Ottawa's Real Estate Riddle: Are Prices Up, Down, or Somewhere in Between?
The question of whether real estate prices are up or down in Ottawa is a complicated one, influenced by various factors. The answer hinges on your location within the city and the specific type of property you are interested in. Understanding the broader picture is crucial when evaluating a property's position in the market. The year-over-year median price change in Ottawa showcases a wide spectrum, ranging from an impressive +34% in certain areas to a surprising -39% in others. This diversity emphasizes the importance of pinpointing your area of interest for making informed decisions about the real estate market.
Key Market Insights
Top 10 Areas for Price Growth in 2023:
Neighbourhood Activity: Focusing on areas with 10 or more home sales in 2023, 94.8% of the $7.1 billion in Ottawa sales came from these active neighbourhoods.
Price Dynamics: Among homes sold, 9.77% experienced substantial appreciation, with price growth exceeding 6%. An additional 11.03% were in neighbourhoods with positive growth below 6%, signifying the contribution of 20.8% or 63 districts to overall positive price growth in Ottawa.
Condo Apartment Price Growth:
Isolating condo apartment products reveals shifts in the landscape. Top areas for growth in 2023 included
Convent Glen North (+22.63%)
Lindenlea (+19.62%)
Ottawa Centre/Golden Triangle (+15.52%)
Median Price Points:
6.86% ($490 million) of $7.1 billion in Ottawa sales were from neighbourhoods with a median price point over $1 million.
74.86% ($5.3 billion) were from neighbourhoods with a median price point between $500,000 and $1 million.
Top Neighbourhoods by Median Price:
Rockcliffe: $40,255,000 sales volume (Median Price: $1,830,000)
Manotick East to Manotick Station: $29,720,000 sales volume (Median Price: $1,565,000)
Kanata - Rural Kanata (Central): $21,700,500 sales volume (Median Price: $1,356,500)
Unit Sales Dynamics:
Five neighbourhoods account for 12.67% of yearly sales volume, just under $1 billion in 2023 sales. Despite this, they showed an average year-over-year decrease of 9.45% in Median Price.
Kanata - Emerald Meadows/Trailwest: $257,786,602 sales volume and 376 units (Median Price: $646,750)
Barrhaven - Half Moon Bay: $186,653,122 sales volume and 273 units (Median Price: $657,600)
Riverside South/Gloucester Glen: $176,177,025 sales volume and 242 units (Median Price: $671,045)
Blossom Park/Kemp Park/Findlay Creek: $150,547,640 sales volume and 220units (Median Price: $655,650)
Barrhaven - Longfields: $132,559,302 sales volume and 213 units (Median Price: $605,000)
Top Pick: Manotick/Greely
While not a high, production sales number neighbourhood, Manotick & Greely stands out on many fronts, featuring multiple districts within Manotick in the top 10 for both Median Price and Median Price Increase. In 2023, this area exhibited impressive results with $241,858,818 in sales, accounting for 3.39% of yearly sales in Ottawa, and a Median Price of $1,170,083, experiencing an impressive 9.7% year-over-year median price increase.
For a more in-depth understanding of the dynamics in your specific area or neighbourhood, feel free to reach out, and I would be more than happy to review details with you.
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All material presented herein is intended for information purposes only. While, this information is believed to be correct, it is represented subject to errors, omissions, changes or withdrawal without notice. This information is based on data from the Ottawa real estate board and interpreted by Haus Collection Realty Limited. Data has been limited to sales reported within the City of Ottawa boundary and emphasis has been placed on neighborhoods recording 10 or more sales for the given time period.
