Joanne Clemens | Halloween has not Scared Away Home Buyers
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Halloween has not Scared Away Home Buyers

Halloween has not Scared Away Home Buyers

Members of the Ottawa Real Estate

Board sold 1,383 residential properties

in October through the Board’s Multiple

Listing Service® System, compared with

1,237 in October 2017, an increase of

11.8 per cent. The five-year average for

October sales is 1,223. October’s sales

included 1,059 in the residential property

class, a rise of 8.5 per cent from a year

ago, and 324 in the condominium property

class, an increase of 24.1 per cent from

October 2017.

“October’s sales are truly indicative

of the fast-paced market we have

experienced for much of 2018,”

points out Ottawa Real Estate Board

President, Ralph Shaw. “In some

pockets of the city, listings are not

lingering on the market. Year-to-date

average Days on Market (DOMs)

are down 14% from 45 to 39 days for

residential homes and 24% from 68 to

51 days for condominiums.”

“However, lack of supply continues

to be a major driving factor in Ottawa’s

real estate market,” he adds. “If we look

back to 2015 and 2016, our current active

inventory is less than half of what we had

then, and it’s not improving. Compared to

last year, condo inventory is down 34.5%

while residential inventory is 17.5% lower

than October 2017.”

“Ottawa’s reputation as one of the most

affordable cities in the country endures

with residential average prices up

approximately 6% year over year, yet

continuing to come in under $450,000.

While average prices for condos remain

reasonable and steady in the $270,000

range,” acknowledges Shaw.

The average sale price of a residentialclass

property sold in October in the

Ottawa area was $449,005, an increase

of 5.7 per cent over October 2017. The

average sale price for a condominiumclass

property was $271,350, a slight

increase of 0.6 per cent from this month

last year.*

“Further, the number of apartment condo

projects that have been approved by the

City of Ottawa will maintain price stability

for this category of housing going forward.

This will offer opportunities particularly

for renters who may be considering

homeownership since the rental inventory

is also down 32% from this time last year.”

The $300,000 to $449,999 range remains

the most active price point in the residential

market, accounting for 43 per cent of home

sales while the $500,000 to $750,000

price range continues to represent one in

five of all residential home sales this past

month. Between $175,000 to $274,999

was October’s most robust price

point in the condominium market,

accounting for almost 53 per cent of

the units sold.

In addition to residential and

condominium sales, OREB

Members assisted clients with

renting 2,354 properties since the

beginning of the year.

* The Board cautions that the

average sale price can be useful

in establishing trends over time

but should not be used as an indicator

that specific properties have

increased or decreased in value. The

calculation of the average sale

price is based on the total dollar

volume of all properties sold. Price and

conditions will vary from neighbourhood to

neighbourhood.