July 2023 Real Estate Market Update
Members of the Ottawa Real Estate Board (OREB) sold 1,263 residential properties in July through the Board’s Multiple Listing Service® (MLS®) System, compared with 1,102 in July 2022, an increase of 15%. July’s sales included 979 in the freehold-property class, up 18% from a year ago, and 284 in the condominium-property category, a 6% increase from July 2022. The five-year average for total unit sales in July is 1,621.
By the Numbers – Average Prices*:
The average sale price for a freehold-class property in July was $754,188, an increase of 5% from 2022, and a 1% increase over June 2023 prices.
The average sale price for a condominium-class property was $435,094 an increase of 2% from a year ago, although 3% lower than June 2023 prices.
With year-to-date average sale prices at $735,103 for freeholds and $433,447 for condos, these values represent a 9% decrease over 2022 for freehold-class properties and a 6% decrease for condominium-class properties.
By the Numbers – Average Prices*:
The average sale price for a freehold-class property in July was $754,188, an increase of 5% from 2022, and a 1% increase over June 2023 prices.
The average sale price for a condominium-class property was $435,094 an increase of 2% from a year ago, although 3% lower than June 2023 prices.
With year-to-date average sale prices at $735,103 for freeholds and $433,447 for condos, these values represent a 9% decrease over 2022 for freehold-class properties and a 6% decrease for condominium-class properties.
The Stats for February 2021....
The February real estate market statistics show that Ottawa's hot market has continued and did not slow down over the January-February period as much as it traditionally has.
In Ottawa, sales for February were up 23% over the same period in 2020, while days on market were down dramatically from 30 days in February 2020 to 14 days this past month. Prices in the condo market have stabilized somewhat, as the flight from condos we saw last year appears to be slowing....perhaps due to some optimism over the arrival of vaccine shots?
As to what might be coming in the market, the graph might suggest we could be looking at a little softening of sale prices, as inventory (New Listings) has taken a good jump in the last week, at the same time, sales eased slightly, which might ease some pressures.
As to what might be coming in the market, the graph might suggest we could be looking at a little softening of sale prices, as inventory (New Listings) has taken a good jump in the last week, at the same time, sales eased slightly, which might ease some pressures.
Ottawa Real Estate Market Update - June 2020
In the latest news for the Ottawa real estate market for June, we're seeing that sales of residential properties are down just 2% compared to the same period last year, as compared to drops of 55% and 44% in April & May respectively. While the June number is promising, total property inventory is significantly lower than last year, resulting in price increases of 15% for residential properties and 17% for condo properties, compared to the same period last year.
Ottawa Board stats show that the market took the historical dip around Canada Day, as property listings dropped below last year's, after briefly matching them the previous week.
Ottawa Real Estate Market Update for August 2019
Wow, what a terrific spell of weather we're into now, with warm days and cool nights.
Just like the weather, the Ottawa real estate market continues to shine, though for some buyers there are some chilly outcomes, with prices increasing and a core number of properties still generating multiple offers.
If you're looking at square footage costs, in the City of Ottawa (versus the greater region), condominium prices increased 4.2% over prices for the same period last year, to $444 per square foot. For detached homes, the increase for the same period was 6.8% to $282 per square foot. For the same period, Cumulative Days on Market (CDOM) for condo properties dropped from 68 to 43 days, while the same stat for residential properties dropped from 58 days to 42.
The hottest market segments for residential properties, with 42% of sales is the $350,000 to $499,999 segment, while for condo properties, is is $250,000 to $399,999, representing 50% of the market.
Ottawa Real Estate Market Snapshot for December, 2018
Reduced listings lead to higher prices, as December buyers continue their activity.
The fall 2018 market was active, when you look at the number of property sales, compared to listings, but given that the number of listings on the market was down, in the end the month of December saw 15.7% fewer properties sold, compared to December 2017. As a result of the inventory shortage though, the average sale price for a residential property for the month was up 4.7%, while the condo market saw a sale price increase of 9%, compared to the same period last year. In spite of this, Ottawa remains one of the most affordable large cities in the country for housing.....and you can't beat our access to winter & summer recreational activities.
Ottawa Real Estate Market Snapshot for October, 2018
October continued the yearly market trends for the year
The $300,000 to $449,999 range remains the most active price point in the residential market, accounting for 43 per cent of home sales while the $500,000 to $750,000 price range continues to represent one in five of all residential home sales this past month. Between $175,000 to $274,999 was October’s most robust price point in the condominium market, accounting for almost 53 per cent of the units sold.
