August Real Estate Statistics

August brought the typical late-summer slowdown, but the numbers continue to show a market that varies significantly depending on property type.
 
Overall residential prices remained relatively steady, with the average sale price at $688,253, up 0.3% from last year. Inventory continues to build, however, reaching 4.5 months, compared with 3.3 months a year ago.
 
Single-family homes remained the strongest segment, with the average price rising 1.0% year-over-year to $845,113. Townhomes saw a very different picture, with prices down 4.7% from last year, while active listings jumped 27.1%.
 
The condo market is particularly interesting because there are some pretty wild swings depending on the type of condo. Condos averaged $426,930, up 4.5% year-over-year, while inventory climbed to 6.3 months and days on market increased from 38 to 42. Different areas and building types can be experiencing very different conditions, which is why looking at the broad "condo" category alone doesn't necessarily tell the full story.
 
As we head into the fall market, the takeaway remains the same: Ottawa isn't one market. Conditions can change considerably by property type, price point and neighbourhood. With more inventory available, buyers have more choice, and sellers need to be increasingly strategic about pricing, presentation and positioning.
 
Source: Canadian MLS® Systems, CREA