That’s according to the president of the Ottawa Real Estate Board Rick Eisart, who said that properties are selling faster than a year ago.
“The average days on market for residential properties [is] down 17.7% from 55 to 45 days. Our market could still be described as balanced, though in some areas it continues to trend towards a Sellers’ market,” he said.
Eisart was reacting to October sales figures for the market, which saw 1,243 homes sold through the Board’s MLS, up 2.3% from a year earlier and above the 5-year average of 1,165.
“As we enter the 3rd quarter of the year, we continue to see the resale market outpace last year’s performance, which was also a stellar year,” says Rick Eisert. “Condominium sales continue to drive the overall residential sales market, with a year to date increase of 21.4% over the same time period last year.”
The average sales price in the market was $425,256, up 7,7% year-over-year for a residential class property; and $269,604, up 6.7% for a condo-class property.
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Home sales in Ottawa could see a spike in the final two months of the year ahead of the tightened mortgage lending rules which come into effect in January.