Ottawa Real Estate Market Updates 2019

Main Housing Stats for Ottawa, Sept 06, 2019: OREB Members sold a total of 1731 Residential Properties in August 2019, up by 9.5% with an average house price of $441,064, up by 9.1%. (includes freehold and Condos)

Statistics below compare August 2019 to the same month last year

The Average Price for a Residential Freehold House is $484,921 up 11.8%
Average price for a condominium was $308,781, up 11.5%
1300 sales were Residential Freehold Homes, up by 9.7%
431 were Condo Sales, up by 8.8%

Average SOLD Home Prices by Property Type

Below are the average prices for Different types of Freehold & Condominium class properties last month

Housing Type	Average Price	% Change in Price
Bungalow	$446,750	10.7%
1 1/2 storey	$356,317	21.9%
2 storey	$515,531	13.3%
3 storey	$578,942	-3%
Split-Level	$469,286	8.3%
High-Ranch	$401,490	10.9%
Condo 2 Storey	$270,264	12.1%
Condo Apartment	$330,102	8.9%
3 Storey Condo	$278,263	-1.6%

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

Last month Residential houses took 39 days to sell versus 54 in 2018 and Condominiums are taking 49 days to sell versus 63 days last year. The days quoted are Cumulative Days on the Market (more accurate)

Inventory Levels, How many homes are for sale right now?

There were 3372 Residential Properties listed for sale at the end of last month. 2758 were Residential Freehold Listings, down 22.3% and 614 listings were condos, down by 44.3% over same month last year.

Below are the Inventory Levels by month in 2019

inventory levels chart ottawa

Is it a Buyer's or Seller's Market?

We are currently in a Sellers' Market here in Ottawa based on the inventory levels we see above. We really need more people to list their homes right now, they will get the best price in this type of Market

How much is Your Ottawa Home Worth?

Historical Average SOLD Home Prices in Ottawa

Sold Home Prices from 1956 - Present, (including Condos), plus % Change over Previous Year

YEAR	AVGERAGE PRICE	PERCENT 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	$392,474	5.4
2018	$407,571	3.9

Using the table above, 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. 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 have been 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.