I’m pleased to share a lot of good news from Ottawa’s resale housing market in September.
The total number of units sold saw a five-year high for September sales; condominium units have continued the rebound in sales we have seen since early this year, and the market remains balanced, though the Ottawa Real Estate Board says that with inventory levels and the number of new listings continuing to tighten compared with the same time last year, Ottawa is trending toward a seller’s market.
The Real Estate Board reports its members sold a total of 1,387 residential properties in September of 2017 through the Board’s Multiple Listing Service system, marking a 1.6 per cent increase over the sales in September of 2016. The number was also well above the five-year average for September sales, which is 1,250.
The number of units sold in the condominium class has been increasing since February, and Board President Rick Eisert says in a news release that the boost in condo sales “has impacted our year-to-date unit sale figures and is putting us on track for a strong year-end finish.”
September’s sales saw 311 condominium-class properties sold and 1,076 residential-class properties sold.
The average sale price of a residential-class property sold in September in the Ottawa area was $416,464, representing an increase of 8.2 per cent over the average sale price of September, 2016.
The average sale price of a condominium-class property in September, meanwhile, was $261,548, representing an increase of 3.9 per cent over the average in September of 2016.
The Board cautions that while the average sale price for a specific month “can be useful in establishing trends over time,” the numbers should not be used “as an indicator that specific properties have increased or decreased in value. The calculation of the average price is based on the total dollar volume of all properties sold. The average can be affected if an unusually large number of properties sold at the higher or lower ends of the price range that month. As well, prices and conditions will vary from neighbourhood to neighbourhood.
“The Ottawa market is showing signs of stabilizing after the record-setting spring and summer,” Rick Eisert says.
“Although properties continue to sell much faster in comparison to this time last year, our market is still balanced, though trending toward a sellers’ market. The average increase in sale price has not skyrocketed, but rather has increased gradually due to more homes selling in the $450,000-plus range compared to last year.”
The latest numbers from the Ottawa Board are also another reminder that if you are looking to purchase property, whether it’s a condominium or traditional detached residence, the Ottawa market remains much more affordable than it is for people living in the markets of Toronto or Vancouver.
In Toronto in September, the Toronto Real Estate Board reported an average sale price in the city of $809,591. The average sale price of a condo apartment there was $554,069.
In Vancouver, the Real Estate Board of Greater Vancouver reported the composite benchmark price for all residential properties in the Metro Vancouver area in September was $1,037,300.
Your home-buying dollar will obviously get you much more in our region, making that new home more achievable, whether you are first-time property buyers or are perhaps looking for something slightly larger than your current property.
With more than 30 years of experience helping clients in the Ottawa area, I’d love to chat with you about the current market if you’re interested in buying or selling. You can contact me through my website, at nancybenson.com, where you can also look at my current listings. As well, feel free to give me a call at 613-747-4747.