It is not uncommon to hear many conflicting opinions about the health of the real estate market in a given region. However, the Ottawa Real Estate Board recently released numbers that may settle these debates, noting that the real estate market in the region is healthy. Condo unit sales were the main source of the area’s viability in the first half of 2018, with a 16.8 percent increase compared to 2017.
Thanks largely to this increase in condominium sales, residential sales in Ottawa have remained steady from and are extremely close to the figures from the same time last year. In June 2018, members of the Ottawa Real Estate Board sold 2,070 residential properties. In June 2017, the number of home sold was slightly higher at 2,163.
The under $300,000 condominium market is particularly attractive for buyers are prices are competitive with rent costs for a similar property. This is prompting many renters to take the leap into ownership. The Real Estate Board also noted that the average price of residential property in Ottawa has increased 3.4 percent from last year and currently sits at $449,200. The average price of a condominium, meanwhile, is $293,303.
Homes are reportedly on the market for a significantly shorter period than they were a year prior. The average days on the market for residential homes in 2018 so far has been 37 days, down from the June 2017 average of 47 days. Those who are considering buying or selling a residential property in Ottawa should connect with a lawyer to understand how best to manage the sale under Ontario real estate law.