Main Housing Stats for Ottawa, Sept. 01, 2018: OREB Members sold a total of 1586 Residential Properties in August 2018, v's 1538 in Aug. 2017 up by 3%.
1188 sales were Residential Freehold Homes, up by 1% over last August
398 were Condo Sales, up by 11% over August 2017
The Average Price for a Residential Freehold House in August 2018 was $434,000 up 3%, and the average price for a condominium was $277,000 up 2% from August 2017
Average 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
$388,309
-2.1%
1 1/2 storey
$321,349
13.1%
2 storey
$473,322
7.5%
3 storey
$550,418
11.4%
Split-Level
$438,349
8.7%
High-Ranch
$351,720
3.6%
Condo 2 Storey
$238,679
10.2%
Condo Apartment
$307,626
3.1%
3 Storey Condo
$299,579
-0.7%
How long does it take to sell a Home in Ottawa?
Last month Residential houses took 58 days to sell versus 65 in August 2017 and Condominiums are taking 68 days to sell versus 95 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 4600 Residential Properties listed for sale at the end of August 2018. 4400 were Residential Freehold Listings and 1600 were condos.
Residential Freehold Inventory levels are down by 16% over last year, and Condominium Inventory is down by 25% over June last year.
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
Historical Average Home Prices in Ottawa
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.
