Condo Sales Continue to Dominate Resale Market

July 4, 2019 No Comments

Condo Sales Continue to Dominate Resale Market

Posted by devadmin in News

Condo Sales Continue to Dominate Resale Market

Members of the Ottawa Real Estate Board sold 2,105 residential properties in June through the Board’s Multiple Listing Service® System, compared with 2,064 in June 2018, an increase of 2 per cent. June’s sales included 1,612 in the residential-property class, on par with a year ago, and 493 in the condominium- property class, a rise of 8.8 per cent from June 2018. The five-year average for June unit sales is 2,002.

“Year to date residential resales are virtually the same as this time last year with 7,565 transactions so far,” announces the Ottawa Real Estate Board President. “Increasing by 8.3%, condo resales are the driving force for the upturn in units sold in the first half of 2019. Combined residential and condo year to date sales of 9,876 show a 1.8 per cent increase from June 2018,” he adds.

June’s average sale price for a condominium- class property was $308,482, an increase of 6.2 per cent from last year while the average sale price of a residential-class property was $500,716, a rise of 11.4 per cent from a year ago. *

“Although, the percentage increase in average price for a residential property climbed into the double digits in June, year to date figures indicate a steady growth of 7.6 per cent and 7.5 per cent for residential and condominiums respectively.”

“In the past decade, we have seen an approximate 52% increase in average prices for residential properties and 34% for condominiums, indeed an excellent return on investment for homeowners”. “With a population reaching one million residents according to the City of Ottawa, we truly enjoy a high quality of living and remain one of Canada’s most affordable major cities – that’s no small feat.”

The $350,000 to $499,999 price range was the most prevalent price point in the residential market, accounting for 43 per cent of June’s transactions while 29 per cent of residential sales were in the $500,000 to $749,999 range. The most active price point in the condominium market for the third straight month, $225,000-$349,999, accounts for 55 per cent of the units sold.

“Some areas of the city are experiencing multiple offers, and the competition for well-priced and positioned properties is brisk. Even though 39% of properties this month sold above the asking price, the vast majority of properties are still being sold at or below the listed price.”

In addition to residential sales, OREB

Members assisted clients with renting 1,314 properties since the beginning of the year, and our Commercial Members continue to be very active in our marketplace.