Ottawa House for Sale
Fall Market Springs Forward

Members of the Ottawa Real Estate Board sold 1,549 residential properties in September through the Board’s Multiple Listing Service® System, compared with 1,386 in September 2018, an increase of 11.8%.
Ottawa Real Estate Board. October 3, 2019

September’s sales included 1,113 in the residential-property class, up 6.9% from a year ago, and 436 in the condominium-property category, an increase of 26.4% from September 2018. The five-year average for September unit sales is 1,385.

September’s average sale price for a condominium class property was $309,373, an increase of 9.0% from last year while the average sale price of a residential-class property was $487,438, an increase of 8.0% from a year ago. Year to date figures show an 8.4% and 8.1% increase in average sale prices for residential and condominiums respectively.

 “Despite a challenging year of historically low inventory, September’s sales continue to be extremely strong, the likes of which we haven’t seen in the past 15 years,” acknowledges Dwight Delahunt, President of the Ottawa Real Estate Board. “It’s quite amazing, with the limited supply, that the market is still moving well with purchasers finding properties that meet their requirements,” he adds.

“Of course, in this kind of market where the process can be quite accelerated, you must be ready to make a decision quickly and be poised to act straightaway. That’s why it’s prudent to work with a REALTOR® — home sellers can expose their properties immediately, and buyers are able to have instant access to the latest listings posted to the MLS® System,” Delahunt advises.

 “Now that condominium prices have recovered, we see condo sellers jumping back into the market to take advantage of that, and as a result, condo sales have been very robust and have again led the way in September’s unit sales,” Delahunt suggests.

“September to November typically tend to be busy listing and sales months; however, there is a federal election coming up, which normally brings a slowdown in the market. We haven’t seen that transpire this year, which suggests that consumers are highly confident in our local economy and the Ottawa real estate market.”

In addition to residential sales, OREB Members assisted clients with renting 2,117 properties since the beginning of the year.