Here is a summary of average selling prices by housing type based on results for year-to-date 2016. These are only averages of course and will vary by area, age of house, house features etc.
Our current residential real estate market has seen unit sales increases but fairly flat prices and is probably one of the most stable markets in the country. Decreasing listing inventory levels during 2016 have moved us from a market which favoured buyers in 2014 and 2015 to what we believe is a balanced market though there are signs that supply/demand metrics may soon be favouring sellers, so higher price increases are possible, as listing inventory continues to tighten.
Residential Housing: Average +-
Overall selling price: $396,699 +1.2%
Overall detached home price: $413,987 +2.3%
Detached bungalow: $368,172 +1.7%
Detached 2 storey: $468,923 + .9%
Row townhome: $327,573 +2.1%
Semi-detached home: $394,900 +1.2%
Row townhomes: $226,423 -1.4%
Stacked townhomes: $223,399 -2.0%
Apartment condos: $291,199 +1.7%
overall condos: $260,880 + .1%
Unit Sales 2016:
Unit sales in residential properties have been pretty solid in 2016 with a 5.5% increase in the number of units sold but prices continued pretty flat (as has been the case for 4 years) with an average price increase less than inflation of only 1.2%.
Condo unit sales improved quite significantly in 2016 with an increase of 9.6%. Average condo selling prices condo pretty flat with an average price of $260,880 through November 2016.
New construction sales have been strong all year with sales up 18% compared to 2015.
Listing inventory had been elevated to some historical highs over 2014 and 2015 and fortunately, these levels have eased significantly in 2016. New listings have declined by approx 7% this year and the number of listings available at the end of November 2016 shows residential listings down 14.3% and condo listings down 13.3% from a year ago. This is a very positive development and a key area to watch in 2017, as it is a great indicator of supply/demand in the market.
Urban vs suburban:
Price ranges dramatically across the city with highest prices in the core urban areas with much more affordable choices in the suburbs. Also a wide range of properties in the exurban or sub-rural areas for those who want more property in exchange for a commute.
Strongest sales demand is in the $300-$400K and $200-$300K price ranges and these will be properties that should sell most quickly. Ottawa continues to be great place to buy a residential property!
For experienced assistance with your Ottawa relocation or House hunting trip, please give us a call or send us an email. 613-435-4692 firstname.lastname@example.org
Gord McCormick, Broker of Record
Dawn Davey, Broker
Oasis Realty Brokerage
Brookfield registered service provider for government relocations (IRP)