Michael Arthur
Michael Arthur

Once Again, The Condo Resale Market Sets Record Home Sales In August

Monday, Sep 11, 2017

 by Michael Arthur

The Ottawa real estate market continues with record home sales for the month of August. This positive news is driven by the following factors:

 

Record Condo Sales in the Resale Market

  • Similar to July, the condo market continued to dominate the resale market where 359 condo units were sold compared to 294 units in August 2016, a 22.1 per cent increase.
  • The majority of the sales were in the $150,000 and $249,999 price range, accounting for 49.5 per cent of the market.
  • In terms of days on the market, condo listings were sold 10 per cent faster compared to 2016.
  • Two-storey and one-level homes, and bungalows continued to be the most sold units.
  • Most of the condos were sold in the following districts:
    • Stittsville
    • Kanata
    • Nepean
    • Central Ottawa
    • Orleans

 

Increased Sales in Lifestyle Luxury Homes

  • 59 units were sold compared to 38 units in August 2016 in the $750,000 – $999,999 price range, a 55.3 per cent increase.

 

Price Increases For Single-Family Homes 

  • Similar in July, homeowners owning single-family homes located in Ottawa South and west of Ottawa continued to experience significant price increases in the resale value of their homes. These neighbourhoods are:
    1. Hunt Club/Windsor Park – 20 per cent increase (average price: $456,600)
    2. Hintonburg/West Centretown – 17.5 per cent (average price: $492,400)
    3. Mooney’s Bay/Carleton Square – 17.3 per cent (average price: $478,900)
    4. Woodroffe – 15.4 per cent (average price: $426,200)
    5. Billings Bridge/Riverside – 14.6 per cent (average price: $458,700)
    6. Belair Park/Copeland Park – 12.1 per cent (average price: $437,100)
    7. Country Place/Pineglen/Crestview – 12.1 per cent (average price: $646,100)
    8. McKellar Heights – 11.7 per cent (average price: $558,800)
    9. Manotick/Kars/Rideau Township – 11.7 per cent (average price: $508,200)
    10. Britannia/Lincoln Heights – 11.5 per cent (average price: $415,400)

 

Real Estate Tip: To take advantage of the tax dollars working for you, there are various federal, provincial and municipal government grant and rebate programs available for buying a home and making improvements to your home. You can read more about these financial incentive programs at: http://showmethegreen.ca/

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.