In December, REALTORS sold 761 properties which was an increase of 15.3% from December 2018.
The average sale price of a residential property sold in December was $500,306. Which is an increase of 10.3% over December last year. The year end figures show the average residential sale price of $486,590.
The average sale price of a condominium sold in December was $310,675, which is an increase over last year by 11.5%. The year end figures show an average condominium sale price of $304,203.
According to the 2019 President of the Ottawa Real Estate Board (OREB), Dwight Delahunt;
“December’s statistics reflect the same story we’ve seen all year – historically low supply yet higher unit sales than in previous years. Days on market continued to decline, especially in certain pockets of the city, as properties that came on the market were snapped up by prepared buyers. Unit sales in the condominium class consistently led the way, offering lower price point options for homebuyers that simply weren’t available in the residential category. 2019 was a record-breaker in both the number of sales as well as average prices, with the residential property class reaching $500K in several months during the year. This price growth is warranted due to the fundamental economic principle of supply and demand playing out, with limited supply putting upward pressure on prices. However, even with these increases, Ottawa’s real estate market continues to remain one of the most affordable and sustainable in the country.”
Meanwhile, the new 2020 President of the Ottawa Real Estate Board (OREB), Deborah Burgoyne predicts;
“Supply issues will surely persist into 2020, and I don’t expect the inventory will be able to recover in the near future. Builders do seem keen on constructing luxury rental units, which is something we haven’t seen much of before. These could potentially add inventory to the residential class, as boomers will have decent options if they are considering entering a different lifestyle than homeownership. However, even if supply increases, high demand has shifted market values upwards in various neighbourhoods and prices are unlikely to go back down – this is our new reality.”