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.
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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