The fall Ottawa real estate market continues to do well, despite continued supply-side issues and low inventory. With more residential properties on the market, we could expect to see even more significant growth. The condominium market continues its robust upward progression, accounting for a greater proportion of year-to-date unit sales.
“Economic fundamentals are at play in our market with a lack of supply putting an upward pressure on prices in some areas,” asserts Ottawa Real Estate Board President Ralph Shaw. “Condo price increases on a percentage basis are finally recovering and are catching up to the increases in residential prices, which is very encouraging news for condo owners.”
● Members of the Ottawa Real Estate Board sold 1,393 residential properties in September (an increase of 0.7 per cent from the previous year).
● 1,046 sales in the residential property class with an average sale price of $449,613.
● 347 sales in the condominium property class (an increase of 11.9 per cent from the previous year) with an average sale price of $282,781.
• The $300,000 to $449,999 range remains the most active price point in the residential market, accounting for 46 per cent of home sales.
• The $500,000 to $750,000 price range represents 22.5 per cent of residential home sales this September.
• The most active price point in the condominium market is between $175,000 to $274,999.
Low inventory in the rental market continues to prove positive for the sale of condominium units as first time homebuyers are now faced with the choice of “driving until they qualify” or purchasing a condominium at a price point they can afford. As the availability of condo units on the market begins to decline, we may see new interest in reinvigorating some of the stalled condominium projects.
If you are looking to sell this year, now is a great time to put your home on the market. If you are seeking any kind of support in listing your home, purchasing a new home, or in learning more about how the current change in mortgage regulations could affect you, please contact our team of expert Realtors® at Royal LePage Performance Realty today. For more information on monthly real estate statistics in Ottawa, visit the Ottawa Real Estate Board.