OTTAWA MARKET UPDATE FOR JUNE 2018
The Ottawa real estate market continues to impress. We are certainly the leader in Canada right now in terms of market activity.
Let’s look at the numbers. Our average price for a residential-class property was up 3.4% over last June, sitting at $449,200. In the residential-class property segment, there were 1,615 units sold which is a decrease of 8% over last June. In the condo market, 455 units sold, which is an increase of 11.5% from last June. The condo prices in Ottawa increased by 1.2% with the average sale price at $293,303.
The increase in condo unit sales is due to the lack of inventory in the residential-class property segment. The increasing prices have also pushed Ottawa buyers towards more affordable condo options. In previous years we had an oversupply of condos in Ottawa but they are now helping with the overall shortage of the residential-class properties. The average consecutive days on market for condos is down 39.4%.
There are still lots of bidding wars happening in the Ottawa market but it seems to be a little bit less competitive in the suburban neighbourhoods when compared with say 2-3 months ago. Inventory is still tight but there are signs that the market is settling down a bit. This will be welcome news to some buyers. If you are curious to know whats happening in your area please feel free to get in touch.
