Condo sales lead the way in December 2019
The Ottawa real estate market closes out the decade with record-breaking numbers.
Throughout the month of December, 761 residential properties were sold, an increase of 15.3% compared to last year. Of these sales, 534 were residential homes and 227 were condominiums.
In
December, Ottawa’s residential property market continued to have low supply and
high unit sales, like it had in November
and the entire year. Dwight
Delahunt, 2019 President
of the Ottawa Real Estate Board, states that “unit sales in the
condominium class consistently led the way, offering lower price point options
for homebuyers that simply weren’t available in the residential category.”
A lookback at 2019
The year 2019
saw a record-breaking number of sales and average home prices. The report notes
that the increase in home prices was due to the limited supply. Nevertheless, Delahunt
stressed that “even with these increases, Ottawa’s real estate
market continues to remain one of the most affordable and sustainable in the
country.”
Full OREB
news release: Record-Breaking 2019 Closes Out
Decade.
2020 outlook
The OREB’s
2020 President Deborah Burgoyne anticipates that the Ottawa real
estate market will continue to experience low supply and increasing average
prices.
“Even if
supply increases, high demand has shifted market values upwards in various
neighbourhoods and prices are unlikely to go back down – this is our new
reality,” concludes Burgoyne.
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