice.
If you’re interested in buying or selling property in the coming months, I’d love to meet with you and chat about the current market and the services and experience I can offer, with more than 30 years as a Realtor in the Ottawa area.
You can contact me through my website, at nancybenson.com, where you can also check out my current listings and read about the services we offer to buyers and sellers. You can give me a call at 613-747-4747.