The holidays are a time to slow down, take things easy, and spend time with loved ones. As we wrap things up for 2019 and look towards more exciting times in the year to come, we can reflect on a hugely successful year for Ottawa real estate. The resale market in Ottawa went from strength to strength in 2019, with a report from PwC naming Ottawa’s residential real estate market one of the most active and important to watch in 2020.
When compared to previous months, the flow of sales in November continued to move swiftly, with available homes spending fewer days on market than the same time last year. This does mean, however, that inventory was not afforded the opportunity to grow and so remains low as we head into the new year. Home sales were steady in November, despite the shortage of properties in the resale market.
Home prices have continued to rise over the past year, leading to reduced availability of properties in the lower-priced end of the market. However, “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” states Dwight Delahunt, President of the Ottawa Real Estate Board.
- Members of the Ottawa Real Estate Board sold 1,288 residential properties in November 2019 (an increase of 10.9 per cent from the previous year).
- There were 958 sales in the residential property class (up 10.5 per cent from a year ago) with an average sale price of $501,201.
- November saw 330 sales in the condominium property class (a rise of 12.2 per cent from November 2018) with an average sale price of $313,734.
- The $350,000 to $499,999 range is the most active price point in the residential market, accounting for 38.8 per cent of home sales, while 32 per cent of residential sales were in the $500,000 to $749,999 range.
- The most active price point in the condominium market was the $225,000-$349,999 range, accounting for 57.5 per cent of the units sold.
If you are seeking any kind of support in listing your home, purchasing a new home, or in learning more about the current real estate market in Ottawa, 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.