Ottawa’s re-sale real estate market in November saw average sale prices up 2.6 % for residential properties year over year, while condominium units saw an increase of 11.1 %, the Ottawa Real Estate Board has reported.
In its report on sales in our region for November of 2018, the Board says its members sold 1,165 residential properties for the month. While that’s down 5.4 % from November of 2017, it’s still above the five-year average for November sales, which is 1,055.
The sales for November included 870 in the residential property class (down 7.2 % from November of last year), and 295 in the condominium property class (an increase of just one unit from last year).
Ottawa’s lower than usual inventory of properties for sale played a role in the monthly numbers.
Though the number of units sold was down from November of 2017, Ottawa Real Estate Board President Ralph Shaw says “this is simply a reflection of the lack of inventory that we have been experiencing all year.”
Shaw says the number of properties sold would have been higher “if only we had the selection and supply. Every Realtor I know has active buyers waiting for an opportunity.”
The average sale price for a residential-class property sold in Ottawa in November was $429,039. That’s an increase of 2.6 % over November of 2017, the Board says. The average sale price for a condominium-class property in November was $285,764, representing an increase of 11.1 % over the average price a year ago.
Condominium unit sales in November “saw a higher average price percentage increase than single-family residential sales this month,” Shaw says, continuing the good news on Ottawa’s condominium scene.
“Robust sales over the last two years have stabilized the oversupply that previously existed in our condo market,” he says. “Given that the rental market is as tight as it is, the condo market is not necessarily being driven by a lifestyle choice but more often is purely about fulfilling accommodation needs.”
The Ottawa Board cautions 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. Average prices are based on the total dollar volume of all properties sold in a given month. As with any city, prices in Ottawa vary from neighbourhood to neighbourhood.
The average sale prices in the Ottawa area for November are another reminder of how appealing and affordable our market remains.
The most active price point in the Ottawa residential market in November was the $300,000 to $449,999 range. Houses in that range represented 47 % of home sales. Houses in the $500,000 to $750,000 range represented one in five of all residential house sales for the month.
In the condominium unit market, the most prevalent price point was between $175,000 and $274,999, representing almost 47 % of all units sold. In Toronto, by comparison, many one-bedroom condominium units sell in the $500,000 to $650,000 range.
The monthly numbers for the Ottawa market are another reminder of how appealing our market is for buyers looking to enter the market or move up.
“With our average home prices lower than the national average and our high employment levels, there is no doubt that Ottawa is one of our country’s most ideal locations to live, work, play and raise your family,” Shaw says.
“Our market fundamentals are very strong, and we have experienced steady growth for many years, and indeed decades.”
If you’re interested in buying or selling property in the Ottawa area, I’d love to meet and chat about our market and the conditions in your particular neighbourhood. With more than 30 years of experience as a Realtor in the Ottawa area, I offer expertise and experience with residential homes and condo units across the city.
You can read more about me and my team on my website, at www.nancybenson.com, where you can view my current listings to get an idea of the sophisticated marketing and presentation we offer for sellers.
Feel free to give me a call, at 613-747-4747.