2015 Year End Ottawa Real Estate Results

Morris Home Team - 2015 Year End Ottawa Real Estate Results

We’ve compiled the following information about the Ottawa Real Estate Market in 2015, average MLS prices and other relevant data from the Ottawa Real Estate Board.

Residential:

The average price for a residential property in 2015 was $391,940, a marginal increase of 1.9% over 2014. This increase was consistent with the forecast made by CMHC in November 2014. The real estate board cautions “that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value”.

The most active price range in 2015 was between $300,000 and $400,000 with 31.6% of the year’s sales, followed by the $200,000 to $300,000 range with 26.2% of 2015’s sales. These two price ranges comprised 57.8% of the total number of sales. The $500,000 to $750,000 saw 1,692 sales or 14.1% while the 133 sales over $1million represented a total of 1.1%.

The cumulative days on market in 2015 increased to 83 days, an increase of 6.5% over 2014.

Condos:

The average condo price was $259,691, a decrease of 1.5% over 2014. Again, this was in keeping with many forecasts. The hottest price range for condos was between $150,000 and $250,000 which represented 56% of the number of condos sold.  Condo sales represented 18.4% of the total number of combined residential and condo sales. This percentage is consistent with previous years.  

The cumulative days on market for condos in 2015 was 103 days, up 15.7%  over 2014.

Notable Observations in 2015:

In the Ottawa region, there were 135 properties (residential and condo combined) that sold for more than $1million in 2015. By comparison, the Greater Toronto Area (GTA) had a total of 11,112 properties that sold for more than $1million in 2015 (residential and condos combined) up 48% over 2014. In Vancouver, 14,578 properties (residential and condo combined) sold for more than $1million in 2015. This represented an increase of 46% over 2014. Obviously, the high-end market is a little different here in Ottawa.