The Ottawa real estate market continues its steady rapid growth in home sales for the month of October due to the following factors:
Record Sales In Resale Residential Homes
- The resale market for residential homes contributed to record sales where 982 homes were sold compared to 951 homes in October 2016, a 3.3 per cent increase.
- The majority of the sales were in the $300,000 and $399,999 price range, accounting for 33.3 per cent of the residential market.
- Buyers bought mostly two-storey homes at an average price of $443,994.
- Most of the homes were sold in:
- Carleton Place/Perth
- Central Ottawa
Record Condo Sales
- Condos continued to dominate in the residential market where 261 condo units were sold compared to 255 units in October 2016, a 2.4 per cent increase.
- The majority of the sales were in the $175,000 and $249,999 price range, accounting for 45.2 per cent of the condo market.
- The most sold units were:
- two-storey homes at an average price of $232,453
- three-storey at an average price of $272,014
- bungalows at an average price of $327,586
- one-level homes at an average price of $299,928
- split-level homes at an average price of $279,262
- Most of the condos were sold in:
- Central Ottawa
Growing Resale Home Sales & Price Increases For Single-Family Homes In South & West-End Ottawa
- There was growing buyer demand for resale single-family homes in Ottawa South and west-end Ottawa. This trend, coupled with the limited supply of homes for sale in those areas, generated multiple offers resulting in significant price increases in the resale value of these homes compared to October 2016. As such, these factors may be contributing towards generating a sellers’ market, which is a great financial opportunity for homeowners living in those areas. The top neighbourhoods that benefitted from these trends were:
- Hunt Club/Windsor Park – 14.6 per cent increase (average price: $457,700)
- Belair Park/Copeland Park – 13.9 per cent (average price: $441,800)
- Woodroffe – 13.8 per cent (average price: $423,300)
- Country Place/Pineglen/Crestview – 13 per cent (average price: $648,300)
- Billings Bridge/Riverside – 12.8 per cent (average price: $463,400)
- Parkwood Park, Queensway – 12.5 per cent (average price: $410,700)
- McKellar Heights – 12.3 per cent (average price: $558,800)
- Manotick/Kars/Rideau Township – 12 per cent (average price: $519,900)
- Westboro/Hampton Park – 11.6 per cent (average price: $612,300)
- Mooney’s Bay/Carleton Square – 11.6 per cent (average price: $478,600)
- The growing recovery of the high-tech sector in Kanata; the expansion of the retail sector and the steady flow of Department of National Defence employees moving to the new headquarters located at 3500 Carling Ave. in Bells Corners are factors continuing to contribute to the growth of price increases and home sales in the west end.
- If you or someone you know would like to receive a detailed snapshot on how these top neighbourhoods or your neighbourhood have performed over the last year in comparison with the city as a whole, in terms of home sales, which properties sell quickly, the average number of days specific properties sell and new developments in the area, let me know.
Tip: As Ottawa has one of the hottest real estate markets in Canada, it has generated numerous multiple offer situations where buyers have lost the opportunity to purchase their dream home or investment property. Here are several ways to avoid this situation:
- Offering more than the listing price as long as you love the home that meets your personal needs or the cash flow and return on investment meets your requirements.
- Providing a high deposit amount for your down payment. This will show to sellers that you’re a serious buyer or investor and indicates that your financing is in place.
- Submitting an offer with zero or limited conditions. You are able to do this because you’ve already been pre-approved for a mortgage at the price you’re offering and can afford to purchase, and a property inspection was completed earlier to your level of satisfaction.
- Giving the seller the closing date that they want.
- Leaving out unnecessary clauses in the offer that could complicate the offer in the mind of the seller where it can be rejected.
The reality is that these solutions, mentioned above, position you to give the sellers what they want. However, at the same time, they provide you the advantages of purchasing your dream home or that investment property you have been looking for that offers value.
The information contained on this site is based in whole or in part on information that is provided by members of The Canadian Real Estate Association, who are responsible for its accuracy. CREA reproduces and distributes this information as a service for its members and assumes no responsibility for its accuracy.
About the writer
Michael Arthur is a realtor with RE/MAX Core Realty Inc., who specializes in residential properties and leasing of commercial properties. He works with various clients that include first-time home buyers, real estate investors, business owners, renters, and homeowners who are going through life transitions, ranging from divorce to personal bankruptcy. He can be reached at (613) 890-SOLD (7653). Website: miketheagent.ca.