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October 2016

No fall(ing) back in Ottawa’s resale market

 Members of the Ottawa Real Estate Board sold 1,371 residential properties in September through the Multiple Listing Service® System, compared with 1,241 in September 2015, an increase of 10.5 per cent. The five-year average for September sales is 1,171.

“Again this month, we have broken the record for residential and condominium units sold, with 200 more units sold than the 5-year average for September,” says Shane Silva, President of the Ottawa Real Estate Board. “With average sale prices remaining virtually unchanged since the beginning of the year, this could be an indication that prices have adjusted to market expectations and sales have rebounded as a result.”

September’s sales included 269 in the condominium class and 1,102 in the residential class.

“Units listed in both residential and condominium classes continue to decline,” indicates Silva. “From 2,076 listed in September 2015 to 1,822 listed in September 2016 for residential properties, and from 637 condos listed in September 2015 to 588 listed in September 2016.” says Silva. “With fewer listings coming onto the market, combined with recent higher unit sales, overall inventory is declining. The basic economics of supply and demand will continue to have an impact on the Ottawa resale market.”

The average sale price of a residential-class property sold in September in the Ottawa area was $383,793, a decrease of 0.1 per cent over September 2015. The average sale price for a condominium-class property was $252,136, a decrease of 2 per cent over September 2015.

 

Type Sept. Sales Vol. % Change Average Sale % Change
Condo apartment (1 level) 141 18.5% $261,488 -8.3%
Condo townhome (2 storey) 101 20.2% $241,245 8.7%
Residential home (2 storey) 602 9.1% $403,703 -1.2%
Residential home (bungalow) 303 12.2% $353,998 -0.4%

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