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The great east-west divide in Ottawa’s resale housing market widened in October, according to the latest data compiled by the Ottawa Real Estate Board.
The composite price for single-family homes across the city increased 7.1 per cent year-over-year to $403,000.
However, of the 46 districts tracked by the Board, 16 recorded double-digit increases in house prices – and all were in the west. Among the contributing factors: a recovering tech sector in Kanata, the new Department of National Defence headquarters on Carling Avenue and the expansion of the retail sector.
In sharp contrast, 11 districts reported increases in house prices that were below the average for the city – all of these were in the east.
The districts in which single-family house prices jumped fastest in October fell into two major groups. The first includes districts on either side of Mooney’s Bay and points south – where house prices ranged between $457,700 (Hunt Club-Windsor Park) and $478,600 (Mooney’s Bay-Carleton Square).
The second group of fast risers is clustered along a much more expensive corridor stretching west from Tunneys Pasture through the Civic Hospital area and Westboro. Here, composite house prices ranged from $612,300 (Westboro-Hampton Park) to $750,900 (Carlingwood-Westboro).
Prices in these two groups climbed between 10 per cent and nearly 15 per cent year-over-year.
East of Bank St. it was a much different story in October. While all districts reported growth in the price of homes sold, most were below the average for the city. And the bottom three – Blackburn Hamlet, Cyrville-Carson Grove-Pineview and Vanier – saw house prices climb less than 3 per cent year-over-year. For homeowners trying to sell, this is all the more disheartening given that house prices are below the city average to begin with.
But for homebuyers, it’s a much better deal in the east. A single-family home in Vanier for instance cost just $332,900 last month, according to the Ottawa Real Estate Board.
This composite data is based on an index that reflects multiple housing characteristics such as roof type, number of bathrooms and age of the property, and offers a more consistent view of underlying trends than a simple average. (For those who prefer the conventional measure, average prices for residential properties sold in October across Ottawa were up 8.6 per cent to $425,300).
One factor that may be pushing prices up in Ottawa is a relative scarcity of properties for sale. The Board noted that 3,745 residential properties were available at the end of the October – down more than 20 per cent from October last year.
The tightening supply likely accounted for the rising number of house sales achieved following a bidding war, particularly in the west. The Board reported the average time spent on the market before landing a sale was 44 days in October compared to 58 days a year earlier.
There was a similar pattern though less exaggerated for condominiums. Sellers took an average of 66 days to unload their property last month compared to 73 days in October 2016. The average price for a condo sale was $269,600 – up 6.9 per cent year-over-year.
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The composite price for single-family homes across the city increased 7.1 per cent year-over-year to $403,000.
However, of the 46 districts tracked by the Board, 16 recorded double-digit increases in house prices – and all were in the west. Among the contributing factors: a recovering tech sector in Kanata, the new Department of National Defence headquarters on Carling Avenue and the expansion of the retail sector.
In sharp contrast, 11 districts reported increases in house prices that were below the average for the city – all of these were in the east.
The districts in which single-family house prices jumped fastest in October fell into two major groups. The first includes districts on either side of Mooney’s Bay and points south – where house prices ranged between $457,700 (Hunt Club-Windsor Park) and $478,600 (Mooney’s Bay-Carleton Square).
The second group of fast risers is clustered along a much more expensive corridor stretching west from Tunneys Pasture through the Civic Hospital area and Westboro. Here, composite house prices ranged from $612,300 (Westboro-Hampton Park) to $750,900 (Carlingwood-Westboro).
Prices in these two groups climbed between 10 per cent and nearly 15 per cent year-over-year.
East of Bank St. it was a much different story in October. While all districts reported growth in the price of homes sold, most were below the average for the city. And the bottom three – Blackburn Hamlet, Cyrville-Carson Grove-Pineview and Vanier – saw house prices climb less than 3 per cent year-over-year. For homeowners trying to sell, this is all the more disheartening given that house prices are below the city average to begin with.
But for homebuyers, it’s a much better deal in the east. A single-family home in Vanier for instance cost just $332,900 last month, according to the Ottawa Real Estate Board.
This composite data is based on an index that reflects multiple housing characteristics such as roof type, number of bathrooms and age of the property, and offers a more consistent view of underlying trends than a simple average. (For those who prefer the conventional measure, average prices for residential properties sold in October across Ottawa were up 8.6 per cent to $425,300).
One factor that may be pushing prices up in Ottawa is a relative scarcity of properties for sale. The Board noted that 3,745 residential properties were available at the end of the October – down more than 20 per cent from October last year.
The tightening supply likely accounted for the rising number of house sales achieved following a bidding war, particularly in the west. The Board reported the average time spent on the market before landing a sale was 44 days in October compared to 58 days a year earlier.
There was a similar pattern though less exaggerated for condominiums. Sellers took an average of 66 days to unload their property last month compared to 73 days in October 2016. The average price for a condo sale was $269,600 – up 6.9 per cent year-over-year.
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