Ottawa Real Estate Market Snapshot for July, 2018
Members of the Ottawa Real Estate Board sold 1,614 residential properties in July through the Board’s Multiple Listing Service® System, compared with 1,524 in July 2017, an increase of 5.9 per cent. The five-year average for July sales is 1,501. July’s sales included 1,238 in the residential property class, an increase of 3.6 per cent from July 2017 and 376 in the condominium property class, an increase of 14.3 percent from a year ago.
Ottawa Real Estate Market Snapshot for June, 2018
Residential sales volume down, Condo sales volume up...prices up.
Members of the Ottawa Real Estate Board sold 2,070 residential properties in June through the Board’s Multiple Listing Service® System, compared with 2,163 in June 2017, a decrease of 4.3%. The five-year average for June sales is 1,914. June’s sales included 455 in the condominium property class, an increase of 11.5% from June 2017 and 1,615 in the residential property class, a decrease of 8% from a year ago.
Ottawa Real Estate Market Snapshot for April, 2018
Year-to-date, sales are up 9% over the same period last year, and Royal LePage Team Realty had a record April, with sales up 30% over any previous April sales. Driving prices in the same period, in some markets, is a reduction of 23.7% in listings compared to the previous April.
Ottawa Real Estate Market Snapshot for March 2018
Homes in the $500,000 to $750,000 Show Robust Sales
The most active sector of the Ottawa Real Estate market continues to be in the $300,000 to $499,900 range at 46% of the market, but a shortage of inventory is driving higher priced segments as well.
Ottawa Real Estate Market Snapshot for December 2017
A Strong Finish for Ottawa’s Real Estate Market in 2017
Members of the Ottawa Real Estate Board sold 771 residential properties in December through the Board’s Multiple Listing Service® System, compared with 711 in December 2016, an increase of 8.4 per cent. The five-year average for December sales is 687. December’s sales included 205 in the condominium property class and 566 in the residential property class.
Ottawa Real Estate Market Snapshot for November 2017
Members of the Ottawa Real Estate Board sold 1,239 residential properties in November through the Board’s Multiple Listing Service® System compared with 992 in November 2016, an increase of 24.9%. The five-year average for November sales is 1,001.
The most active price point in the residential market is the $300,000 to $450,000 range, accounting for 46% of the market. While the most active price point in the condo market, between $150,000 and $275,000, accounts for 66% of the market.
Ottawa Real Estate Market Snapshot for October 2017
October saw the condominium market in Ottawa continue its strong run, as prices continue to bounce back from recent lows. Activity across the market continues to be strong....over the November 3-5 weekend there were 78 new listings in all property categories across the Ottawa Board's MLS system, with 81 Conditional sales....as Conditional Sales outnumber new listings and if Solds hold steady, we should see a stronger Sellers' market developing.
Members of the Ottawa Real Estate Board sold 1,243 residential properties in October through the Board’s Multiple Listing Service® System, compared with 1,214 in October 2016, an increase of 2.3 per cent. The five-year average for October sales is 1,165.
Ottawa Real Estate Market Snapshot for September 2017
If you’ve been following Ottawa real estate this year you’ll know that it’s been a record breaker, particularly with the number of sales year over year. According to the Ottawa Real Estate Board statistics, in 2017 the listing inventory has been lower, average sale prices are steadily increasing, properties are selling faster and there have been more multiple offer situations. While we may be trending towards a “Seller’s Market”, unlike Toronto and Vancouver, there are still plenty of opportunities for home buyers to find affordable housing in and around our beautiful city!
OTTAWA REAL ESTATE MARKET SNAPSHOT FOR August 2017
The Ottawa real estate market may be stabilizing, as condo sales continue to increase, and prices appear to show a bit of a turn-around from the activity of the previous years.
While residential inventory is down, and prices are up, we are seeing fewer multiple-offer situations.
If you're interested in sales and prices for a particular area of the City, please let me know.
If you know of anyone thinking of purchasing or selling a property, I'd be pleased to assist them....you can send me their contact information and I'll follow up with them.
OTTAWA REAL ESTATE MARKET SNAPSHOT FOR JULY 2017
West End Neigbourhoods Show Strong Price Appreciation in Ottawa Real Estate
Generally, areas of Ottawa immediately to the south and west of downtown saw the largest increases in home prices, while sales of homes in areas to the east experienced the smallest hikes in prices.
The most significant price increases of single-family homes occurred, as they have for several months running, in the Hunt Club and Windsor Park areas just north of the international airport.
Ottawa Real Estate Market Snapshot for December 2017
A Strong Finish for Ottawa’s Real Estate Market in 2017
Members of the Ottawa Real Estate Board sold 771 residential properties in December through the Board’s Multiple Listing Service® System, compared with 711 in December 2016, an increase of 8.4 per cent. The five-year average for December sales is 687. December’s sales included 205 in the condominium property class and 566 in the residential property class.
