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Residential Home Prices and Price Increases. Freeholds and Condominiums.
Residential Home Prices and Price Increases. Freeholds and Condominiums.
Transcript of the video follows:
Good morning this is #TomWitek with https://www.justsellinghomes.ca/ today we're gonna discuss year-to-date numbers for different areas: for #Barrhaven #Kanata #Orleans and #Ottawa as a whole. Looking at 2016, 2017, 2018, 2019, end of 2019.
For #condos and #freeholds this information is good for #OttawaInvestors to see how your investment progressed, as well as people who live in those #OttawaNeighbourhoods to see how their #market performed over the four years you can also find homes coming up to the market at https://www.justsellinghomes.ca The website is updated daily, so you're gonna get new and #ActiveListings from now and into the future. Before we get into this just quick recap of #December2019 In December, in #Ottawa we had lot of sales and we had a lot of #MultipleOffers We actually had a record-breaking selling month. Okay, in #January2020 it looks like, this year, it's going to be the same; there's gonna be #MultipleOffers, #LowInventoryOfHomes because, right now in #January2020 it's really #LowInventoryOfHomes there are #multipleoffers pretty much everywhere.
Okay, let's get into the data. So you can understand how much on average did your home gain, since 2016 to 2019. First, we're gonna look at the #Barrhaven So, for #BarrhavenCondos in 2016, you could buy a condo for $218,022 and in 2017 you could #SellBarrhavenCondo for $223,169 which is an increase of 2.4% Now, look at the jump between #2017 to 2018. It was an increase by 5.9%. So, from $223k to to $236,000 and then look at the huge jump between 2018 to 2019 it was 13.3% So, we went from $236,000 to $267,000 okay, so, for condo you can see when you add up the percentages between 2016 and end of 2019 we had an increase of 21.6% percent
Later on, I'm gonna do final analysis and share with you actually which areas are best for #condos and #freeholds
Okay, so...another statistic is #Barrhaven #BarrhavenFreeholds This would be residential homes, normal two-story home, bungalow, all categories together. Okay, so you can see that in 2016 you could buy a freehold for $382,021 and in 2017 it jumped to $402,680 which is an increase of 5.4% Between 2017 and 2018, the increase was 7.7 percent from $402k to $433,000 and then in 2018 to 2019, the #PriceIncrease was 10.4% from $433,000 to $479k So, we were just shy of $480,000 in #Barrhaven for 2019.
Now, look at the situation in #Kanata For #KanataCondos in 2016 you could #buyacondo for $220k and in 2017 for $219k So, actually, in #Kanata it dropped by half a percent. Then you had huge increase in #CondoAverages by 12.2% between the year 2017 and 2018. In 2018, you could #buycondo for $247,190 on average and then we had a huge jump of 14.4% between 2018 and 2019. So, in #Kanata the #CondoAverages were $247 in 2018 and they jumped to $282 by the end of 2019. That's the situation for #KanataCondominiums
Now, for #KanataFreeholds. In 2016, you could buy something for around $400,000 then you had a jump of 2.7% percent and you could buy something in 2017 for $413,000, then you had a bigger jump of 8.0% between 2017 and 2018 and you could buy something for $447,000 and then you had another huge jump of 10.9% percent. So, in 2018, you could buy a #KanataFreehold for $447,000 and it jumped to the end of 2019, taking in 2019 as a whole for $496,000 So, just #kanata reached a five hundred thousand dollar mark for #KanataFreeholds and some months actually it surpassed by a few thousand dollars.... above $500,000
Okay, look at the situation of #condominiums in #OrleansCondos in 2016, you can buy a #OrleansCondo for $210,000 and it jumped by 10.3% percent in 2017, you could buy it for $232k and then it dropped only by half percent. in 2018 to $233,000 and then you had a huge jump of 9.8% percent between $233k and $256,000 So, in 2019 the average is around $260,000 for #OrleansCondos
Now, for #OrleansFreeholds You could buy a #freehold #ResidentialHome in 2016 for $387,000 and in jumped by 6.8% to $415k. Basically, in 2017, then we had another increase of 4.8% to $434,351 in 2018 and then we have another increase in 2019 by 8.7% percent and then in #Orleans you could buy a #OrleansFreeholdHome for for around $472,000 thousand, on average.
Now, look at the totals of number of sales for the whole #Ottawa Now, this is taking into account things like #Stittsville, #Kemptville, #Kars, #Greely all the suburbs and center of #Ottawa Okay, So, for #OttawaCondos in 2016, you could buy something on average for $261,000 thousand and it jumped by 3.4% percent to $269k in 2017 then it jump by 3.2% percent from $269k to $278k and then we had a huge increase by 9.3% percent. So in 2019 on average you could buy a #OttawaCondo for $304,000. So, now the #CondosInOttawa are hovering around the $300,000 dollar mark. Okay..... and it depends where or where it's going to be.. ...for example in #Barrhaven it's going to be you know around $260,000 to $300,000 thousand. In #OttawaCentral #OttawaDowntown it's going to be $300k+ and up.
Okay, so now, on average, you're getting $305k #OttawaFreeholds in #Ottawa in 2016 you could buy something for $397,000 so just around $400,000 which is similar to, actually, #Kanata number then, you had on average an increase of 6.8% to $424,000 then, in 2018, you had an increase of 5.1% and you could buy on average #OttawaFreehold for $446,000 thousand and then we had a huge increase of 8.9% percent from 2018 to 2019. So, in 2018, you could buy for $446,000 and now for $486,000.
Okay, so again, that's close to $500,000 dollars mark.
Now, what does this mean?
When you add those percentages, you can see, basically which areas are doing great in #condos and which areas are doing doing great in #freeholds and the actual percentages. So, if you bought something in 2016 you can see that on average you are around 22%. So, when you bought something 2016 you can add 22% to your home and you should, on average, get something like this in 2020. Okay, but where is it the best place to invest in right now? Best #OttawaNeighbourhoods? Okay, so #Barrhaven what is actually surprising is that #Barrhaven is the best area to increase with 23.5% percent over the four years in the #BarrhavenFreehold category in residential, but #Kanata is the best to invest...... average of the four years or the addition of the four years is 26.1% in #KanataCondos So, you can see, it's good to buy a #freehold in #Barrhaven and #Condos in #Kanata Obviously, this all is gonna depend on your family needs, on the schooling of your kids. Where you want to live, you know, some people, would not consider living in #Barrhaven when they lived all of their life in #Kanata or visa versa. Right, so bear in mind that these #OttawaNeighbourhoods #Barrhaven #Kanata #Orleans I can break every single #OttawaNeighbourhood wherever the #OttawaNeighbourhood you live in. I can break and show you the the price increases, number of sales, i can do this for that particular neighborhood and then for your particular street. So, if you need any more information please do give me a call, leave a message, in the comment section of this webiste, blog post, or simply give me a call. All the contact information is in the description. Thank you very much. I appreciate that. You can find information at https://www.justsellinghomes.ca/