Canada’s October federal election certainly didn’t seem to affect the overall performance of the Ottawa Real Estate market for the month, judging from the sales numbers released by the Ottawa Real Estate Board. There was good news for sales, which were up over October of 2014 and were also above the five-year average for October, the Real Estate Board has reported.
The average sale price also remained steady.
In October of 2015, members of the Ottawa Real Estate Board sold 1,161 residential properties through the Board’s Multiple Listing Service system. That was up from 1,119 in October of 2014, representing an increase of 4 per cent. It is also above the five-year average for October sales, which is 1,100.
“Buyer activity was expected to taper off leading up to the federal election but it didn’t seem to affect our overall performance by very much,” Ottawa Real Estate Board President David Oikle said in a press release from the Real Estate Board.
David Oikle said the Ottawa market’s year-to-date sales trend is also solid compared to last year, with residential property class sales up almost six per cent compared with 2014, and condominium property sales on par with last year’s numbers.
In good news for sellers, the Board also reports that inventory has continued to decline since the high-inventory market last May, “bringing us back into balanced territory,” Oikle said.
“Ottawa’s resale market continues to be a stable environment. Cumulative days on market also came down slightly, to 86 days from 93 days in September,” Oikle said.
Of the properties that sold in October, 202 were in the condominium property class and 959 were in the residential property class.
Looking at prices, the average sale price of a residential-class property sold in October was $380,075. That’s an increase of 2.8 per cent over the average price in October of 2014.
The average sale price for a condominium-class property in October was $251,177. That’s a decline of 13 per cent from the average price in October of 2014. But the Board points out that “the year-to-date average price of $258,995 is more in line with the current average” for condo sales prices. Whenever you look at an average sales price for a particular month, you have to remember that the average sale price can be affected if there are an unusually large number of properties at the upper or lower price ranges that month. To get a better idea of prices, we need to look at longer-term numbers.
“This in fact illustrates why the Board cautions that the average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold,” the Board says in its release.
If you’re wondering which price ranges were most popular in October, the Board says that the highest concentration of properties sold in the month continued to be properties in the $300,000 to $400,000 range. That was followed closely by properties in the $200,000 to $300,000 price range. The Board reports “there were also a good number of sales in the $500,000 to $750,000 price range.”
In addition to residential and condominium sales, members of the Ottawa Real Estate Board assisted clients with renting 223 properties in October, and over 2,500 since the beginning of the year.
If you’re considering selling or buying, and would like to get more details on the state of the current Ottawa market, I’d be happy to chat with you. You can reach me through my website, atwww.nancybenson.com or by telephone at 613-841-7766.