Members of the Ottawa Real Estate Board sold 1,239 residential properties in November through the Board’s Multiple Listing Service® System compared with 992 in November 2016, an increase of 24.9 per cent. The five-year average for November sales is 1,001. Both residential and condominium sales continue to steadily increase. The announcement of stricter mortgage regulations coming into play in January 2018 may be contributing to this. REALTORS® could very well see a busier than usual holiday season.
The average sale price of a residential-class property sold in November in the Ottawa area was $418,354, an increase of 3.2 per cent over November 2016. The average sale price for a condominium-class property was $257,212, a decrease of 7.6 per cent over November 2016.
Having the guidance and market knowledge of a REALTOR® is essential for home buyers and home sellers – especially in a market that is moving so quickly. Every area is different, so do give me a call if you are thinking of buying or selling. I appreciate your referrals, so please think of me if anyone you know is planning a move.