Ottawa Real Estate Market Update 2017

Most recent Statistics from the Ottawa Real Estate Board & historical data going back as far as 1956. We report on the number of home sales, average prices as well as the percent change over the previous year.

Main housing stats for Ottawa, Jan - March 31st 2017

The average sales price for a residential freehold house up till March 2017 was $411,220, which was an increase of 5.5% over the same period in 2016. Condominium average prices are now at $270,498, an increase of 7.2% over last year.

We had a Smoking Hot month of March for Home sales, Condos too!

During the month of March 2017, members of the Ottawa Real Estate Board sold 1171 residential properties, compared to 940 in March last year, up by 25% in total sales.

There were 314 condo sales during March 2017, compared with 220 last March, up a huge 43%.

  • Residential houses took 72 days to sell in March 2017, down 17.6% over last March
  • Condominiums took 117 days to sell in March 2017, up by 22.8%
  • Residential Inventory levels are down by 18% over last year
  • Condominium Inventory is also down by 18% over this time last year

With Inventory levels remaining low in both property classes, this means fewer choices for Buyers' and we usually see house prices rise by more than normal.

Number of Home Sales by Property Type & percent increase in price, Jan-March 31st 2017

Housing Type # Sales
Average Price
% Change
 Bungalow  609 $377,376 +6.4%
 1 1/2 storey 82 $282,614 +1.0%
 2 storey 1435 $428.938 +5.5%
3 storey 130 $548,397 +10.1%
Split-Level 108 $407.175 +8.1%
High-Ranch 82 $322,910 +3.8%
Condo 2 Storey 258 $234,326 +6.3%
Condo Apartment 337 $294,668 +6.3%
3 Storey Condo 41 $279,585 +1.3%

Ottawa home sales percentage increases and prices from 1956 - Present

Ottawa Homes Price Increases (including Condominium),
Percentage Increase or Decrease over Previous Year.

YEAR AVERAGE PRICE % CHANGE
 1956 $13,351 0.2
 1957 $14,230 6.6
 1958 $15,564 9.3
 1959 $16,038 3.1
 1960 $16,791 4.7
 1961 $16,070 -4.3
 1962 $15,952 -0.7
1963 $16,549 3.7
 1964 $16,563 0.1
 1965  $17,056  3.0 
 1966 $18,004 5.6
1967 $19,476 8.2
1968 $23,329 19.8
1969 $25,652 10.0
1970 $26,532 3.4
1971 $27,808 4.8
1972 $30,576 10.0
1973 $38,305 25.3
1974 $46,661 21.8
1975 $49,633 6.4
1976 $54,623 10.1
1977 $57,032 4.4
1978 $59,134 3.7
1979 $61,896 4.7
1980 $62,748 1.4
1981 $64,896 3.4
1982 $71,080 9.5
1983 $86,245 21.3
1984 $102,084 18.4
1985 $107,306 5.1
1986 $111,643 4.0
1987 $119,612 7.1
1988 $128,434 7.4
1989 $137,455 7.0
1990 $141,438 2.9
1991 $143,361 1.4
1992  $143,868 0.4
1993 $148,129 3.0
1994 $147,543 -0.4
1995 $143,193 -2.9
1996 $140,534 -1.9
1997 $143,873 2.4
1998 $143,953 0.1
1999 $149,650 4.0
2000 $159,511 6.6
2001 $175,971 10.3
2002 $200,711 14.1
2003 $218,692 9.0
2004 $235,678 7.8
2005 $244,532 3.8
2006 $255,889 4.7
2007 $272,618 6.4
2008 $290,366 6.6
2009 $303,888 4.9
2010 $327,225 7.7
2011 $343,284 4.9
2012 $351,792 2.3
2013 $357,348  1.6
2014 $361,707 1.2
2015 $367,632 1.7
2016 $371,901 1.2
2017    

If you bought a home in Ottawa a few years ago, or even as long as 50 years ago, you can use this information to work out how much your home has increased in value throughout that time using the percent increase each year and adding it up.

This will give you a base value, without adding in any substantial upgrades or renovations. You'll notice that we had a few consecutive years where home prices actually dropped.

Here's a quick example for you:

If you were 25 in 1993, and you bought a house for around $150,000 and you put down 20%, or $30,000, and your amortization period was 20 years.

Right now you'd have your mortgage paid off, and your house would be worth $360,000. And you're still under 50 !

That's not a bad return on your initial investment of $30,000. Try getting that sort of return from your bank !

The monthly payments on your mortgage would be around $600 or $700...likely the same amount you'd be paying if you rented.

Obviously, if you owned the home for 20 years, there were likely things that needed to be repaired or upgraded, maybe the furnace, or your roof etc....still, I think buying the house still got you a great return on your investment.

 
 

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