This Area of Ottawa Saw The Highest Price Increase in 2018

Ottawa had a great year with strong price growth in both the residential and condominium-class. Condo sales have increased significantly over 2017 with the average days on market also trending downwards.

The Charming East End

The East end of Ottawa saw the highest price increase from all geographic areas of Ottawa. This is the area East of the Rideau River and West of Blair Rd. Property prices have increased by 4.5%, reaching an average price of $403,632 for 2018. It is also the community that saw the lowest level of inventory. Inventory levels in Ottawa's East end saw it's inventory down 1.2% when compared to levels of 2017. These low inventory levels have no doubt made most of the neighbourhoods in the East a seller's market which has, in turn, fuelled the price growth.

West End Job Growth

Following closely behind the West end of Ottawa, which spans from Bronson to Churchill, saw a 4.0% increase. Home and condo prices in this area have reached an average of $500,030 in 2018. Inventory levels in this part of the City also saw a reduced level of inventory. Only 1,602 properties sold in 2018, down 3% when compared to 2017. The growth in the West end of the City has been fueled mostly by job opportunities in the City's West end including the areas of Kanata where the Technology Sector is seeing strong growth as well as many government job opportunities with the move of the National Defence's office to their large headquarters off Carling Avenue.

Downtown's High Price Tag

The area of the City with the highest average price was, not surprisingly, the Downtown core. With low levels of rentals available to tenants as well as fast upward trending increases in rental costs, many first time home buyers have opted to purchase small condos instead of renting. Investors are also turning to Ottawa for their real estate investments. Investors who previously focused on more talked about City's such as Toronto and Vancouver are now looking to Canada's National Capital where home prices are still affordable when compared to other large Citys'. Large real estate projects such as the Lebreton Flat development and the Ottawa Light Rail Train corridor which are in the works are making the area sought after for residents looking to live, work and play in the Downtown core. Property prices in this area of Ottawa saw an average price of $518,142.

South Side Best Bang for your Buck

Home prices in the South end are the lowest in the City. Buyers can often get more bang for their buck. This area located South of Baseline Road had an average price of $368,493 which is the lowest in the City. Don't be fooled the area has also seen a strong growth in 2018 where the average home increased by 3.4%.

If you thinking of buying or selling a property in the coming months and would love to discuss the trends in your neighbourhood call bilingual real estate broker, Roch St-Georges at 613-889-7732. Want to know about the best areas to invest in Ottawa? Let's talk!