Ottawa Real Estate highlights & Market Snapshot April 2019
Ottawa Real Estate Highlights April 2019:
There’s been an upward pressure on prices due to the continuing lower supply levels (residential supply is down 18%, and condo inventory is down almost 40% from last April 2018 according to the latest OREB stats). However these price points are “still well under the Canadian average, and our residents tend to be in comfortable financial situations due to secure employment and a thriving local economy.” [President of the Ottawa Real Estate Board] who also notes that “Certainly, the stunted supply is likely responsible for the multiple offer situations we are experiencing, but the reality is that while approximately one-third of properties are selling above asking, more than 50% are still selling below the listed price.”
While these statistics 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 have any questions about the Ottawa and area real estate market, or you are thinking of buying or selling please reach out to us, our management team or our professional sales representatives anytime!
Members of the Ottawa Real Estate Board sold 2,032 residential properties compared with 2,024 in April 2018, an increase of 0.4 per cent.
April’s sales included 1,594 in the residential property class, on par from a year ago, 438 in the condominium property class, an increase of 5.3 per cent from April 2018. The five-year average for April unit sales is 1,825.
Residential supply is down 18%, and condo inventory is down almost 40% from last April.
The average sale price of a residential-class property sold in April in the Ottawa area was $488,729, a rise of 7.4 per cent over April 2018.
The average sale price for a condominium-class property was $307,659, an increase of 14.3
Popular price points: Residential: $350,000 to $499,999 was the most active price point in the residential market with 44% of properties selling in April in that range, and 28.5% of residential sales were in the $500,000 to $749,999 range. Condominium: $225,000-$349,999 was the most active price point in the condo market accounting for 46% of the units sold.