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Another Stellar Year for Ottawa’s Real Estate Market

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Another Stellar Year for Ottawa’s Real Estate Market

Year to date activity increased by 2Ottawa Real Estate.4 per cent from 2017. The total number of residential and condo units sold throughout all of 2018 was 17,476, compared with 17,065 in 2017. Residential property class sales decreased slightly to 13,418 from 13,478 in 2017. Condominium property class sales were up 13.1 per cent with 4,058 units sold in 2018 versus 3,587 in the previous year.

The average sale price of a residential-class property sold in December in the Ottawa area was $453,011. That’s an increase of 4.7 per cent over December 2017. The average sale price for a condominium-class property was $278,295. That’s an increase of 9 per cent from this month last year. Year-end figures show an average sale price of $446,661 for residential-class properties in 2018. That’s a 5.1 per cent increase from 2017 and $278,316 for condominium properties, up 3.2 per cent from last year.

Most Active Price Point

The $300,000 to $449,999 range continues to represent the most active price point in the residential market, accounting for nearly 45 per cent of December’s sales while almost one in four sales were in the $500,000 to $750,000 price range. Between $175,000 to $274,999 remained the most prevalent price point in the condominium market, accounting for 55.7 per cent of the units sold. Year-end figures echoed these dominating price points holding 45.6 per cent of the residential market and 49.8 of the condo market respectively.

In addition to residential and condominium sales, OREB Members assisted clients with renting 2,713 properties since the beginning of the year down from 2,977 from this time last year.

* The Board cautions that the average sale price can be useful in establishing trends over time. Average price should not be used as an indicator that specific properties have 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.

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Toronto Real Estate Sales Decline 16% in 2018

treb mls Toronto

TORONTO, January 4, 2019

Toronto Real Estate Board reported a total of 77,426 residential transactions through TREB’s MLS® System in 2018. This result represented a 16.1 per cent decline compared to 92,263 sales reported in 2017. Total new MLS listings entered into TREB’s MLS® System were down by 12.7 per cent over the same period to 155,823.
The overall average selling price for 2018 transactions, at $787,300, was down by 4.3 per cent year-over-year for all home types combined across the TREB market area.

Prices Up Slightly:

Home prices were up very slightly in the City of Toronto and down in the surrounding GTA regions. The condominium segment, performed better from a pricing perspective than the detached market segment. The average price for condominium apartment sales across the TREB market area was up by 7.8 per cent year-over-year.

Higher borrowing costs coupled with the new mortgage stress test certainly prompted some households to temporarily move to the sidelines to reassess their housing options. With this said, it is important to note that market conditions were improved in the second half of the year, both from a sales and pricing standpoint.

New listings receded markedly in 2018. In many neighbourhoods, some buyers still struggled to find a home meeting their needs. The result was a resumption of a moderate year-over-year pace of home price growth in the second half of the year. Price growth was strongest for less-expensive home types. Many home buyers sought more affordable home ownership options.