SEPTEMBER 2018 NOTABLE NUMBERS IN OTTAWA REAL ESTATE
- The average sale price of a residential-class property was $449,613, an increase of 7.9% over September 2017.
- The average sale price for a condominium-class property was $282,781, an increase of 7.6% over September 2017.
“Economic fundamentals are at play in our market with a lack of supply putting an upward pressure on prices in some areas,” Shaw asserts. “Condo price increases on a percentage basis are finally recovering and are catching up to the increases in residential prices which is very encouraging news for condo owners.” [Ottawa Real Estate Board President]
“With the inventory of available apartment condo units also declining month over month; this trend of price improvements may help kick-start some of the mothballed condo projects to date,” he speculates.
“The low rental vacancy rate is spurring the purchase of condominium units, and first time home buyers wanting to enter the market are having to choose between “driving until they qualify” or purchasing a condominium at a price point they can afford….Although the millennial generation is comfortable sharing their rides, they are not in the sharing mindset for housing – they want to own,” he contends. “In a recent study commissioned by the Canadian Real Estate Association (CREA), research conducted by Abacus Data shows that Housing Affordability is a key issue and the homeownership dream is alive and well with this demographic.” [Ottawa Real Estate Board President]