Hello there! Sharing a quick market update on what’s happening in Ottawa real estate. I’ve been a Realtor® since 1987, even with years of experience 2020 was almost impossible to predict. While it’s always been one of the most stable real estate markets in Canada, the pandemic has really proven that Ottawa is a great place to invest. Prices are increasing; more listings are hitting the market and buyers are still looking for properties.
Even if you’re not thinking of selling right now, with the prices up 25% in the residential market over last October, if you’re curious about how much your property has increased – I’m always happy to help.
Highlights from the Ottawa Real Estate Board November 4, 2020
Ottawa’s Resale Market “Steady as She Goes”
Members of the Ottawa Real Estate Board sold 2,146 residential properties in October through the Board’s Multiple Listing Service® System, compared with 1,604 in October 2019, a year over year increase of 34 per cent.
October’s sales included 1,665 in the residential-property class, up 38 per cent from a year ago, and 481 in the condominium-property category, an increase of 22 per cent from October 2019. The five-year average for October unit sales is 1,515.
Demand persists for new listings, and the number of sellers choosing to enter the market remains strong. 1,937 residential listings and 708 condo units came on the market October, this is a 48% and 70% respective increase in new listings over last year at this time. Listing inventory has been low for quite some time, this is good news for buyers.
October’s average sale price for a condominium-class property was $368,936, an increase of 16 per cent from this time last year, while the average sale price of a residential-class property was $603,253, an increase of 25 per cent from a year ago. With year-to-date average sale prices at $579,026 for residential and $361,666 for condominiums, these values represent a 19 per cent percent increase over 2019 for both property classes.
Whether you are looking to buy, sell or invest in the Ottawa real estate market, I can help. Contact me today for to discuss your real estate needs.
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