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At first glance Ottawa’s resale housing market seems remarkably calm. But appearances are deceiving.
The Ottawa Real Estate Board reported Thursday that the average price for residential properties sold in April through the multiple listing service climbed a modest 4.2 per cent year over year to $455,200. The resale market for condominiums was even sleepier: the average price fetched for each sale moved up just 0.3 per cent over the same period to $269,300.
The relatively small gains for property owners were surprising in light of the sharp drop in the number of available listings. At the end of April there were fewer than 3,600 residential properties available through the multiple listing service — down 24 per cent from a year earlier. It was a similar situation for condos. Some 1,300 were listed compared with more than 1,700 a year earlier, a drop of 23 per cent.
So why isn’t the scarcity of listings having a more visible impact on prices? The answer is that the scarcity has developed in regional pockets below the radar of people who aren’t actively buying or selling properties, or thinking of doing so. Meanwhile, homebuyers in the most popular parts of the city are seeing first-hand the effects of fewer listings.
“I’ve been in this business since 1967 and I’ve never seen as many multiple offers as we have this year,” said John Rogan, a broker for Royal LePage Performance Realty. This week Rogan was involved in the sale of a property that fetched more than $80,000 over the $500,000-plus asking price following a bidding war. The same night, another of his listings sold for $60,000 over the $400,000-plus asking price.
“The average sale price for Ottawa tends to make the market look calmer than it is,” he said.
Data provided by the Ottawa Real Estate Board, based on the activity of more than 3,000 brokers, supports this view. The Ottawa resale market does seem to be shifting in favour of sellers — sharply so in some districts. For instance, residential properties sold in April were on the market for just 32 days compared with 42 a year earlier. For condos, the drop was even more dramatic. Units sold last month had been listed for 43 days compared with 66 days for condos sold in April 2017. Newly listed properties are moving quickly.
For a better look at the uneven state of the market, this newspaper analyzed sales of single-family homes in 46 districts tracked by the Ottawa Real Estate Board. This data uses benchmark pricing — an index that accounts for differences among houses sold, such as square footage, number of bathrooms and so on. Benchmark prices offer a better snapshot than simple averages of the underlying trends in the real estate market.
Across Ottawa, the benchmark price for single family homes was $419,500 — up 9.2 per cent from April 2017. However, as Rogan intimated, the overall average disguised some profound differences by district.
As has been the case for much of the past year or so, many of the sharpest increases in the value of homes sold were in the west, between the Ottawa River and the Queensway. The smallest hikes were recorded in the east, from Cyrville-Carson Grove-Pineview and Orléans.
Three of the four fastest-appreciating districts were clustered in the city’s most expensive neighbourhoods. Discounting Rockcliffe Park, where just one home was sold through the multiple listing service, these included New Edinburgh-Lindenlea (benchmark price of $779,200 — up 31.4 per cent year over year) and Manor Park-Cardinal Glen ($585,800 — up 18.9 per cent).
The other districts reporting big gains in benchmark prices in April included: Crystal Bay-Rocky Point-Bayshore ($473,300 — up 21.9 per cent), Carlingwood-Westboro ($773,100 — up 17.4 per cent) and Britannia Heights ($447,300 — up 16 per cent).
Only six districts recorded price gains in excess of 15 per cent for single-family homes. However, another 21 districts saw price hikes that topped 10 per cent. There are 46 districts in total across Ottawa.
At the other end of the spectrum, just two districts reported house price increases below five per cent These were Blackburn Hamlet ($401,000, up 4.7 per cent) and Casselman ($335,200, up 3.5 per cent). Single-family homes were least expensive in Casselman — one of eight districts in which the benchmark price was below $400,000.
The Ottawa Real Estate Board also published sales data by region for the condo market (and now we’re back to average prices). The biggest price gains in April were recorded in the east, where condos sold for an average $286,350, up nine per cent from a year earlier. Condos were most expensive in the central core ($390,360, up 1.5 per cent), followed by the west ($316,600, up 2.4 per cent) and the south ($237,700, up 6.6 per cent).
