The resale real estate market is still going full speed ahead in Ottawa. So we thought we’d take a look at average prices over the last ten years instead of just saying that prices are higher, sales happen faster, and inventory is low. Like it has been for the past year or two.
As you can see from the graphs and charts below, average resale home prices in Ottawa have increased over the past ten years. They show the typical seasonal fluctuations.
The freehold chart shows the typical Ottawa slow-and-steady increases from 2010 to 2016 at about 3% per year (although historically it’s been more like 4-5%). Then it started rising faster for the next three years and increased dramatically over the past year – almost 19% in one year. Over the 10 years from January 2010 to January 2020, freehold home prices are up about 55%.
Condo prices increased somewhat differently over the same ten years. Changes made in 2012 by the federal government made it much more difficult for both first-time buyers and investors, and this particularly affected the market for condos. Average prices bobbed around the $270,000 mark for almost eight years, increasing only an average of 0.4% per year. Then pent up demand, new immigrants, and (dare we say it) foreign buyers who didn’t want to pay the extra tax of Vancouver and Toronto caught up with the condo market in Ottawa.
Condo prices rose 8.9% in 2018, and over 20% in 2019!
Most properties are still selling very quickly and for over the asking price as we head into 2020. Note that this is for Ottawa overall – individual neighbourhoods and condo buildings will vary. Contact us any time if you’d like more specific or detailed information.