Home inventory levels in Ottawa remain low in November 2019

Ottawa homes are being purchased as soon as they come on the market.

By Homicity

Dec 10, 2019

Home inventory levels in Ottawa remain low in November 2019

Just as it had in October 2019, Ottawa’s residential property market experienced low inventory levels in November. According to Dwight Delahunt, President of the Ottawa Real Estate Board, Ottawa’s “inventory is not having a chance to build as it is being absorbed as quickly as it comes on the market.” With the low inventory, homes are being sold with a fast transaction process.

 

Throughout the month of November, 1,288 residential properties were sold, an increase of 10.9% compared to last year. Of these sales, 958 were residential homes and 330 were condominiums. 


The report mentions that due to the increasing home prices, there is a shortage of homes in the lower end price range. Nevertheless, the Ottawa’s resale market remains strong as the year to date average home price increases by a reasonable 9%.

 

In November, there was also a substantial increase in homes being sold at the higher end of the market. Delahunt reports that there was a  41% year to date increase for homes sold in the $750-$1M range and a 30% increase in the $1M+ range.

 

Full OREB news release: Weather isn’t Cooling the Resale Market.

 

Ready to join this growing market and find your perfect home? Set up a personalized property search and be the first to know when the listing is available.

 

Homicity

Homicity helps you find your dream home in the perfect community. Whether you are buying, renting, or selling, you can navigate the Canadian real estate market with confidence with our expert advice, market news, and recommendations powered by AI.

Join the conversation

Please login to leave a comment

Don't have an account?

Sign Up

Articles selected for you:

Five things you need to know about the new mortgage stress test rules

On April 6, new mortgage stress test rules will come into effect.

Ottawa’s real estate market starts off slow in January 2020

Ottawa’s inventory shortage impacts the resale market with increased prices and decreased sales.

What to expect from proptech in 2020

Proptech is anticipated to disrupt the real estate industry in new and creative ways.

Condo sales lead the way in December 2019

The Ottawa real estate market closes out the decade with record-breaking numbers.