The Ottawa housing market results are in and the numbers for the average sale prices are up again month over month. Our average price for a residential-class property was up 8.6% over last October, sitting at $425,256. The condos are up 6.9% sitting at $269,604.
Units sold cooled a little in the condo market last month as for the first time in awhile they dropped well below the double-digit mark. 261 Condo units were sold last month compared to 255 in October 2016.
All in all, this has been another very active month for Ottawa real estate Look at the increases in the home prices. Really surprising to see such big numbers over last year. Nobody predicted this. There is some concern that the new mortgage rules will cool that early in 2018. I am not so sure it will have a big impact on Ottawa. For the most part Ottawa, home buyers are more conservative than say Vancouver or Toronto buyers when it comes to how much of their income they put towards real estate. Buyers will end up affording about 20% less in purchase price with the new rules. It will force people to stay within their comfort zone in terms of what they purchase. Might slow things slightly short term but in the long run, it will ensure that we continue to have a healthy balanced real estate market in Ottawa.
The Ottawa housing market results are in and the numbers for the average sale prices are up again month over month. Our average price for a residential-class property was up 8.2% over last September, sitting at $416,464. The condos are up 3.9% sitting at $261,548.
The Ottawa condo market was busy again. Units sold are still in the double digits compared to last year at this time. 311 Condo units were sold last month compared to 269 in September 2016. The major strength in the condo market is still the number of units being sold.
This fall season continues to be very active for Ottawa buyers and sellers. There has been a slight slow down in units sold -1.6% for the residential-class. That coupled with the fact that demand is strong as let to a very active real estate market here in Ottawa. If you are curious to know whats happening in your neighbourhood please feel free to get in touch.
The Fall season is almost upon us. The kids are getting settled into school and everyone is getting back into a routine. Our little man Aiden just had his first day of school. It was pretty hard seeing him board his school bus for the first time! Kids grow up quick.
The Ottawa housing market results are in and the numbers for August are very positive. Our average price for a residential class property was up 7.6% over last August. We are sitting at $420,355. We are up over 7% YTD. Incredible numbers really considering most economists predicted the opposite.
The Ottawa condo market was busy. The prices were down slightly by less than half a percent. The average price of an Ottawa condo was $270,768. Where I see strength is in the units sold. We are up 22% over last years numbers. This has really been a nice turnaround for condos this year.
This fall season will continue to be very active for Ottawa buyers and sellers. There are still many buyers in the marketplace who were unable to secure their home in the Spring/Summer due to increased competition and tight supply. I expect this trend to continue for at least the next 90 days. If you have any questions on the market please let me know.