Ottawa Real Estate Market Updates 2017

Main Housing Stats, Sept. 30th 2017: OREB Members sold a total of 1387 Residential Properties in September. 1076 Residential Freehold Homes sold, compared to 1096 in Sept. 2016, down 1.8%. There were 311 condo sales, compared with 269 last year, up by 16%.

Average Prices for Last Month & Year-To-Date

  • Residential Freehold Houses, the Average Price for September was $416,464 up by 8.2%
  • Year-to-date Freehold price is $425,139, an increase of 7% over the same period in 2016
  • Condominiums, the Average Price in September 2017 was $261,548, up 4%
  • Condominiums average price year-to-date is now $272,220, an increase of 5 % over 2016

How long does it take to sell a House or Condo?

  • Residential houses are taking 73 days to sell in 2017 so far
  • Condominiums are taking 88 days to sell

How many homes are for sale right now?

  • Residential Inventory levels are down by 20.1% over last year, with 4125 active listings
  • Condominium Inventory is down by 24.1% over this time last year, there are 1372 active condo listings

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.

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

Housing Type Average Price
% Change in Price
 Bungalow $391,446 8%
 1 1/2 storey $314,687 16.7%
 2 storey $443,037 6.5%
3 storey $527,734 4.6%
Split-Level $410,301 7.8%
High-Ranch $337,723 5.3%
Condo 2 Storey $232,570 3.4%
Condo Apartment $300,221 5.6%
3 Storey Condo $273,233 -5%

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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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