Halloween has not Scared Away Home Buyers
Members of the Ottawa Real Estate Board (OREB) sold 1,383 residential properties in October 2018 compared with 1,237 in October 2017, an increase of 11.8 %.
“October’s sales are truly indicative of the fast-paced market we have experienced for much of 2018,” states OREB's President. “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.” “However, lack of supply continues to be a major driving factor in Ottawa’s real estate market,” he adds. “If we look back to 2015 and 2016, our current active inventory is less than half of what we had then, and it’s not improving. Compared to last year, condo inventory is down 34.5% while residential inventory is 17.5% lower than October 2017.”
“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. While average prices for condos remain reasonable and steady in the $270,000 range.”
The average sale price of a residential-class property sold in October in the Ottawa area was $449,005, an increase of 5.7 % over October 2017. The average sale price for a condominium-class property was $271,350, a slight increase of 0.6 % from October 2017.
“Further, the number of apartment condo projects that have been approved by the City of Ottawa will maintain price stability for this category of housing going forward. 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.”