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Ottawa Real Estate Market Update
Ottawa Real Estate Board's Market Update For September 2019 Versus September 2018
Year-To-Date Condominium Market Performance
What's Your Home Worth In Today's Market?
Transcript of video follows:
Good morning! Thank you for joining me. Today I wanted to discuss #OttawaRealEstate Market Stats for #September2019 We're going to compare 2019 to 2018 in terms of total sales and total averages as well as we're gonna discuss #Barrhaven and #Kanata These are the two major districts in #Ottawa We can take any district and we can we can talk about averages we can talk about prices.. For the length of this video I have chosen #Barrhaven and #Kanata
My name is #TomaszWitek you can find more information about me at https://www.justsellinghomes.ca Please subscribe, share the video. Thank you. So, let's check it out...residential average sale prices for 2018 were $450,123. For #September2019 it was $487,138 which is an increase of 8.3 percent. For the residential number of sales was around 1000 in 2018 and about 1,100 in 2019 which is an increase of six point nine percent. For the condo average sale prices in 2018 it was $283,617 and in 2019 we had an increase to $309,337 which is increase...September 2019 over September 2018..... of 9.1% For the condo number of sales, in 2018 we had 345 and in 2019 we had 436 which is a staggering increase of 26.4% Okay. Now, so that was total number of sales and averages for the actual month of September when we compare #September2018 to #September2019
Now, another statistic we can look at is the actual inventories in September and we're gonna look at this at the at the actual end of September of 2019 and compare it to end of September of 2018. For the residential category we had 2,768 available to be sold in 2019. In 2018, we had 3,439 homes which is -19.5%, which means basically 20% less homes in #September2019 were available to be sold over #September2018 For the condo market we had 592 in 2019 and 985 in 2018 which basically means, we have 40% less condos available this year then we had last year.
Okay and now we're going to look at #Barrhaven and #Kanata and #Kanata gave us quite a surprise in #September2019 Now what's it important is to see that this is this is data for the month of September and for the condos I have actually data a Year-To-Date for the condos so that's considering January to September of 2019 to January to September of 2018. Okay well let's do the monthly stats first. So, residential average sale price for 2018 was $434,703 and for #September2019 it was $466,089 which is an increase of 7.2 percent. For the number of sales for residential category it was 101 in 2018 and 98 in 2019. So, we sold 3% less homes this year than the last year in September. Now, for the year-to-date numbers we have #condo average sale prices in 2018 $234,275 and in 2019 we have $264,516 which is an increase of 12.9%. For the #condo number of sales in September 2018 we had 209 and #September2019 we had 196 which is a decrease of 6.2% Now, look at #Kanata in 2018 the average sale price was $445,360. In 2019, it was $528,128 which is an increase of 18.6% . For the number of sales it was one 104 for 2018 and 109 for 2019 which is an increase of 4.8%.
For the year-to-date numbers for the condo average prices in #Kanata it was $246,994 in #September2019 it's $273,829 which is an increase of 10.9%. For the number of condo sale in 2018 was 195 and in 2019 was 186 which is an increase of 4.6% So, check this out! So, this is the total average for #Ottawa $487k, in #Barrhaven $466k and this one gave quite a surprise $528k Okay! Last year, it was at $445 so something happened in #Kanata more homes were sold, better prices for the sellers. For the condo the total was 309k in #Barrhaven we had $264k and in #Kanata $273k So again, #Kanata is doing better in the condo market. So, if you need information about your #OttawaNeighbourhood please visit https://www.justsellinghomes.ca or contact me through the webpage or contact me directly. Please leave a comment, leave a LIKE, tell me what you think about this Vblog. Thank you very much. I appreciate it.
Official OREB's Media Release Follows:
Released OTTAWA, October 2, 2019
"The Ottawa Real Estate Board is Ottawa’s largest trade association with over 3,150 sales representatives and brokers in the Ottawa area. Members of the Board are also members of the Canadian Real Estate Association. The MLS® system is a Member-based service, paid for by the REALTOR® Members of the Ottawa Real Estate Board. The MLS® mark symbolizes the cooperation among REALTORS® to affect the purchase and sale of real estate through real estate services provided by REALTORS®. MLS® commercial and residential listings are available on REALTOR.ca
Members of the Ottawa Real Estate Board sold 1,549 residential properties in September through the Board’s Multiple Listing Service® System, compared with 1,386 in September 2018, an increase of 11.8 per cent. September’s sales included 1,113 in the residential-property class, up 6.9 per cent from a year ago, and 436 in the condominium-property category, an increase of 26.4 per cent from September 2018.The five-year average for September unit sales is 1,385. “Despite a challenging year of historically low inventory, September’s sales continue to be extremely strong, the likes of which we haven’t seen in the past 15 years,” acknowledges President of the Ottawa Real Estate Board. “It’s quite amazing, with the limited supply, that the market is still moving well with purchasers finding properties that meet their requirements,” he adds.
“Of course, in this kind of market where the process can be quite accelerated, you must be ready to make a decision quickly and be poised to act straightaway. That’s why it’s prudent to work with a REALTOR® — home sellers can expose their properties immediately, and buyers are able to have instant access to the latest listings posted to the MLS® System,” OREB's President advises. September’s average sale price for a condominium-class property was $309,373, an increase of 9 per cent from last year while the average sale price of a
residential-class property was $487,438, an increase of 8 per cent from a year ago. Year to date figures show an 8.4 per cent and 8.1 per cent increase in average sale prices for residential and condominiums respectively. *
“Now that condominium prices have recovered, we see condo sellers jumping back into the market to take advantage of that, and as a result, condo sales have been very robust and have again led the way in September’s unit sales,” President suggests. The $350,000 to $499,999 price range was the most prevalent price point in the residential market, accounting for 43.5 per cent of September’s transactions while 28 per cent of residential sales were in the $500,000 to $749,999 range. The most active price point in the condominium was $225,000-$349,999, accounting for 56 per cent of the units sold. “September to November typically tend to be busy listing and sales months; however, there is a federal election coming up, which normally brings a slowdown in the market. We haven’t seen that transpire this year, which suggests that consumers are highly confident in our local economy and the Ottawa real estate market.” When asked to elaborate on the pressing issue of housing in the upcoming election, President states, “We are closely monitoring the platforms of all parties, and any proposals that address supply certainly have our support.” He continues, “Although Canada needs a broad-based national housing strategy which tackles the full range of housing issues, platforms that are getting it right understand that real estate is local, and policies must factor in regional differences.”
In addition to residential sales, OREB Members assisted clients with renting 2,117 properties since the beginning of the year.* The Board cautions that the average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Price and conditions will vary from neighbourhood to neighbourhood.
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|Ottawa Real Estate Board Market September 2019 vs 2018 update - Ottawa Houses For Sale.pdf||837.85 KB|