Condominium sales continued to lead the way last month, as November saw a higher average price percentage increase than single-family residential sales. Thanks to strong condo sales over the last two years, the oversupply that previously existed in this area of the market has stabilized. This could also be attributed to a tight rental market, which is pushing first time buyers to make accomodation decisions based on necessity rather than lifestyle choices.
Despite the decrease in home sales last month when compared to the previous November, there should be no cause for concern. This drop in sales is simply due to the continued lack of inventory in the Ottawa real estate market. There is confidence that were the selection and supply higher, the unit sales would be too.
“When you look at what’s happening in real estate markets across Canada, Ottawa’s market performance is the polar opposite,” declares Ralph Shaw, President of the Ottawa Real Estate Board. “Our market fundamentals are very strong, and we have experienced steady growth for many years, and indeed decades.”
- Members of the Ottawa Real Estate Board sold 1,165 residential properties in November (a decrease of 5.4 per cent from the previous year).
- 870 sales in the residential property class (a decrease of 7.2 per cent from the previous year) with an average sale price of $429,039.
- 295 sales in the condominium property class (an increase of just 0.3 per cent from the previous year) with an average sale price of $285,764.
- The $300,000 to $449,999 range remains the most active price point in the residential market, accounting for 47 per cent of home sales.
- The $500,000 to $750,000 price range represents one in five of all residential home sales this November.
- The most active price point in the condominium market is between $175,000 to $274,999.
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.