Competition among homebuyers in many parts of Ottawa is rising with average days on market down to 39 from 45 year-to-date in October.
Members of the Ottawa Real Estate Board sold 1,383 homes, up 11.8% year-over-year and easily surpassing the 5-year average for the month (1,223).
Residential class home sales gained 8.5% (1,059) and there was a jump of 24.1% for condo class homes (324).
“October’s sales are truly indicative of the fast-paced market we have experienced for much of 2018,” points out Ottawa Real Estate Board President, Ralph Shaw.
But supply issues remain a challenge for homebuyers.
“If we look back to 2015 and 2016, our current active inventory is less than half of what we had then, and it’s not improving. Compared to last year, condo inventory is down 34.5% while residential inventory is 17.5% lower than October 2017,” explains Shaw.
Still relatively affordable
Despite the highly competitive - and under supplied – market, prices remain favourable with the $300,000 to $449,999 range remaining the most active price point in the residential market, accounting for 43% of home sales.
“Ottawa’s reputation as one of the most affordable cities in the country endures with residential average prices up approximately 6% year over year yet continuing to come in under $450,000. While average prices for condos remain reasonable and steady in the $270,000 range,” says Shaw.
Are you looking to invest in property? If you like, we can get one of our mortgage experts to tell you exactly how much you can afford to borrow, which is the best mortgage for you or how much they could save you right now if you have an existing mortgage. Click here to get help choosing the best mortgage rate