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Ottawa Real Estate Market News September

In Septemer 2019 Ottawa Realtors sold 1,549 residential Ottawa houses and condos via the Ottawa MLS® System. This is compared with 1,386 Ottawa condos and houses sold in September 2018, showing an increase of 11.8 per cent.

Number of Ottawa Houses and Condos Sold

1,113 freehold (non-condo) homes sold, up a significant 6.9 per cent from a year ago. In the same month 436 condos in Ottawa changed owners. This represents a very strong increase of 26.4 per cent from September 2018. The five-year average for September unit sales is 1,385.

All of these strong strong sales numbers took place in an Ottawa real estate market plagued by low inventory.

House and Condo Market Values

The average sale price in September 2019 for a condo in Ottawa was $309,373. This is an increase of 9 per cent from last year while the average sale price of a residential freehold property was $487,438, an increase of 8 per cent from a year ago. Year to date figures show an very healthy 8.4 per cent and 8.1 per cent increase in average sale prices for residential and condominiums respectively. *

Condo prices thus recovered for years of slow growth and low interest. Now Ottawa condo sellers are again outting their apartments on the market to take advantage of the strong buyer interest in Ottawa apartments for sale.

Most active price ranges

The $350,000 to $499,999 price range was the most common price point in the residential market. It accounted for 43.5 per cent of September’s transactions while 28 per cent of residential sales were in the $500,000 to $749,999 range. For condos the most active price range was between $225,000-$349,999, accounting for 56 per cent of the units sold.

Overall the year has set a number of records so far both in the average price of condos and houses as well the high level of market activity as expressed in the number of sales despite the low inventory in resale properties in Ottawa.

Source: Ottawa Real Estate Board

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