Your November stats are in, and what a month it has been! A total of 1288 residential properties were sold, an increase of 10.9 per cent from last November. Of that, 958 were residential-class properties (an increase of 10.5 per cent) and 330 were condominium-class properties (an increase of 12.2 per cent). Dwight Delahunt, President of the Ottawa Real Estate Board, notes that “even with the typical winter slowdown, Ottawa’s home resale market still experienced a relatively brisk pace in November.” He goes on to say that “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.”
The average sale price for a condominium-class property was $313,734 and $501,201 for a residential-class property, an increase of 9.8 per cent and 16.9 per cent respectively from last year. Approximately 57.5 per cent of the condominium market sold between $225,000-$349,999, while 38.8 per cent of the residential market sold between $350,000-$499,999 and residential properties between $500,000-$749,000 increased to 32 per cent of all residential resales. Delahunt acknowledges that "prices have increased, and therefore there is shortage of units available in the lower end price range of both condos and residential properties. 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.”
He also mentions that at the higher end of the market (the $750-$1M range), there is a large increase in the number of properties sold as 65 units sold compared to 24 this time last year. In the 1M + range, 29 units sold this year compared to 15 in November 2018. Year to date, the larger pictures of these sales is showing a 41% increase and 30% per cent increase respectively.
Finally, approximately 2559 properties have been rented since the beginning of the year.