Inventory issues on the supply side continue into the fall market. Members of the Ottawa Real Estate Board sold 1,393 residential properties in September through the Board’s Multiple Listing Service® System, compared with 1,383 in September 2017, an increase of only 0.7 per cent. The five-year average for September sales is 1,303. Condos continue to represent a greater proportion of year-to-date unit sales with a 15 per cent increase from this time in 2017.
Autumn leaves may be falling, but Ottawa housing prices are not! The average sale price of a residential-class property sold in September in the Ottawa area was $449,613, an increase of 7.9 per cent over September 2017. The average sale price for a condominium-class property was $282,781, an increase of 7.6 per cent from this month last year. Lack of inventory is putting upward pressure on prices in some areas and condo prices are finally recovering.
The low rental vacancy rate is spurring the purchase of condominium units, and first-time home buyers are having to choose between looking outside the core areas or purchasing a condominium at a price point they can afford.
Since every area is slightly different, please do give me a call if you are thinking of buying or selling - or if you know somebody who is. I'd be delighted to help. And - keep those referrals coming. They contribute greatly to the success of my business.