Ottawa Real Estate Market Snapshot for June 2017
The strong Ottawa real estate market continued through June with a Seller's market for residential properties, and a Balanced market for condo properties. We saw the CDOM (Cumulative Days on Market) for residential properties drop to 60 days from 70, while condo properties dropped from 102 to 97 days. This might be driven by a decrease in listings over the same period as last year, and a corresponding increase in sales.
Ottawa Real Estate Market Snapshot for May 2017
Here's a quick look at what was happening in the Ottawa market in May.....we're trending to a Seller's Market, and there is still lots of time to get your property listed to take advantage of it.
Ottawa Home Prices Witness Healthy Increases in the First Quarter of 2017
Steady employment, a robust economy and affordability help bolster Ottawa’s housing market
OTTAWA, April 18, 2017 – The aggregate (1) price of a home in Ottawa saw healthy growth in
the first quarter of 2017, rising 5.6% year-over-year to $418,178, according to the Royal
LePage House Pricing Survey (2) released today.
When broken out by housing type, the median price of a standard two-storey home climbed 5.6% year-over-year to $437,247. During the same period, the median price of a bungalow grew 6.9% year-over-year to $411,375, while condominiums rose 3.0% year-over-year to $324,455.
“While we are seeing less inventory overall and fewer new builds becoming available, Ottawa’s
residential real estate market is still extremely strong and consistent,” said John Rogan, Broker of Record, Royal LePage Performance Realty. “The region’s stable employment, when paired with a very real estate-friendly federal budget, has helped to keep Ottawa an attractive place to live for all demographics. Recently, we have begun to see an increase in move-up and first-time homebuyers. This growing demand, when coupled with the low inventory environment, is not only contributing to healthy house price appreciation, but also to an increase in multiple offer situations in the region. We expect this to continue into the busy spring season.”
Nationally, Canada’s residential real estate market saw substantial price growth in the first
quarter of 2017, increasing 12.6% year-over-year to $574,103. The price of a two-storey
home rose 13.9% year-over-year to $681,728, and the price of a bungalow increased 11.0% to to $490,018. During the same period, the price of a condominium increased 8.9% to $372,638.
While the majority of housing markets in Canada posted modest gains, price appreciation across much of Ontario significantly outpaced the rest of the country. Meanwhile, the pace of year-over-year home price appreciation in Greater Vancouver was noticeably lower than the historic highs witnessed in 2016.
“For the first time in several years, real estate markets in Vancouver and Toronto are headed in opposite directions,” said Phil Soper, President and CEO, Royal LePage. “The Vancouver
market stalled, as confused consumers took to the sidelines after a series of uncoordinated moves by all three levels of government. With its housing shortage becoming more acute, Toronto easily stepped forward to assume the title of Canada’s most overheated real estate market.”
Significant home price appreciation, caused by market dynamics similar to those that have driven housing activity in the Greater Toronto Area, is being seen across the entire “Golden Horseshoe” region of south-central Ontario, and as far away as Windsor and London in southwestern Ontario. In fact, the torrid pace of home price appreciation in much of Ontario contributed almost half of the national aggregate home price increase in the first quarter, with the rest of Canada appreciating by a healthy, but much lower, 6.4% year-over-year when excluding all Ontario-based regions.
“The overall Canadian market is healthier in 2017 than it has been in years, yet the downside
risks are greater too,” concluded Soper. “Our economy, which has recovered nicely from the
2014 oil crisis, is sadly dependent on moves by an unpredictable U.S. federal government and
can be swayed by unforeseen global events, such as fallout from Europe’s restructuring. Still,
housing activity is strong and prices are rising at a healthy mid-single-digit rate across the land. The trend in Alberta, Quebec and Atlantic Canada is particularly encouraging. Our concerns with the state of Canadian real estate begin and end in Toronto and Vancouver.”
(1) Aggregate prices are calculated via a weighted average of the median values of homes for reported property types in the regions surveyed
(2) Powered by Brookfield RPS
About the Royal LePage House Price Survey
The Royal LePage House Price Survey provides information on the three most common types of housing in Canada, in 53 of the nation’s largest real estate markets. Housing values in the House Price Survey are based on the Royal LePage National House Price Composite, produced quarterly through the use of company data in addition to data and analytics from its sister company, Brookfield RPS, the trusted source for residential real estate intelligence and analytics in Canada. Commentary on housing and forecast values are provided by Royal LePage residential real estate experts, based on their opinions and market knowledge.
About Royal LePage Serving Canadians since 1913, Royal LePage is the country’s leading provider of services to real estate brokerages, with a network of over 17,000 real estate professionals in more than 600 locations nationwide. Royal LePage is the only Canadian real estate company to have its own charitable foundation, the Royal LePage Shelter Foundation, dedicated to supporting women’s and children’s shelters and educational programs aimed at ending domestic violence. Royal LePage is a Brookfield Real Estate Services Inc. company, a TSX-listed corporation trading under the symbol TSX:BRE.
