Members of the Ottawa Real Estate Board sold 1,165 residential properties in November through the Board’s Multiple Listing Service® System, compared with 1,232 in November 2017, a decrease of 5.4%. The five-year average for November sales is 1,055. The Ottawa Market problem is still one of supply. Our numbers would be much higher if there was available inventory. Realtors® have active buyers waiting for an opportunity and sellers are waiting to list until they can find something to buy.
The average sale price of a residential-class property sold in November in the Ottawa area was $429,039, an increase of 2.6% over November 2017. The average sale price for a condominium-class property was $285,764, an increase of 11.1% from this month last year. The oversupply that previously existed in our condo market has stabilized. Given the rental market is very tight, the condo market is not necessarily being driven by lifestyle choice but more often is purely about fulfilling accommodation needs.
Ottawa’s market performance is the opposite of what is happening across Canada. We have experienced steady growth for decades and our average prices, being lower than the national average, are still comparatively affordable. Ottawa is one of our country’s most ideal locations to live, work, play, and raise your family.
With a challenging market it is even more important to benefit from the guidance of an experienced Real Estate professional. I do hope you will call on me if you are thinking of buying or selling. I'm always happy to help.