Ottawa sales constrained by low supply

by Steve Randall12 Feb 2018

The continued low inventory of homes available to buy in the Ottawa region remains a drag on potential sales.

The Ottawa Real Estate Board’s members sold 712 residential properties through the MLS in January, up 7.2% from a year earlier and above the five-year January average of 638.

But board president Rick Eisart says that the choice of homes available for potential buyers remains weak.

“While January is typically the month we see the lowest number of listings come onto the market, the numbers for this month are very low,” he said. “The five-year average for new listings in January is 1,396 for residential and 500 for condominiums. January 2018’s listings were at 994 and 406 respectively.”

He added that this was a factor in the markets through 2017 with constrained sales putting upward pressure on prices.

The average sale price of a residential-class property sold in January in the Ottawa area was $427,487, an increase of 8.8% year-over-year while for a condominium-class property it was $263,744, a decrease of 8.6%.

There was a 45% jump in condo sales in January while single-family home sales dropped 1.1%.

“For homeowners thinking of selling, this is a good time to get your property on the market before spring,” Eisert said. “Since inventory is currently low, sellers will certainly get attention because selection for buyers in some areas, in particular, is quite limited.”


More market update:

Industry news

Submit a press release

Poll

Do you do commercial deals?