January saw Ottawa’s real estate market split very distinctly between condos and residential resales. While there was a rise in condominium sales, residential sales slipped from last year. However, prices were distinctly different between the two sectors as well. The average price of residential resale home jumped 8.8% since last January to $427,500 and condo prices fell 8.6% to $263,750.
In both sectors, it seems that demand for homes is building quickly. Days on market for residential homes to sell lessened to 55 days from 69 days while condos take approximately 64 days to sell, a sharp drop from last year’s 89 days.
House prices varied hugely across Ottawa’s 46 housing districts. This range goes from 27.7% rise in Ottawa’s wealthiest enclave of Rockcliffe Park to a 3.7% gain in Blackburn Hamlet, which is one of the city’s most affordable living areas. The benchmark price, using this housing price index which gives a more realistic number, for single family homes across the city is $405,100 showing a 7.6% increase in price since January 2017. 19 of the 46 districts show a double digit gain in one year. These include New Edinburgh-Lindenlea up 24.5% and Manor Park-Cardinal Glen up up 15.3%. The majority of the others up over 10% or more are in the City’s west end in the corridor that stretches west from Island Park Drive along the Queensway west to the new DND headquarters at 60 Moodie Drive. The slowest areas of the city with the least gains are in the east end right now. Other neighbourhoods increasing in value are the Stittsville, Munster and Richmond district, up 6.5% in the last month alone with an average price of $601,100.
Please let us know if you have any questions at all and as always if you would like us to visit to help let you know what your home may be worth in the market please feel free to give us a call or send us an email.