The Ottawa Real Estate Market Finishes 2017 Strong!
Monday 15 January
The Ottawa real estate market finished 2017 with record-breaking results in December based on the following factors:
Increased Record Sales In Residential Homes
- Residential homes contributed to record sales where 566 homes were sold compared to 547 homes in December 2016, a 3.5 per cent increase.
- Similar to November 2017, the majority of the sales were in the $300,000 and $450,000 price range, accounting for 43 per cent of the residential market.
- Buyers bought mostly:
- two-storey single-family homes – average price – $450,317
- three-storey single-family homes – average price – $617,530
- split-level – average price – $423,625
- Most of the homes bought were in:
- Carleton Place/Perth
- Central Ottawa
Record Condo Sales
- Condos sales improved again with 205 condo units were sold compared to 164 units in November 2016, a 25 per cent increase.
- Similar to November 2017, the majority of the sales were in the $150,000 and $275,000 price range, accounting for 67 per cent of the condo market.
- The most sold units were:
- two-storey homes – average price – $208,814
- three-storey homes – average price – $283,207
- one-level homes – average price – $294,886
- Most of the condos were bought in:
- Central Ottawa
Increased Property Values For Single-Family Homes In North & West-End Ottawa
- Owners of single-family homes in Rockcliffe Park, New Edinburgh and west-end Ottawa continued to benefit financially from increased property values on their homes. The top neighbourhoods in those areas were:
- Rockcliffe Park – 29.7 per cent (average price: $1,547,700)
- New Edinburgh/Lindenlea – 27.1 per cent (average price: $767,200)
- Crystal Bay/ Rocky Point/Bayshore – 23.9 per cent (average price: $452,400)
- Carlingwood/Westboro – 17.4 per cent (average price: $761,800)
- Britanna Heights – 17.3 per cent (average price: $440,100)’
- Parkwood Park, Queensway – 14.9 per cent (average price: $410,900)
- Manor Park/Cardinal Glen – 14.7 per cent (average price: $569,500)
- Westboro/Hampton Park – 14.2 per cent (average price: $625,600)
- Woodroffe – 13.8 per cent (average price: $425,300)
- McKellar Heights – 13.2 per cent (average price: $561,800)
Tip: When selling your home, if you receive an offer from a potential buyer, it is important to make sure that your realtor requests a copy of a confirmation letter from the buyer’s mortgage lender that demonstrates that the buyer is pre-approved/pre-qualified or has the financial capability to purchase your home. This due-diligence strategy will ensure that the buyer is committed to purchasing your home without any hassles or frustrations. I have seen countless times where realtors representing buyers do not confirm with them if they have been pre-approved/pre-qualified for a mortgage. As such, when a buyer submits an offer that is accepted, they then discover from their lender that they are no longer qualified for a mortgage. As a result, the seller misses the opportunity to receive better offers from other qualified buyers who purchase other homes, and the seller’s property will continue to be in the market for a long period of time and lose its value.
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.