Condo sales continue to post strong growth in Ottawa

Ottawa’s home sales market remains strong with condo class properties the clear leader.

Sales through the region’s MLS in July totalled 1,614, up 5.9% from the 1,524 a year earlier. Both years have exceeded the 5-year average of 1,501.

Of July’s sales, 1,238 were residential class with 376 in the condo class. The year-over-year increase was 3.6% for residential class and 14.3% for condo class.

“Ottawa’s condo market continues to positively impact overall residential sales trends with year-to-date condo unit sales up 16.5% from this time last year,” states Ralph Shaw, Ottawa Real Estate Board President. “As well, our overall inventory levels in both the residential and condo market are improving which will help ease pressure on prices. Units available are currently down 16% down from July 2017 rather than the 24% we were down at the beginning of the year.”

Average sales prices were up 5% for residential class and 5.3% for condo class homes to $441,206 and $280,526 respectively.

Rural neighbourhoods show gains
“We are noticing a surge in unit sales in the rural areas, particularly the west end,” notes Shaw. “This is not only driven by availability but likely includes other attractive aspects in these well-established communities such as reasonable commute times, convenient shopping options, and great schools and recreational facilities which aren’t overtaxed.”