Ottawa’s September Real Estate Statistics with John Haddad

Oct 11

We spoke with John Haddad about how September brought notable shifts in both residential and condominium sectors.

Residential Real Estate:

The average price for residential homes in Ottawa rose by 2.2%, moving from $709,727 in August to $725,169 in September. Simultaneously, the number of home sales experienced a 6.1% decline, dropping from 903 in August to 848 in September.

The data indicates that the supply of residential homes decreased, while buyer demand remained consistent. This interplay resulted in an uptick in the average price. Notably, the average number of days it took for residential homes to sell remained steady at 44 days for both August and September, suggesting a balanced selling pace.

Condominium Market:

Shifting our focus to condominiums, we observed a 2.3% increase in the average condo price, rising from $425,941 in August to $435,826 in September. However, the number of condo sales saw a more pronounced decline, dropping by 13.6% from 293 in August to 253 in September.

Market Implications:

Similar to the residential sector, the condominium market is navigating a landscape where diminishing supply and consistent buyer demand contribute to an elevated average price. The 13.6% drop in sales emphasizes the impact of reduced inventory on market activity.

Interestingly, the average number of days it took for a condo to sell did see a slight increase, moving from 40 days in August to 48 days in September. It's essential to note that this uptick may be more influenced by seasonal patterns, as the months of September to February are traditionally slower periods in the real estate calendar.

In summary, Ottawa's real estate landscape in September showcased a balance between supply, demand, and pricing. While both the residential and condominium sectors witnessed increases in average prices, the driving factors varied. For those navigating the market, understanding these trends is key to making informed decisions in an evolving real estate scenario. As we move forward, monitoring these dynamics will be essential for staying abreast of Ottawa's real estate market.

For prospective buyers and sellers, understanding these nuances is crucial for making informed decisions in a market that continues to evolve. As we move forward, keeping a keen eye on these trends will be instrumental in navigating the ever-changing landscape of Ottawa's real estate market.