Ottawa Real Estate Market Updates 2019

Main Housing Stats for Ottawa, March 01, 2019: OREB Members sold a total of 1005 Residential Properties in Feb. 2019, up by 2.8% over the same month last year.

756 sales were Residential Freehold Homes, up 3.8% over last year
249 were Condo Sales, down 0.4% over last year

The average price for a residential home in Feb. 2019 was $422,393, up 8.4% (this includes freehold and condos)

The Average Price for a Residential Freehold House in February, 2019 was $466,540, up 8.6%, and the average price for a condominium was $288,354, up 5.6% over same month last year.

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	$433,711	5.7%
1 1/2 storey	$389,976	47%
2 storey	$489,428	8.2%
3 storey	$518,398	5.6%
Split-Level	$409,468	3.4%
High-Ranch	$378,608	12.5%
Condo 2 Storey	$255,218	9.1%
Condo Apartment	$309,274	2.2%
3 Storey Condo	$273,288	13.8%

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

Last month Residential houses took 54 days to sell versus 68 in 2018 and Condominiums are taking 61 days to sell versus 102 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 3147 Residential Properties listed for sale at the end of January 2019. 2413 were Residential Freehold Listings, down 20.3 and 734 sales were condos, down by 30.9% over same month 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

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.