The cold, wet weather didn’t dampen buyers’ enthusiasm for house hunting.
Here are the October 2018 numbers:
- Total number of units sold: 1,383 – an increase of 11.8% from 1,237 in October 2017.
- Five year average unit sales for October: 1,223.
“October’s sales are truly indicative of the fast-paced market we have experienced for much of 2018,” says Ottawa Real Estate Board President, Ralph Shaw.
“In some pockets of the city, listings are not lingering on the market. Year-to-date average Days on Market (DOMs) are down 14% from 45 to 39 days for residential homes and 24% from 68 to 51 days for condominiums.”
Here are the specifics of each property class:
- Number of residential-class properties sold: 1,059 – up 7.8% from 982 in 2017.
- Average sale price of a residential-class property: $449,005 – up 5.7% from $425,256 in October 2017.
- Number of condominium-class properties sold: 324, up 24.1% from 261 in 2017.
- Average sale price of a condominium-class property: $271,350, up 0.6% from $269,604 in October 2017.
Ottawa Continues to Be an Example of Affordability Despite Lower Inventory
While inventory is down 17.5% from October 2017, Ottawa continues to be a city of affordable housing options according to Shaw.
“Ottawa’s reputation as one of the most affordable cities in the country endures with residential average prices up approximately 6% year over year, yet continuing to come in under $450,000,” Shaw reports, adding that condos remain steady in the $270,000 range.
Number of City-Approved Apartment Condo Projects Expected to Maintain Condo Prices
It is expected that condo prices will stay steady thanks to the number of apartment condo projects greenlit by the City of Ottawa.
“This will offer opportunities particularly for renters who may be considering homeownership since the rental inventory is also down 32% from this time last year,” remarks Shaw.
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No matter if you’re buying, selling, or both, we can get you the best results.