Temperatures may be falling, but the Ottawa real estate market is thriving! Members of the Ottawa Real Estate Board sold 1,243 residential properties in October through the Board’s Multiple Listing Service® System, compared with 1,214 in October 2016, an increase of 2.3%. The five-year average for October sales is 1,165. Condominium sales are up 21.4% over last year. Properties continue to sell faster than this time last year with average days on market down 17.7% (from 55 to 45 days).
Slow but steady growth best describes Ottawa housing prices. The average sale price of a residential-class property sold in October in the Ottawa area was $425,256, an increase of 7.7 per cent over October 2016. The average sale price for a condominium-class property was $269,604, an increase of 6.7 per cent over October 2016.
Since every neighbourhood is slightly different, please do give me a call if you are thinking of buying or selling. I am always happy to help.