Date Posted: June 7, 2018
According to a report released by the Ottawa Real Estate Board, sales of homes for May 2018 topped 2,279. These sales included 485 condominium properties and 1,794 residential.
Inventory has been turning over quickly which is the sign of a healthy real estate market. According to OREB, the average price of a residential property in Ottawa in May was $464,401 which is a 6.3% increase over May of last year. In the condo market, the average sale price was $281,247 which is an increase of 3.4% over last year.
The housing market in Ottawa is still very affordable for homebuyers. The increase in demand, and therefore home prices, gives the baby-boomer generation incentive to sell their homes to downsize which would add more inventory to the market.
“In the first five months of 2018, the value of a single-family home has increased about 8% and approximately 6.5% for condominiums,” Shaw notes. “This price acceleration is encouraging news for homeowners who have now seen an average of 3% price growth per year for the last five years.”