October Ottawa Real Estate Market Summary
As we move further into fall, the affordability of Ottawa in regards to the rest of the Canada’s housing markets continues to ring true; residential average prices are up approximately 6% year over year, yet continuing to come in under $450,000. Condo prices continue to remain stable and hovering around the $270,000 price point.
“October’s sales are truly indicative of the fast-paced market we have experienced for much of 2018,” says Ottawa Real Estate Board President, Ralph Shaw. “In some pockets of the city, listings are not lingering on the market. Year-to-date average Days on Market (DOMs) are down 14% from 45 to 39 days for residential homes and 24% from 68 to 51 days for condominiums.”
● Members of the Ottawa Real Estate Board sold 1,383 residential properties in October (an increase of 11.8 per cent from the previous year).
● 1,059 sales in the residential property class with an average sale price of $449,005.
● 324 sales in the condominium property class (an increase of 24.1 per cent from the previous year) with an average sale price of $271,350.
● The $300,000 to $449,999 range remains the most active price point in the residential market, accounting for 43 per cent of home sales.
● The $500,000 to $750,000 price range represents one in five of all residential home sales this past month.
● The most active price point in the condominium market is between $175,000 to $274,999, accounting for almost 53 per cent of sales.
As a lack of supply continues to be a driving factor in Ottawa’s current real estate market, there is hope for those residents looking for rental properties — a number of apartment condo projects have been approved by the City of Ottawa, which should maintain price stability for this category of housing going forward. The recent positive upward trend of the condo market has been attributed to the low rental inventory, which is down 32% from the same time last year.
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.