Average House Price Ottawa – December 2018

House Market in Ottawa – December 2018

The average house price in Ottawa for December 2018 in the residential-class property sold category was at $453,011, an increase of 4.7 per cent over December 2017. The average sale price for a condominium-class property was $278,295, an increase of 9.0 per cent from this month last year.

What are the active price points?

The $300,000 to $449,999 range remains the most active price point in the residential market. Accounting for 45 per cent of home sales while almost one in four sales were in the $500,000 to $750,000 price range. Between $175,000 to $274,999 remained the most prevalent price point in the condominium market, accounting for 55.7 per cent of the units sold.

What is the average days the property was on the market in Ottawa?

Average residential-class property was on the market in Ottawa for 47 days in December 2018, compared to 57 days in December 2017. The condominium-class property was on the market for 53 days, compared to 73 days in December 2017.

How is the housing inventory in Ottawa?

In December the Ottawa Real Estate Board sold 663 residential properties, out of the 663 there were 471 freehold houses, and 192 were condominiums.

What to expect in 2019?

In 2019, we expect the prices of houses to rise due to limited supply and high demand. Although buyers do have affordable options in outlying communities if they are willing to commute — or they will simply have to pay more provided they can qualify with the new mortgage rules. New builds and purpose-built rental housing could help ease some of the pressure, particularly if builders are able to provide a variety of quality options allowing for more movement in the market. The Bank of Canada’s not increasing their interest rate of 1.75% on Jan 9th 2019 is also good news for buyers. Feel free to contact me for a free comparative market analysis, or even if you have someone whom you know is planning to list or purchase a place, I am never too busy for referrals.