Home inventory levels in Ottawa remain low in November 2019
Ottawa homes are being purchased as soon as they come on the market.
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.
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