Ottawa Real Estate Market Updates 2017

May 2017 saw the most Residential home sales ever !! 

During the month of May 2017, members of the Ottawa Real Estate Board sold a total of 2300 Residential Properties. There were 1856 residential properties sold, compared to 1612 in May last year, up by 15% in total sales. There were 444 condo sales during May 2017, compared with 307 last year, up by a huge 45%.

  • For Residential Freehold Houses, the Average Price for May was $436,625, up by 7.5%
  • For Condominiums, the Average Price in May was $270,993, up by 2.5%

January-May 2017 Year-To-Date MLS Statistics:

  • The average price for a residential freehold house Jan-May 31st 2017 was $425,566, which was an increase of 7% over the same period in 2016.
  • Condominium average prices are now at $270,410 year-to-date, an increase of 5% over last year.

Average time to sell a House or Condo in Ottawa

  • Residential houses are taking 61 days to sell in 2017 so far
  • Condominiums are taking 100 days to sell

Inventory Levels, or how many homes are for sale right now

  • Residential Inventory levels are down by 23% over last year
  • Condominium Inventory is also down by 17% 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. We are currently in a Sellers' Market!

We are seeing this in the form of Bidding Wars and Multiple Offers all across the City right now, especially in Kanata and the West and South areas.

Number of Home Sales & percent increase in price by Property Type, Year-To-Date 2017

Housing Type # Sales
Average Price
% Change in Price
 Bungalow  1385 $391,184 +8.5%
 1 1/2 storey 145 $321,280 +6.2%
 2 storey 3480 $441,293 +6.2%
3 storey 307 $542,411 +3.6%
Split-Level 229 $414,534 +7.8%
High-Ranch 180 $331,359 +1.4%
Condo 2 Storey 536 $234,088 +5.7%
Condo Apartment 741 $294,717 +3.0%
3 Storey Condo 72 $277,091 +1.0%

Ottawa Historical Home Prices and percentage increases 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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