Market UPDATE:

Sizzling Summer Continues into August

There were 431 condominium properties sold in August 2019 as compared to 396 condos in 2018, for the same month. An increase of 8.8% in number of condo units sold!

The average sale price of a condo was $308,781 in August 2019, compared to an average sale price of $277,031 in 2018 for the same month. An 11.5% increase over the same time last year. The Ottawa condo market is alive and kicking folks!

There were 1,300 residential homes sold in August 2019 as compared to 1,185 in August 2018. A 9.7% increase in the number of houses sold in the resale market in Ottawa.

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. However, although numbers are up, Ottawa continues to undergo issues with inventory as the limited supply persists.

The average sale price, of a residential home, for August 2019 was $484,921 compared to an average sale price of $433,760 in 2018 for the same month.  A 11.8% increase since this time last year.

The $300,000 – $400,000, and the $400,001 – $499,999 price range continues to have the highest concentration of properties sold, even though properties above the half million dollar mark are seeing significant increases, followed by the $150,000 – $299,999 range in condominiums. REALTORS assisted in renting roughly 1,906 properties since the beginning of 2018.

-Roy

Ottawa is one of the most stable real estate markets in Canada. Prices remain steady in condos, residential units and multi-units, across the board. Re-visit OttawaHomesandCondos.com for all the latest updates! We have some great listings on our featured listings page;  New real estate listings on the market!

Given excellent mortgage rates and flat pricing, this is an optimum time to emerge onto the market. Looking for a home? Please contact us. We want to be your agents! (613) 298-5101.