The number of sales is up significantly year-over-year, particularly in the “Downtown East” area, but notice that the average price has actually declined in that area.
And the reverse is true in the Glebe & Old Ottawa South: the average price has a dramatic increase of about 16%, but there are fewer sales (lower supply can have the effect of higher prices).
We have also found that there are more “multiple offer” situations this year, particularly in certain neighbourhoods. Good for the sellers, but disappointing for buyers. However, Ottawa hasn’t reached the same extremes as we’ve been hearing about Toronto!
View the PDF at this link to see how we have divided the different areas. 2017-06 Areas Report
Please bear in mind that these charts include all resale residential & condo properties in the selected areas. Therefore, what looks like a drop in average prices may be due to many tiny apartments being sold in an area of traditionally more expensive properties. Conversely, infill semi-detached homes can be much more expensive than the houses typical to an area. Also, we are seeing more homes where people have lived in them for many years and done few updates & limited maintenance.