Ottawa Market Update, November 2019
Members of the Ottawa Real Estate Board sold 1,288 residential properties in November through the Board’s Multiple Listing Service® System, compared with 1,161 in November 2018, an increase of 10.9%. November’s sales included 958 in the residential-property class, up 10.5% from a year ago, and 330 in the condominium-property category, an increase of 12.2% from November 2018. The five-year average for November unit sales is 1,133.
Even with the typical winter slowdown, Ottawa’s home resale market still experienced a relatively brisk pace in November. Our inventory is not having a chance to build as it is being absorbed as quickly as it comes on the market. That’s why there are so many sales every month even though the supply stock is low.
November’s average sale price for a condominium-class property was $313,734, an increase of 9.8% from last year while the average sale price of a residential-class property was $501,201, an increase of 16.9% from a year ago. Year to date figures show an 8.9% and 9.1% increase in average sale prices for residential and condominiums, respectively. Prices have increased, and therefore there is shortage of units available in the lower end price range of both condos and residential properties. The Ottawa market still remains strong and sustainable with reasonable increases in year to date average prices of 9% in both the residential and condominium property classes.
Our market can be fairly complex at the moment so the guidance of an experienced real estate agent is a must. Please do call me if you are thinking of buying or selling – and keep those referrals coming!