Ottawa resale house & condominium prices were both up nearly 20% in November over the average sale prices in November of 2020, the Ottawa Real Estate Board has announced.
In its report on sales numbers for November of 2021, the Board says the average sale price for a condominium-class property was $432,099, while the average sale price for a residential-class property was $716, 992.
Those prices represented 19% increases for both housing types from the average sale prices in November of last year.
Looking at the larger picture of year-to-date prices, for the period from January 2021 to the end of November, the average sale price for a condo unit in that period was $420,762 (up 16% over the same period in 2020).
The average sale price of a residential-class property for that period was $719,956 _ up 24% over the average in the same period last year.
While November is typically a slower month for total sales than the spring-summer months, the number of properties sold in Ottawa, at 1,459, was 8% higher than the five-year average for November.
There has also been an 8% increase in total transactions from January to November over the same period last year, the Board reports.
“It is fair to say that the resale market remains active and brisk,” says Debra Wright, President of the Ottawa Real Estate Board.
Wright notes that despite the large year-over year increases in November, month-to-month price accelerations slowed down slightly. The average price for residential properties was on par with the average in October, while the average condo sale price was up by 7%.
“This is a far better situation than the monthly price escalations we had seen in the first quarter of 2021. However, there is no question that supply constraints will continue to place upward pressure on prices until that is remedied,” Debra Wright says.
Ottawa has experienced lower than usual inventory on our resale market for many months, and Wright says that has continued. “Our inventory, at one months’ supply, is much lower than it should be.”
The 1,430 new listings that entered the market in November represented a 27% decrease from October, and a 13% drop from the new listings in November of 2020.
While this year’s number was still slightly above the five-year average for new listings in November, Debra Wright notes, “this is simply not sustainable and is taking us further away from the balanced market that will bring much-needed relief to potential buyers.”
As she concludes in the report on November’s sales and the continuing low inventory, “whether you are on the buying or selling side of the transaction, this is not the occasion to go it alone and hope for the best. An experienced Realtor is vital in navigating the challenges of the complex market to ensure you are making the optimal choices for what may the most critical contract you will sign and remain obligated to for the next 20 to 30 years.”
The Ottawa Real Estate Board cautions, as it always does, that while average sale prices for a specific month can be useful in establishing trends over time, they should not be used as an indicator that specific properties have increased or decreased in value. As with any city, prices and conditions will vary from neighbourhood to neighbourhood.
If you’re considering selling, I’d be happy to meet and give you more background about the current market and conditions in your area of Ottawa. With more than 30 years of experience as a Realtor, I’ve assisted clients in a wide range of markets.
You can read more about me and my team, at www.nancybenson.com. Feel free to give me a call, at 613-747-4747.