Ottawa Housing Market
Slow Rise in Ottawa Housing Prices despite Collapse in Inventory
Call Anne-Marie & Dwight for up-to-date Market Prices 613-837-0000
Ottawa Real Estate Market Updates 2019
Main Housing Stats for Ottawa, April 01, 2019: OREB Members sold a total of 1511 Residential Properties in March 2019, down by 8.6% over the same month last year.
- 1136 sales were Residential Freehold Homes, down 12.4% over last year
- 375 were Condo Sales, up by 5% over last year
The average price for a residential home in March 2019 was $420,407 up 5.2% (this includes freehold and condos)
The Average Price for a Residential Freehold House in March, 2019 was $464,462 up 6%, and the average price for a condominium was $288,081, up 5.8% over same month last year.
Members of the Ottawa Real Estate Board sold 663 residential properties in December through the Board’s Multiple Listing Service® System, compared with 765 in December 2017, a decrease of 13.3 per cent. December’s sales included 471 in the residential property class, a drop of 15.7 per cent from a year ago, and 192 in the condominium property class, a decrease of 6.8 per cent from December 2017.
Year to date activity increased by 2.4 per cent from 2017. The total number of residential and condo units sold throughout all of 2018 was 17,476, compared with 17,065 in 2017. Residential property class sales decreased slightly to 13,418 from 13,478 in 2017 and condominium property class sales were up 13.1 per cent with 4,058 units sold in 2018 versus 3,587 in the previous year.
“For the last decade, we have experienced steady growth in our real estate market from volume to prices; however, the past two years have jumped significantly in activity with a 12.6% increase in unit sales from 2016. Ottawa, and its surrounding area, has excellent employment numbers and has proven to be one of the most affordable larger cities in the country,” proclaims Ralph Shaw, Ottawa Real Estate Board’s 2018 President.
“What has come to a head in 2018 is the overall shortage of inventory which is extreme in certain pockets of the city. While this has caused unit sales to slide in the residential market, it has fueled the condominium market which has recovered and carried us through much of 2018. We have been predicting this will bode well for new construction in delayed high-rise projects,” he adds.
“Another significant factor affecting the market in 2018, and first-time home buyers in particular, is the mortgage stress test – an attempt by the federal government to cool two major markets in the country. It has also unfortunately made move-up buyers less likely to take that step and free up entry-level options, which is an important part of the resale market,” Shaw points out.
The average sale price of a residential-class property sold in December in the Ottawa area was $453,011, an increase of 4.7 per cent over December 2017. The average sale price for a condominium-class property was $278,295, an increase of 9 per cent from this month last year. Year-end figures show an average sale price of $446,661 for residential-class properties in 2018, a 5.1 per cent increase from 2017 and $278,316 for condominium properties, up 3.2 per cent from last year.*
“In 2019, we expect the economic fundamentals of supply and demand to be at play
Your Ottawa House Hunting Trip
We are Ottawa’s Relocation Experts
Opening a Line of Communication is Important to Reaching the Final Goal with as little Stress as Possible
HOUSE HUNTING TRIP (HHT)
Once you have received your posting message, you are entitled to a House Hunting Trip (HHT).
A Standard Military HHT includes up to 5 days and 5 nights in your target location for you, for your spouse or for both of you together.
You are recommended to use approved suppliers for such services as real estate agents, lawyers, house inspectors, etc. Many of these expenses are billed directly to the relocation program. Some things, such as well and septic inspections, water testing, etc you may have to pay for yourself and then request reimbursement.
Our Mission Statement
- To identify what you and your families requirements are. Type of home, neighborhood, schools, commuting, and price range of your new home.
- We will provide you with details concerning, school information, public transportation, recreation facilities, grocery stores, restaurants and social amenities.
- Recommend hotels and car rental and assist with any of your needs.
- Dedicate our time during your HHT to ensure you have all the information you require to make your final decision.
In the case of a military relocation, you are likely moving to a new job, your family is moving to a new city, your kids to new schools – you may even be coming home from an international assignment. You have a very minimal amount of time to house-search and you likely won’t have much, if any, time off work for the move itself, leaving many of the details to your partner or to friends and family.
Buying a Home In Ottawa Tips
Choosing the Right Home In Ottawa
Choosing a home is one of the biggest investment decisions most families will ever make. Whether you’re a first-time buyer or a repeat buyer, the process is always a combination of exciting and scary — you’re investing hundreds of thousands of dollars into a property, so it’s best to take your time. You should feel both emotionally satisfied and financially comfortable that you’re buying a home within your budget and that you feel confident in its value. Military & RCMP Buyers also have to take into consideration that they will have to sell their home in the future and would like to ensure a Return on their Investment.
Military Relocation personnel do not have the option of Purchasing a Brand New Home in a new subdivision as time is not on their side. This reduces the choice to Resale Homes.
ReSale Homes
Purchasers looking to invest in resale homes often receive a lot of benefits. The landscaping is in place — including decks, patios and fencing — and they’re often equipped with appliances and window coverings and have finished basements. In addition, resale homes are often in established neighborhoods, which can give you a sense of what the community will be like to live in. All of the infrastructure is mature and in place and there won’t be any surprises when it comes to the housing types surrounding the property. Also, HST doesn’t apply to resale homes — they’re exempt from the tax.
When investing in a resale home, consider the fact that upkeep for an older home can be more expensive, given the older appliances, plumbing and electrical systems. You may need a new roof or a new furnace sooner than you think. In addition, old windows and inadequate insulation can drive up heating bills and there may be unexpected costs associated with repairs.
Buying Your Home in Ottawa
Any major purchase demands research, thorough examination and thought. Buying a home isn’t any different! Finding the right location and what criteria you’d like is fairly easy. But there are other parts to think about while searching for a home. The Dwight and Anne Team will guide from when you first receive your Posting Message until you receive your Keys and are walking through the front door.
Call Marie-Anne or Dwight today to start your search for that perfect home in Ottawa
THE ANNE & DWIGHT TEAM
RE/MAX Affiliates Realty Ltd., Brokerage
3-1180 Place d’Orleans Blvd.,
Ottawa, ON K1C 7K3
613.837.0000
1.800.267.SOLD