The Ottawa Real Estate Market
Ottawa Real Estate Board members sold 1570 properties across the City in April, up from the 1419 units sold in the same period the previous year. And, there was a slight increase in average selling prices in April 2015 from the same period last year. This tells us that Ottawa real estate has remained a solid investment.
Ottawa Wide Real Estate Statistics (January - April)
2015 2014 Year over Year Change
Units / Average Price Units / Average Price Units / Average Price
Condos: 768 $ 259,630 822 $257,430 -6.6% 0.9%
Residential: 3,486 $ 389,271 3,236 $387,686 7.7 0.4%
Total: 4,254 $ 365,864 4,058 $361,342 4.8% 1.3%
As you can see, the Ottawa real estate market is a stable marketplace, one that historically does not have high or low shifts in value (slow and steady wins the race).
There are however, some challenges being experienced in selling properties these days that the chart does not show. There is a lot more inventory on the market for sale today. A lot of inventory means there are more sellers than buyers which also means it generally takes longer to sell and there is a higher chance some properties won't sell. I have witnessed more stress and anxiety in some home sellers (let's not kid ourselves, some Realtors too) who want to sell, but are getting limited activity on their properties. This is probably one of the biggest shifts in the Ottawa real estate market that has been increasingly evident in the last three years. On the flip side, it's great for buyers because they can take their time finding the right home with lots of selection available.