When compared to the rest of the country, Ottawa’s real estate market is the odd one out. “Our market fundamentals are very strong, and we have experienced steady growth for many years, and indeed decades,” says Ottawa Real Estate Board President Ralph Shaw.
“Even though home sales are down this month compared to a year ago, this is simply a reflection of the lack of inventory that we have been experiencing all year,” says Shaw. “Unit sales would have been higher if only we had the selection and supply.”
“Every realtor I know has active buyers waiting for an opportunity, but many potential sellers are in the same situation – and have no option but to stay put,” he adds.
Here are the November 2018 numbers:
- Total number of units sold: 1,165 – a decrease of 5.9% from 1,239 in November 2017.
- Five year average unit sales for November: 1,055.
Here are the specifics of each property class:
- Number of residential-class properties sold: 870 – down 7.9% from 945 in 2017.
- Average sale price of a residential-class property: $429,039 – up 2.6% from $418,354 in November 2017.
- Number of condominium-class properties sold: 295, up 0.1% from 294 in 2017.
- Average sale price of a condominium-class property: $285,764, up 11% from $257,212 in November 2017.
Condos Are Still Leading the Way
November didn’t see much of an increase in condo sales this month – they were only up by a single unit – but condos are still the first choice for many buyers, which has helped with the oversaturation in the condo market.
Interestingly, it’s the tight rental market that is really driving the interest in condos.“…The condo market is not necessarily being driven by lifestyle choice but more often is purely about fulfilling accommodation needs,” Shaw explains.
Our Average Home Prices Are Lower Than the National Average
The national average housing price in October was $496,800, while in Ottawa ours was $449,005. While November numbers have not yet been released by the Canadian Real Estate Board (CREA), this is a trend that we’ve been seeing for a long time.
“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 concludes.
We’ll Help You Buy and Sell in Ottawa
At Paul Rushforth Real Estate, we have a team behind you every step of the way, and everyone has an important role to play in the success of your home sale or purchase. We have the experience, knowledge, and resources to handle everything from marketing your home to handling tough negotiations to closing.
Whether you’re buying, selling, or both, we can get you the best results.