"Autumn Leaves are Falling; Home Prices are Not" |Ottawa Real Estate: Market Snapshot September 2018
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October 3, 2018 via the Ottawa Real Estate Board
“We continue to experience supply-side issues going into our fall market. The fact is, the number of residential sales would be much higher had we more robust inventory to draw from,” states Ottawa Real Estate Board President Ralph Shaw. “Condos continue to represent a greater proportion of year-to-date unit sales with a 15 per cent increase from this time in 2017.”
September 2018 Notable Numbers in Ottawa Real Estate
- The average sale price of a residential-class property was $449,613, an increase of 7.9% over September 2017.
- The average sale price for a condominium-class property was $282,781, an increase of 7.6% over September 2017.
“Economic fundamentals are at play in our market with a lack of supply putting an upward pressure on prices in some areas,” Shaw asserts. “Condo price increases on a percentage basis are finally recovering and are catching up to the increases in residential prices which is very encouraging news for condo owners.” [Ottawa Real Estate Board President]
“With the inventory of available apartment condo units also declining month over month; this trend of price improvements may help kick-start some of the mothballed condo projects to date,” he speculates.
“The low rental vacancy rate is spurring the purchase of condominium units, and first time home buyers wanting to enter the market are having to choose between “driving until they qualify” or purchasing a condominium at a price point they can afford....Although the millennial generation is comfortable sharing their rides, they are not in the sharing mindset for housing – they want to own,” he contends. “In a recent study commissioned by the Canadian Real Estate Association (CREA), research conducted by Abacus Data shows that Housing Affordability is a key issue and the homeownership dream is alive and well with this demographic.” [Ottawa Real Estate Board President]
In addition to residential and condominium sales, OREB Members assisted clients with renting 2,135 properties since the beginning of the year.
* 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. If you are looking to buy or sell in the Ottawa area we would love to help! Email info@teamrealty.ca today.