The October 2015 Ottawa real estate statistics climbed 4 percent from the previous year, with a total of 1,616 residential properties sold. This was good news for Ottawa REALTORS® as the board had previously estimated a slower month than usual due to the election. Of those 1,616 sales, 959 of them were residential, which was a 6 percent increase from the previous year. Moreover, 202 of them were condominium sales which matched last year’s October statistics.
According to the president of the Ottawa Real Estate Board (OREB) David Oikle, the "resale market continues to be a stable environment. Inventory has continued to decline since the busy spring market last May, bringing us back to balanced territory". In addition to this good news, the cumulative days on market statistics have also decreased since September, whereas the sale price remains roughly the same. This is great news for sellers, because who wouldn’t want to sell their home in less time but for the same price?
Moreover, the sale price of residential homes has increased from last year by 2.8 percent, with an average of $380, 075 in October 2015. Unfortunately, condominium prices have not had the same increase, but have instead declined by 13 percent. However, in the grand scheme of things, the decrease from $290,739 to $251, 177 has only brought condominium prices more in line with the year to date average of $258,995.