The Latest Ottawa Real Estate Trends - November 2018
While most markets across Canada are cooling, Ottawa’s market performance is strong and steady as it has been for many years. Ottawa's housing affordability and high employment levels shelter us somewhat from the dramatic swings that can cause instability. Sales were down 5.4% from November 2019, however experts say that wouldn't have been the case if inventory was higher.
Average sale price can be useful in establishing trends over time but should not be used as an indicator that specific properties or areas have increased or decreased in value. The calculation of the average sale price is based on the total dollar volume of all properties sold. Price and conditions will vary from neighbourhood to neighbourhood, if you're interested in trends and numbers for specific Ottawa areas we've got market reports available, please reach out info@teamrealty.ca
Ottawa: One of Canada’s Real Estate Anomalies
December 5, 2018
Notable Numbers:
- 1,165 residential properties were sold in November (MLS®) System, a decrease of 5.4% compared to November 2017. The five-year average for November sales is 1,055.
- November’s sales included 870 in the residential property class, (down 7.2% from a year ago) and 295 in the condominium property class, an increase of just one unit or 0.3% from November 2017.
- Residential Average Sale Price was $429,039, an increase of 2.6% over November 2017.
- Condominium-class Residential Average Sale Price was $285,764, an increase of 11.1% from this month last year.*
“Even though home sales are down this month compared to a year ago, this is simply a reflection of the lack of inventory that we have been experiencing all year. Unit sales would have been higher if only we had the selection and supply. Every REALTOR® I know has active buyers waiting for an opportunity, but many potential Sellers are in the same situation – and have no option but to stay put,” OREB president Ralph Shaw.
“Condominium sales continued to lead the way in November which included a higher average price percentage increase than single-family residential sales this month,” Shaw reports. “Robust sales over the last two years have stabilized the oversupply that previously existed in our condo market. Given that the rental market is as tight as it is, the condo market is not necessarily being driven by lifestyle choice but more often is purely about fulfilling accommodation needs.”
“When you look at what’s happening in real estate markets across Canada, Ottawa’s market performance is the polar opposite,” Shaw declares. “Our market fundamentals are very strong, and we have experienced steady growth for many years, and indeed decades.”
“With our average home prices lower than the national average and our high employment levels, there is no doubt that Ottawa is one of our country’s most ideal locations to live, work, play, and raise your family,” Shaw concludes.
In addition to residential and condominium sales, OREB Members assisted clients with renting 2,553 properties since the beginning of the year down from 2,821 from this time last year.