Cold November Weather, Hot Resale Market

Here are the November 2019 numbers:

  • Total number of units sold: 1,288 – up 10.9% from 1,161 in November 2018.
  • Five-year average unit sales for November: 1,133.

Here are the specifics for each property class:

  • Number of residential-class properties sold: 958 – up 10.5% from 857 in November 2018.
  • Average sale price of a residential-class property: $501,201 – up 16.9% from $416,498 in November 2018.
  • Number of condominium-class properties sold: 330 – up 12.2% from 290 in November 2018.
  • Average sale price of a condominium-class property: $313,734 – up 9.8% from $282,988 in November 2018.

“Prices have increased, and therefore there is a shortage of units available in the lower end price range of both condos and residential properties,” reports Dwight Delahunt, President of the Ottawa Real Estate Board. “That being said, 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.”

Increased Price Ranges

The most active price range in the condominium market was $225,000-$349,999, accounting for 57.5 per cent of the units sold while $350,000 to $499,999 represented the most prevalent price point in the residential market, accounting for 38.8 per cent of November’s transactions. Residential properties in the $500,000 to $749,999 range increased to 32 per cent of all residential resales.

“As for the higher end of the market, we are seeing substantial increases in the number of properties sold in those price ranges as well. In the $750K-$1M range, 65 units changed hands last month compared to 24 sales last year at this time,” reveals Delahunt. “Further, the homes in the $1M+ plus range have increased to 29 sales last month from 15 sold in November 2018.”

“Year to date totals show the larger picture with a 41% increase in the $750K-$1M range from 610 to 861 unit sales, and a 30% increase in the $1M+ range from 266 to 345 transactions compared to this time last year,” he adds.