Members of the Ottawa Real Estate Board sold 1,459 properties in November which was 8% higher than the five-year average.
“Although the resale transactions in November were down compared to a year ago, this is because 2020’s peak market activity shifted to later in the year due to the initial pandemic lockdown. In reality, November’s unit sales tracked 14% higher than 2019 (1,284), a more relevant base year for comparison,” states Ottawa Real Estate Board President Debra Wright.
Ottawa Market Snapshot
Residential and condominium average sale prices both increased by 19% from last October to $716,992 and $432,099 respectively.
The average days on market in the residential class experienced a 4.7% increase to 20 days and 20.3% increase to 25 days for condominiums.
1,086 residential properties were sold, a decrease of 10%. Condominiums sold reached 373 which is a 7% decrease.
The market remains unbalanced, with continued low inventory, even though it is higher than the five-year average.
Wright recommends, “whether you are on the buying or selling side of the transaction, this is not the occasion to go at it alone and hope for the best. An experienced REALTOR® is vital in navigating the challenges of this complex market to ensure you are making the optimal choices for what may be the most critical contract you will sign and remain obligated to for the next 20 to 30 years.”
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Note: * The Ottawa Real Estate Board cautions that the average sale price can help establish trends over time but should not be used to indicate the value of homes and condominiums. Average sales prices are calculated on the total dollar volume of all properties sold. Of course, pricing and conditions will vary from neighbourhood to neighbourhood.