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The Ottawa Real Estate Board reported Thursday that the average price for residential properties sold in April through the multiple listing service climbed a modest 4.2 per cent year over year to $455,200. The resale market for condominiums was even sleepier: the average price fetched for each sale moved up just 0.3 per cent over the same period to $269,300.
The relatively small gains for property owners were surprising in light of the sharp drop in the number of available listings. At the end of April there were fewer than 3,600 residential properties available through the multiple listing service — down 24 per cent from a year earlier. It was a similar situation for condos. Some 1,300 were listed compared with more than 1,700 a year earlier, a drop of 23 per cent.
So why isn’t the scarcity of listings having a more visible impact on prices? The answer is that the scarcity has developed in regional pockets below the radar of people who aren’t actively buying or selling properties, or thinking of doing so. Meanwhile, homebuyers in the most popular parts of the city are seeing first-hand the effects of fewer listings.
“I’ve been in this business since 1967 and I’ve never seen as many multiple offers as we have this year,” said John Rogan, a broker for Royal LePage Performance Realty. This week Rogan was involved in the sale of a property that fetched more than $80,000 over the $500,000-plus asking price following a bidding war. The same night, another of his listings sold for $60,000 over the $400,000-plus asking price.
“The average sale price for Ottawa tends to make the market look calmer than it is,” he said.
Data provided by the Ottawa Real Estate Board, based on the activity of more than 3,000 brokers, supports this view. The Ottawa resale market does seem to be shifting in favour of sellers — sharply so in some districts. For instance, residential properties sold in April were on the market for just 32 days compared with 42 a year earlier. For condos, the drop was even more dramatic. Units sold last month had been listed for 43 days compared with 66 days for condos sold in April 2017. Newly listed properties are moving quickly.
For a better look at the uneven state of the market, this newspaper analyzed sales of single-family homes in 46 districts tracked by the Ottawa Real Estate Board. This data uses benchmark pricing — an index that accounts for differences among houses sold, such as square footage, number of bathrooms and so on. Benchmark prices offer a better snapshot than simple averages of the underlying trends in the real estate market.
Across Ottawa, the benchmark price for single family homes was $419,500 — up 9.2 per cent from April 2017. However, as Rogan intimated, the overall average disguised some profound differences by district.
As has been the case for much of the past year or so, many of the sharpest increases in the value of homes sold were in the west, between the Ottawa River and the Queensway. The smallest hikes were recorded in the east, from Cyrville-Carson Grove-Pineview and Orléans.
Three of the four fastest-appreciating districts were clustered in the city’s most expensive neighbourhoods. Discounting Rockcliffe Park, where just one home was sold through the multiple listing service, these included New Edinburgh-Lindenlea (benchmark price of $779,200 — up 31.4 per cent year over year) and Manor Park-Cardinal Glen ($585,800 — up 18.9 per cent).
The other districts reporting big gains in benchmark prices in April included: Crystal Bay-Rocky Point-Bayshore ($473,300 — up 21.9 per cent), Carlingwood-Westboro ($773,100 — up 17.4 per cent) and Britannia Heights ($447,300 — up 16 per cent).
Only six districts recorded price gains in excess of 15 per cent for single-family homes. However, another 21 districts saw price hikes that topped 10 per cent. There are 46 districts in total across Ottawa.
At the other end of the spectrum, just two districts reported house price increases below five per cent These were Blackburn Hamlet ($401,000, up 4.7 per cent) and Casselman ($335,200, up 3.5 per cent). Single-family homes were least expensive in Casselman — one of eight districts in which the benchmark price was below $400,000.
The Ottawa Real Estate Board also published sales data by region for the condo market (and now we’re back to average prices). The biggest price gains in April were recorded in the east, where condos sold for an average $286,350, up nine per cent from a year earlier. Condos were most expensive in the central core ($390,360, up 1.5 per cent), followed by the west ($316,600, up 2.4 per cent) and the south ($237,700, up 6.6 per cent).
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