For more information visit: www.royallepage.ca.
For further information, please contact:
Catherine Snider
Kaiser Lachance Communications
905.751.9619
catherine.snider@kaiserlachance.com
the first quarter of 2017, rising 5.6% year-over-year to $418,178, according to the Royal
LePage House Pricing Survey (2) released today.
When broken out by housing type, the median price of a standard two-storey home climbed 5.6% year-over-year to $437,247. During the same period, the median price of a bungalow grew 6.9% year-over-year to $411,375, while condominiums rose 3.0% year-over-year to $324,455.
“While we are seeing less inventory overall and fewer new builds becoming available, Ottawa’s
residential real estate market is still extremely strong and consistent,” said John Rogan, Broker of Record, Royal LePage Performance Realty. “The region’s stable employment, when paired with a very real estate-friendly federal budget, has helped to keep Ottawa an attractive place to live for all demographics. Recently, we have begun to see an increase in move-up and first-time homebuyers. This growing demand, when coupled with the low inventory environment, is not only contributing to healthy house price appreciation, but also to an increase in multiple offer situations in the region. We expect this to continue into the busy spring season.”
Nationally, Canada’s residential real estate market saw substantial price growth in the first
quarter of 2017, increasing 12.6% year-over-year to $574,103. The price of a two-storey
home rose 13.9% year-over-year to $681,728, and the price of a bungalow increased 11.0% to to $490,018. During the same period, the price of a condominium increased 8.9% to $372,638.
While the majority of housing markets in Canada posted modest gains, price appreciation across much of Ontario significantly outpaced the rest of the country. Meanwhile, the pace of year-over-year home price appreciation in Greater Vancouver was noticeably lower than the historic highs witnessed in 2016.
“For the first time in several years, real estate markets in Vancouver and Toronto are headed in opposite directions,” said Phil Soper, President and CEO, Royal LePage. “The Vancouver
market stalled, as confused consumers took to the sidelines after a series of uncoordinated moves by all three levels of government. With its housing shortage becoming more acute, Toronto easily stepped forward to assume the title of Canada’s most overheated real estate market.”
Significant home price appreciation, caused by market dynamics similar to those that have driven housing activity in the Greater Toronto Area, is being seen across the entire “Golden Horseshoe” region of south-central Ontario, and as far away as Windsor and London in southwestern Ontario. In fact, the torrid pace of home price appreciation in much of Ontario contributed almost half of the national aggregate home price increase in the first quarter, with the rest of Canada appreciating by a healthy, but much lower, 6.4% year-over-year when excluding all Ontario-based regions.
“The overall Canadian market is healthier in 2017 than it has been in years, yet the downside
risks are greater too,” concluded Soper. “Our economy, which has recovered nicely from the
2014 oil crisis, is sadly dependent on moves by an unpredictable U.S. federal government and
can be swayed by unforeseen global events, such as fallout from Europe’s restructuring. Still,
housing activity is strong and prices are rising at a healthy mid-single-digit rate across the land. The trend in Alberta, Quebec and Atlantic Canada is particularly encouraging. Our concerns with the state of Canadian real estate begin and end in Toronto and Vancouver.”
(1) Aggregate prices are calculated via a weighted average of the median values of homes for reported property types in the regions surveyed
(2) Powered by Brookfield RPS
About the Royal LePage House Price Survey
The Royal LePage House Price Survey provides information on the three most common types of housing in Canada, in 53 of the nation’s largest real estate markets. Housing values in the House Price Survey are based on the Royal LePage National House Price Composite, produced quarterly through the use of company data in addition to data and analytics from its sister company, Brookfield RPS, the trusted source for residential real estate intelligence and analytics in Canada. Commentary on housing and forecast values are provided by Royal LePage residential real estate experts, based on their opinions and market knowledge.
About Royal LePage Serving Canadians since 1913, Royal LePage is the country’s leading provider of services to real estate brokerages, with a network of over 17,000 real estate professionals in more than 600 locations nationwide. Royal LePage is the only Canadian real estate company to have its own charitable foundation, the Royal LePage Shelter Foundation, dedicated to supporting women’s and children’s shelters and educational programs aimed at ending domestic violence. Royal LePage is a Brookfield Real Estate Services Inc. company, a TSX-listed corporation trading under the symbol TSX:BRE.
For more information visit: www.royallepage.ca.
For further information, please contact:
Catherine Snider
Kaiser Lachance Communications
905.751.9619
catherine.snider@kaiserlachance.com