The winter season brings a slowdown for the Ottawa housing market but the weather isn’t cooling demand so far.
New data from the Ottawa Real Estate Board shows that its members sold 1,288 homes through its MLS in November, up 10.9% from a year earlier.
The residential class gained 10.5% with 958 sales while the condo class increased 12.2% to 330.
Overall sales were above the 1,133 5-year average for November.
“Even with the typical winter slowdown, Ottawa’s home resale market still experienced a relatively brisk pace in November. Our inventory is not having a chance to build as it is being absorbed as quickly as it comes on the market. That’s why there are so many sales every month even though the supply stock is low,” explains Dwight Delahunt, President of the Ottawa Real Estate Board.
The average sale price for a condominium-class property was $313,734, an increase of 9.8% from last year while the average sale price of a residential-class property was $501,201, an increase of 16.9% from a year ago.
“Prices have increased, and therefore there is shortage of units available in the lower end price range of both condos and residential properties,” reports Delahunt. “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.”
Although the largest share of condo sales were in the $225,000 to $349,999 price range; and for residential class more than a third of sales were in the $350,000 to $499,999; the higher end is also performing 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.”
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