Ottawa House for Sale
October’s Whirlwind Resale Market

Members of the Ottawa Real Estate Board sold 1,607 residential properties in October through the Board’s Multiple Listing Service® System, compared with 1,375 in October 2018, an increase of 16.9%.
Ottawa Real Estate Board, November 5, 2019

October’s sales included 1,211 in the residential-property class, up 15% from a year ago, and 396 in the condominium-property category, an increase of 23% from October 2018. The five-year average for October unit sales is 1,319.

October’s average sale price for a condominium-class property was $319,208, an increase of 18.3% from last year while the average sale price of a residential-class property was $483,405, an increase of 7.6% from a year ago. Year-to-date figures show an 8.3% and 9.1% increase in average sale prices for residential and condominiums, respectively.

 “New listings are down, inventory remains scarce, and yet more homes changed hands this October than in the past decade and a half,” reports Dwight Delahunt, President of the Ottawa Real Estate Board. “It’s perplexing at first; however, when you consider the current breakneck transaction pace in the Ottawa resale market, often requiring homebuyers and sellers to make swift decisions, it makes sense.”

“October’s average Days on Market (DOM) for residential properties decreased by 10 days to 33 days, and the DOM for condominiums decreased to 28 days from the average 47 days experienced this time last year. Year to date figures show 31 DOM (down 8 days) for residential properties and 35 DOM (16 fewer days) for condominiums. Products are flying off the shelves, so to speak.”

 “We are seeing slightly above-average climbs in home prices this year, and the equity in many properties is undoubtedly increasing, which is great news for homeowners. Still, the growths are reasonable considering the state of the market and Ottawa retains its reputation of being one of the country’s most affordable cities where residents can enjoy a high quality of life,” Delahunt acknowledges.

“We are noticing a significant uptick in residential properties sold in the $500-750K price range. This price point now represents almost 1 in every 3 home sales.”

“Even though there are incidences of multiple offers and homes sold for over market value, the reality is that approximately 36% of homes are selling over asking, compared to 21% at this time last year. It is a phenomenon that is affecting specific pockets of the city, but certainly not every neighbourhood or property type.”

“Sellers should use the knowledge of a REALTOR® to understand the complexities of their home’s positioning. Buyers require timely guidance on how to put in an attractive offer in this fast-paced market — and both parties must understand the intricacies of the contracts they are signing,” Delahunt advises.

In addition to residential sales, OREB Members assisted clients with renting 2,334 properties since the beginning of the year.