Starting a new decade is always exciting, especially to see how we have progressed over that time. Let’s take a look back at the Ottawa condo market of 2009 and compare it to the condo market of 2019. Will it help us look forward? 2009 was the year that saw a ton of condo buildings finish construction and begin occupancy - Mondrian (324 Laurier), 90 George, Hudson Park (235 and 245 Kent), La Tiffani (70 Landry), Westboro Station (401 Golden), The G (235 Patterson), The Galleria (200 Besserer), River Court Lofts (950 Marguerite), School House Lofts (19 Melrose), Lebreton Flats (200 Lett), Tavani (682 Churchill), Le Saint Denis (345 St Denis), Stonework Lofts (323 Winona), Petrie Island (100 Inlet Private), etc.
FYI: Unless mentioned, we are looking at one level apartment-style, one level condominiums only. This does not include two stories, stacked, row-unit, etc.
The condo market in 2009 saw only 1,359 new listings of which 1,369 sold. Of these, 252 units sold at or above list price. Compared to 2019 which saw 3049 new listings which 2503 sold, with 871 units selling at or above list price. The average sold price in 2009 for all areas was $252,913, compared to $326,472 for 2019. DOM was 41 in 2009 and the same for 2019!
If we look back, 2009 was the very beginning of a six-year period that many of us are glad to be past. We had an oversupply which really turned the condo market on its head, and into a buyers market. We started noticing things changing in 2017, but really felt them in 2019. Shorter days on market, more units selling at or above list price, and a general lack of supply for condos in desired areas. We have almost doubled the amount of sold units since 2015.
Let’s take a closer look at the average sold price for our top neighborhoods, and the differences that we have seen.
Average Sold Price
Centretown - 2009 $330,241 - 2019 $387,979 - Difference of $57,738
Byward Market and Sandy Hill - 2009 $324,981 - 2019 $391,273 - Difference of $66,292
Little Italy and Lebreton Flat-2009 $324,647 - 2019 $412,237 - Difference of $87,590
Westboro - 2009 $396,313 - 2019 $454,863 - Difference of $58,550
Hintonburg - 2009 $276,914 - 2019 $356,113 - Difference of $79,199
New vs sold one level apartment style condominium properties since 2004.
Days on market for one level apartment-style Ottawa Condominiums since 2004. * Keep in mind that this number includes the conditional period. For condominiums, this would also include the status certificate which is usually 10-14 days.
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