Ottawa Real Estate Market Updates 2017

Main Housing Stats for Ottawa, Nov 30, 2017: OREB Members sold a total of 1239 Residential Properties in November. 945 Residential Freehold Homes sold, compared to 762 in Nov. 2016, up 24%. There were 294 condo sales, compared with 230 last year, up by 27.8%.

Average Prices for Last Month, Freehold & Condo

    • The Average Price for a Residential Freehold House in November was $418,354 up 3.2% 
    • The Average Price for a Condominium in November 2017 was $257,212, down 7.6%

Average Prices & percent increase in price by Property Type, Year-To-Date 2017

Below are the year-to-date average prices for Certain Freehold and Condominium class properties, broken down by the property style.

Housing Type Average Price
% Change in Price
 Bungalow $391,241 7.3%
 1 1/2 storey $313,448 16.8%
 2 storey $443,376 6.5%
3 storey $525,246 3.8%
Split-Level $409,104 9.1%
High-Ranch $336,510 5.5%
Condo 2 Storey $231,732 3.3%
Condo Apartment $298,738 4.1%
3 Storey Condo $273,013 -3.4%

How long does it take to sell a Home in Ottawa?

Residential houses are taking 67 days to sell in 2017 so far and Condominiums are taking 101 days to sell. The days quoted are Cumulative Days on the Market (more accurate)

How many homes are for sale right now?

There are 3212 Residential Freehold homes currently listed for sale, but Inventory levels are down by 23.7% over last year, and there are 1135 Condominiums listed for sale, but condo Inventory is also down by 24.6% over this time last year.

Is it a Buyers' or Sellers' Market in Ottawa?

We are currently in a Sellers' Market in some neighbourhoods and a Balanced Market in others based on the inventory levels we see above. Inventory levels are very low for all property classes.


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Ottawa Historical Home Prices and percentage increases from 1956 - Present

Ottawa Average Homes Prices (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, in 1993 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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