I had a spare moment, so I thought I would take the time to throw this quick market study together to give you a rough idea of where the Ottawa Condominium resale market currently stands. I have broken the condo market into three areas, Entire Ottawa, Downtown Ottawa Core, and West Ottawa North. Entire Ottawa encompasses every condominium unit for sale in the Ottawa Real Estate Board. Downtown Ottawa Core encompasses Lower Town, Sandy Hill, Byward Market, Center Town, West Center Town, and the Glebe. West Ottawa North takes care of Hintonburg, Westboro, Island Park, Tunnys, Carlingwood and Britannia.
ENTIRE OTTAWA
Currently in Ottawa there are 560 condo properties for sale across the entire Ottawa Real Estate board (107 of which are conditionally sold, but not sold firm). The average price for all these listed is $350,101. Over the last month (most accurate current information), the average price listed was $234,115 with the average sale being $230,111 – providing a 98% list to sale price ratio with average of 30 DOM (days on market). Total amount of condominiums sold in Ottawa, year to date is 2,650.
DOWNTOWN OTTAWA CORE
Currently in the downtown Ottawa core (see above map) there are 124 condominium properties for sale (16 which are conditional sold, but not sold firm). The average list price for these units is $543,868, which is high, mainly due to a fair number of new construction buildings listing the penthouse/larger units – in return raises the average). Over the last month (most accurate current information), the average price listed was $335,025 with the average sold price being $333,799 – providing a 100% list to sale price ratio with an average of 13 DOM (days on market). Total amount of condominiums sold in the downtown core, year to date is 375.
WEST OTTAWA NORTH
Currently in the west Ottawa north area (see above map) there are 62 condominium properties for sale (12 which are conditional sold, but not sold firm). The average list price for these units is $439,958, which is high, due to a couple high priced resale listings. Over the last month (most accurate current information), the average price listed was $294,412 with the average sold price being $289,578 – providing a 99% list to sale price ratio with an average of 39 DOM (days on market). Total amount of condominiums sold in the west Ottawa north area, year to date is 221.
RECAP
What does this mean? If you are looking in the downtown core, units are NOT lasting on the market. If you are relying on solely checking the MLS website, *YOU WILL MISS OUT ON PROPERTIES* especially in this market. Get signed up on an auto-notification search through your Realtor. Ensure he/she is sending you the listings asap, not one a one email per day or week setup. Also this data also shows that if you are willing to move outside the downtown core how much you can save. In most cases $40,000 or even up to $100,000 for certain parts of the city. Where do you want to live? What is your pre-approved (through a mortgage broker) amount, and what is your budget (sometimes these are two very separate numbers)?
If you would like more specific data about your area, or would like to talk about selling your home, please contact Matt Richling directly 613-286-9501 or by email Matt@MattRichling.com.
