The Ottawa Real Estate Board has released the Market Report for the month of October and this is what it has to say:

Leaves may be falling, but the real estate market is not.

Compared to October of 2016, the Ottawa Market saw an increase of 2.3 percent for October of 2017 with 1,243 residential properties being sold last month.

What does this mean for the Ottawa Condo market? Rick Eisert, President of the Ottawa Real Estate Board says “Condominium sales continue to drive the overall residential sales market, with a year to date increase of 21.4 per cent over the same time period last year.”

To further elaborate, Eisert adds “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 percent over October 2016. The average sale price for a condominium-class property was $269,604, an increase of 6.7 percent over October 2016. 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.

“In the residential market, the $300,000 to $399,999 range remains the most active price point, accounting for 33.3 percent of the market. While in the Ottawa condo market, the most active price point is between $175,000 and $249,999, accounting for 45.2 percent of the market,” says Eisert.

Ready to start your search for the perfect condo? Want to know more about the costs of buying a condo in Ottawa? Call us at (613) 288-2455, email us here, or book a buyer’s appointment to take the first step.

 

Structure: The Canadian Real Estate Association 2017, (2017, November 2 Published). Leaves may be falling, but the real estate market is not. Retrieved from: https://www.realtor link.ca/content/realtorlink/on/ ottawa/en_CA/market-data—stats.html