Ottawa real estate market saved by soaring condo sales in May 2019

Despite low inventory, the Ottawa real estate market was propped up by soaring condo sales in May 2019.

By Homicity

Jun 13, 2019

Ottawa real estate market saved by soaring condo sales in May 2019

Despite plummeting inventory levels, the Ottawa real estate market held steady in May 2019. Residential property sales increased from 2,271 at this time last year to 2,423 in May 2019, a jump of 6.7%.


Condos were the heroes of the May real estate market. Sales of condos bolstered the struggling market, gaining 14.2% over condos sold at this time last year. Sales of residential homes increased by a respectable 4.6%.


Condos are being snapped up across the city: on average, they remain on the market for just 31 days. This represents a 33% decrease against last year. “Well-priced and positioned properties are turning over quickly”, noted Ottawa Real Estate Board President Dwight Delahunt.


Average home prices are also rising steadily across the capital. The average sale price for a residential property was $493,691, 6.4% higher than this time last year. Average condo prices gained 5.8% to sit at $297,731. Year to date numbers show a 6.6 percent and 7.9 percent increase in average prices for residential and condominiums respectively. This is good news for both buyers and sellers: a steady and consistent growth rate (no spikes!) signals a healthy market.


There was some good news in the report for first-time homebuyers, however. While reports of crazy multiple-offer bidding wars are circulating, the reality is 62% of properties are selling at or below the asking price. About 15% of properties are selling for above the asking price, but these homes are mainly clustered in certain highly desirable areas of the city.


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Homicity

Homicity helps you find your dream home in the perfect community. Whether you are buying, renting, or selling, you can navigate the Canadian real estate market with confidence with our expert advice, market news, and recommendations powered by AI.

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