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November, 2016

Condo sales lead the way to best October on record


Members of the Ottawa Real Estate Board sold 1,214 residential properties in October through the Board’s Multiple Listing Service® System, compared with 1,159 in October 2015, an increase of 4.7 per cent. The five-year average for October sales is 1,130.

“October’s sales continued the record-breaking resale trend for the third straight month,” says Shane Silva, President of the Ottawa Real Estate Board. “While residential sales are identical to that of October 2015, condominium sales have soared – up by 27.2 per cent over last year. Lower inventory levels, combined with adjusting prices, may be creating these higher than normal activity levels in the condo property class.”

October’s sales included 257 in the condominium property class, and 957 in the residential property class.

“The new mortgage rules announced at the beginning of October have yet to have an effect on the Ottawa market, as the announcement only came two weeks prior to implementation,” says Silva. “It’s too early to tell what kind of impact the new mortgage rules will have on the Ottawa market going forward. We know that right now Ottawa continues to be a desirable city to live and work, and consumer confidence and job growth remain positive.”

The average sale price of a residential-class property sold in October in the Ottawa area was $392,579, an increase of 3.3 per cent over October 2015. The average sale price for a condominium-class property was $251,465, an increase of .01 per cent over October 2015.

“The hottest segments in our market for October continue to be two-storey and bungalow residential homes in the $300,000 to $400,000 price range, followed by one-level and two-storey condos in the $200,000 to $300,000 price range” says Silva.

Type October Sales Vol. % Change Average Sale % Change
Condo apartment (1 level) 125 21.4% $276,474 1.1%
Condo townhome (2 storey) 104 26.8% $222,435 -0.1%
Residential home (2 storey) 517 -8.2% $409,571 2.7%
Residential home (bungalow) 252 15.1% $365,874 1.0%

Please talk to me if you are thinking of buying or selling a home or condo. I am always at your service and happy to share my knowledge and experience with you..

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