Ottawa Real Estate Market Update October 2019

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Fall Market Springs Forward

The Ottawa Real Estate Market is still super hot, and very much favors the seller. Inventory is low. Prices are going up. More and more home sell each year. If you are buying it can be challenging. You will need to be ready to act swiftly. If you are selling there is great opportunity. Contact us for the best strategies to get the most out of your sale.

Members of the Ottawa Real Estate Board sold 1,549 residential properties in September 2019 through the Board’s Multiple Listing Service® System, compared with 1,386 in September 2018, an increase of 11.8 per cent. September’s sales included 1,113 in the residential-property class, up 6.9 per cent from a year ago, and 436 in the condominium-property category, an increase of 26.4 per cent from September 2018. The five-year average for September 2019 unit sales is 1,385.

Ottawa Real Estate Market: September’s sales continue to be extremely strong!

“Despite a challenging year of historically low inventory, September’s sales continue to be extremely strong, the likes of which we haven’t seen in the past 15 years,” acknowledges Dwight Delahunt, President of the Ottawa Real Estate Board. “It’s quite amazing, with the limited supply, that the market is still moving well with purchasers finding properties that meet their requirements,” he adds.

“Of course, in this kind of market where the process can be quite accelerated, you must be ready to make a decision quickly and be poised to act straightaway. That’s why it’s prudent to work with a REALTOR® — home sellers can expose their properties immediately, and buyers are able to have instant access to the latest listings posted to the MLS® System,” Delahunt advises.

The Condo Real Estate Market in Ottawa

September’s average sale price for a condominium-class property was $309,373, an increase of 9 per cent from last year while the average sale price of a residential-class property was $487,438, an increase of 8 per cent from a year ago. Year to date figures show an 8.4 per cent and 8.1 per cent increase in average sale prices for residential and condominiums respectively. *

“Now that condominium prices have recovered, we see condo sellers jumping back into the market to take advantage of that, and as a result, condo sales have been very robust and have again led the way in September’s unit sales,” Delahunt suggests.

The Residential Real Estate Market in Ottawa

The $350,000 to $499,999 price range was the most prevalent price point in the residential market, accounting for 43.5 per cent of September’s transactions while 28 per cent of residential sales were in the $500,000 to $749,999 range. The most active price point in the condominium was $225,000-$349,999, accounting for 56 per cent of the units sold.

“September to November typically tend to be busy listing and sales months; however, there is a federal election coming up, which normally brings a slowdown in the market. We haven’t seen that transpire this year, which suggests that consumers are highly confident in our local economy and the Ottawa real estate market.”
this month we saw a significant increase in new listings compared to last year, and also compared to recent months. Average days on market are also slightly longer. This could be some early signs to the market starting to cooling off.sing in the upcoming election, Delahunt states, “We are closely monitoring the platforms of all parties, and any proposals that address supply certainly have our support.”
He continues, “Although Canada needs a broad-based national housing strategy which tackles the full range of housing issues, platforms that are getting it right understand that real estate is local, and policies must factor in regional differences.”

In addition to residential sales, OREB Members assisted clients with renting 2,117 properties since the beginning of the year.

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About The Author
David Robertson

Since 2011, Dave brings integrity and professionalism to his clients in Ottawa when helping them buy and sell real estate. Every client matters to Dave.He doesn’t just sell you a home; he builds relationships for life by treating every client with the respect and honesty he would give his own family. Even after the sale of your home, he will continue to be there to answer all your real estate questions and recommend preferred vendors. As an Ottawa native, Dave understands the changes in the local market. Dave's previous industries in banking and home equity have sharpened his expertise in real estate trends. He will professionally explain the real estate process and paperwork involved. As team leader of LIFE Real Estate Group, Dave offers his clients a team of dedicated agents and administrators. Why hire a single realtor when you can hire a team? LIFE Real Estate Group's innovative marketing strategy and commitment to excellence has propelled them to be one of the top teams at Solid Rock Realty! Dave's passion for serving people is the foundation of his success. His goal is to earn the right to be your real estate professional for life. Whether it is creating a customized plan for creating generational wealth through real estate or even home maintenance tips, he is available for all his clients. Message Dave for past testimonials to see how he has helped local families.