Similar to September 2019, the Ottawa residential property market in October saw low inventory levels, and yet strong resale market growth.

 

Dwight Delahunt, President of the Ottawa Real Estate Board, reports that 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.”

 

Throughout the month of October, 1,607 residential properties were sold, an increase of 16.9% compared to last year. Of these sales, 1,211 were residential homes and 396 were condominiums.

 

Year to date figures show that average sales prices for residential homes increased by 8.3% and condominiums prices increased by 9.1%. According to Delahunt, these home prices are slightly above average, which is great for homeowners as their properties increase in equity.

 

The report also notes that approximately 36% of homes are selling over asking. These cases are mostly affecting specific pockets of the city, but not every neighbourhood or property type.

 

Full OREB news release: October’s Whirlwind Resale Market.

 

Outlook

 

It’s anticipated that the real estate market will continue to grow as Ottawa maintains its reputation of being one of the Canada’s most affordable cities with a high quality of life

 

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