Ottawa Real Estate Market update: August 2019

Ottawa Real Estate Market update: August 2019 (September 5, 2019) 

If you’ve been following the Ottawa Real Estate market it probably won’t come as a surprise that both unit sales and prices were up last month, in spite of continuing issues with low supply. Heading into the fall months we don’t see any signs of our fast paced market slowing down. If you have any questions, we’re always here to chat!

Market Highlights:

Number of Sales: 

  • Total properties sold 1,731  compared with 1,581 in August 2018, an increase of 9.5 per cent.
  •  1,300 in the residential-property class, up 9.7 per cent over August 2018
  • 431 in the condominium-property category, up 8.8 per cent from August 2018.

“August’s ten percent increase in unit sales from 2018 is over twice the percentage increase experienced last year and three times higher than the previous August,” reports the Ottawa Real Estate Board President. “However, although the numbers are up, Ottawa continues to undergo issues with inventory as the limited supply persists.”

Average Price: 

  • Condominium $308,781, an increase of 11.5 per cent over August 2018
  • Residential-class property $484,921, an increase of 11.8 per cent over August 2018
  • Year to date figures show an 8.4 per cent and 7.9 per cent increase in average sale prices for residential and condominiums respectively.

“Year to date average prices, which are more reliable indicators than monthly average prices, show steady, reasonable, and sustainable increases. We don’t anticipate there will be a major correction in the foreseeable future,” Delahunt maintains.

Most active price points

RESIDENTIAL:

  • $350,000 to $499,999 price range was the most prevalent price point in the residential market, accounting for 42 per cent
  • $500,000 to $749,999 price range was the second most prevalent price point accounting for 27 per cent of residential sales

CONDO

  • $250,000-$399,999 was he most active price point in the condominium market accounting for 50 per cent of the units sold.

*While these statistics can 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. The calculation of the average sale price is based on the total dollar volume of all properties sold. Price and conditions will vary from neighbourhood to neighbourhood.  If you are looking for specific property or neighbourhood information please reach out to us.  We have market reports available in your neighbourhood!  Email info@teamrealty.ca or contact your Royal LePage Sales Representative! 

This article was first published on https://www.teamrealty.ca.