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.