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Ottawa Market Update, July 2018

Posted by Chantel Brownlee on Saturday, August 4th, 2018 at 5:16pm.

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. Ottawa’s condo market continues to positively impact overall residential sales trends with year-to-date condo unit sales up 16.5 percent from this time last year.

Inventory levels are improving which will help ease pressure on prices.

The average sale price of a residential-class property sold in July in the Ottawa area was $441,206, an increase of five per cent over July 2017. The average sale price for a condominium-class property was $280,526, an increase of 5.3 per cent from July 2017.

There has been a surge in unit sales in the rural areas, particularly the west end -  driven by availability but also by such things as reasonable commute times, convenient shopping options, and great schools and recreational facilities which aren’t overtaxed.

Ottawa’s healthy real estate market is a reflection of its strong economy which is consistently firing on all four cylinders due to a secure employment base.  It remains a competitive market, and multiple offers (when priced right) are still the norm in some neighbourhoods.

Every neighbourhood is slightly different so please don't hesitate to call me if you are thinking of buying or selling.  

Chantel

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