OTTAWA, August 6, 2019 – Members
of the Ottawa Real Estate Board sold
1,842 residential properties in July
through the Board’s Multiple Listing
Service® System, compared with 1,605
in July 2018, an increase of 14.8 per
cent. July’s sales included 1,382 in the
residential-property class, up 12.3 per
cent from a year ago, and 460 in the
condominium-property category, a rise
of 23 per cent from July 2018. The
five-year average for July unit sales
is 1,579.
“Typically, after the busy spring, July
tends to be a slower month as people
take vacations and spend more time
with their families, but there was no
slow down this past month,” observes
Dwight Delahunt, President of the
Ottawa Real Estate Board. “In fact,
we recorded the highest number of
July sales in 15 years.”
“Also, for the first time in 2019, there
was an upsurge in new listings which
has slightly improved housing inventory.
Although this is encouraging news, it is
not enough to keep up with demand. In
order to bring about a more balanced
market, there needs to be at least a
three-month supply of listings. Currently,
Ottawa is closer to a one-month supply,”
he adds.
“In this type of market, it is vital that
Sellers utilize the experience and
advice of a REALTOR® to maximize
your property’s potential — and if you
are a Buyer, to guide you through
the complexities this intricate market
presents,” Delahunt recommends.
July’s average sale price for a
condominium-class property was
$299,665, an increase of 6.8 per cent
from last year while the average sale
price of a residential-class property was
$487,308, an increase of 10.4 per cent
from a year ago.*
“Residential house prices continue
to increase; however, these are
reasonable gains and are not creating
a bubble by any stretch,” Delahunt
maintains. “Condo prices have now
recovered, and the oversupply in that
sector no longer exists. Ottawa has a
healthy condo market and with major
developments coming online in the
future, we expect these too will be
absorbed in due course.”
The $350,000 to $499,999 price range
was the most prevalent price point in
the residential market, accounting for 42
per cent of July’s transactions while 28
per cent of residential sales were in the
$500,000 to $749,999 range. The most
active price point in the condominium
market, $225,000-$349,999, accounts
for 52 per cent of the units sold.
When asked about how the upcoming
federal election might affect the real
estate market, Delahunt emphasizes,
“We continue to believe the stress test
is negatively impacting our housing
market and look forward to hearing
about how the various parties intend
on addressing this contentious issue
as the election approaches.”
In addition to residential sales,
OREB Members assisted clients with
renting 1,619 properties since the
beginning of the year.
* The Board cautions that the average
sale price can be useful in establishing
trends over time but 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