There’s been an upward pressure on prices due to the continuing lower supply levels (residential supply is down 18%, and condo inventory is down almost 40% from last April 2018 according to the latest OREB stats). However these price points are “still well under the Canadian average, and our residents tend to be in comfortable financial situations due to secure employment and a thriving local economy.” [President of the Ottawa Real Estate Board] who also notes that “Certainly, the stunted supply is likely responsible for the multiple offer situations we are experiencing, but the reality is that while approximately one-third of properties are selling above asking, more than 50% are still selling below the listed price.”
While these statistics can be useful in establishing trends over time they should not be used as an indicator that specific properties have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Price and conditions will vary from neighbourhood to neighbourhood. If you have any questions about the Ottawa and area real estate market, or you are thinking of buying or selling please reach out to us, our management team or our professional sales representatives anytime!
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This article was first published on https://www.teamrealty.ca.