Despite Low Residential Sales, The Condo Market Continued to Be Strong in January
The winning streak for record residential home sales in the Ottawa real estate market officially ended in January. There were 539 residential homes sold during that period compared to 545 residential homes sold during the same time period in January 2017. January is a typical period where there is not plenty of housing sales activity.
The contributing factor to the low residential home sales in January was the low inventory of homes available for sale in the market. For new listings, there were 994 residential homes in the market compared to 1,175 residential homes listed in January 2017, a 15.4 percent decrease.
Despite the low residential home sales, there was some positive news. The condo market continued its consistent pace of record unit sales. This trend was evident by 173 sold condo units compared to 119 units sold in January 2017, a 45.4 percent increase.
Other important highlights of the condo market’s performance:
- The majority of the sales occurring in the $150,000 and $250,000 price range, accounting for 55 percent of the condo market.
- The most sold units were:
- two-storey homes – average price – $233,263
- three-storey homes – average price – $233,969
- one-level homes – average price – $291,511
- Most of the condos bought were in:
- Kanata/Nepean – average price – $229,064
- Central Ottawa – average price – $308,140
- Orleans – average price – $217,516
Increased Property Values For Single-Family Homes In Western & Wealthiest Areas of Ottawa
- Owners of single-family homes in Rockcliffe Park, New Edinburgh and west-end Ottawa still continued to benefit financially from increased property values on their homes. The top neighbourhoods in those areas were:
- Rockcliffe Park – 27.7 percent (average price: $1,547,700)
- New Edinburgh/Lindenlea – 24.5 percent (average price: $753,200)
- Crystal Bay/Rocky Point/Bayshore – 23.4 percent (average price: $452,400)
- Britanna Heights – 16.9 percent (average price: $439,600)
- Parkwood Park, Queensway – 15.8 percent (average price: $416,300)
- Carlingwood/Westboro – 15.4 percent (average price: $748,700)
- Manor Park/Cardinal Glen – 15.3 percent (average price: $568,300)
- Woodroffe – 14.7 percent (average price: $429,700)
- Westboro/Hampton Park – 13.2 percent (average price: $621,200)
- Qualicum/Bruce Farm – 11.8 percent (average price: $549,500)
Tip: When selling your home, in a bidding war where you receive several competitive offers from buyers, it is not only the price offered by buyers that you should be only concerned about. There are other important factors to consider:
- Closing dates – make sure that you are comfortable with the closing dates that provide you sufficient time to take care of your personal needs and commitments, such as preparing your move to your new home, enrolling your children in new schools they will be attending etc.
- Conditional period – you need to make sure that this time period is in your favour so that the buyer has sufficient time to complete their financing, insurance, home inspection and other conditional obligations so that you have a peace of mind.
- Amount of deposit offered: in a bidding war, buyers that offer a higher deposit amount usually indicates that they are interested, serious and committed to buying your home.
It is important to ensure that your realtor is aware of these important factors and advises you about them in advance so that you are well informed, and aware of the expectations about what happens in a multiple-offer situation.