Ottawa Real Estate Market Updates 2018

Main Housing Stats for Ottawa, Feb 01, 2018: OREB Members sold a total of 712 Residential Properties in January 2017, up 7.2% compared to 664 sales last January. 539 sales were Residential Freehold Homes, down by 1.1% compared to 545 last year, and 173 were condo sales, up a massive 45.4% compared with 119 last year

Average Prices for Last Month, Freehold & Condo

The Average Price for a Residential Freehold House in January 2018 was $427,847 up 8.8%, and the average price for a condominium was $263,744, down 8.6%

Average Prices & percent increase in price by Property Type

Below are the year-to-date average prices for Freehold & Condominium class properties, we break down the average price by the property style. (Numbers are year-to-date)

Housing Type Average Price
% Change in Price
Bungalow $402,128 10.4%
1 1/2 storey $290,808 41.5%
2 storey $449,686 10.9%
3 storey $534,592 -16.5%
Split-Level $366,330 0.5%
High-Ranch $355,150 22%
Condo 2 Storey $233,263 -24.1%
Condo Apartment $291,511 1.9%
3 Storey Condo $233,969 -4.7%

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

Residential houses are taking 79 days to sell in 2018 so far and Condominiums are taking 96 days to sell. The days quoted are Cumulative Days on the Market (more accurate)

How many homes are for sale right now?

There were 3734 Residential Properties listed for sale at the end of January 2018, that's down by 22.8% over last year, when we had 4836 Active Listings on the Market.

Residential Freehold Inventory levels are down by 21.1% over last year, with 2752 active listings, and Condominium Inventory is down by 27.2% over this time last year, with 982 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.

We took a look back at the Inventory levels from the past Two years, and in 2017 it was -15% for Residential Freehold homes and -11 for Condos... going back to 2016 it was at -5% for Freehold and just -3% for Condominiums.

So, this tells you that there really is a lack of homes currently for sale at the moment, great time if you want to sell though!

Ottawa Historical Average Home Prices

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

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.