"The first half of 2018 has performed very well with the number of year to date residential sales almost identical to this time last year," stated Ralph Shaw, President of the Ottawa Real Estate Board. "Condo unit sales have led the way, increasing by 16.8% over the same period."
Members of the Ottawa Real Estate Board sold 2,070 residential properties in June 2018, a 4.3% decrease when compared to June 2017 where 2,163 residential properties were sold.
Shaw said, "the under $300,000 condominium is competitively priced compared to rent, so therefore people that are looking for that sort of accommodation are choosing to buy because they can't find what they're looking for in the rental market."
The average sale price of a residential-class property sold in June was $449,200, a 3.4% increase when compared to June 2017.
The average sale price of a condo was $293,303. An increase of 1.2% when compared to June 2017.
The average days on market for residential homes is 37 days, an 18% decrease from June 2017 where the average was 47 days. Condos are on the market for an average of 52 days, in June 2017 they were on the market for an average of 71 days.
"The decrease in (days on market) indicates that inventory is turning over much more quickly, likely due to the lack of available inventory in certain areas of Ottawa," said Shaw.
OREB members also assisted consumers with renting 1,320 properties, year-to-date.
Sellers have had reasonable appreciation of their assets, but buyers could still go out and get that family home for (the average price)," stated Shaw. "At 3% mortgage rates, the affordability in Ottawa is phenomenal."