December 2011

 Ottawa resale housing market posts record sales in November

Members of the Ottawa Real Estate Board sold 1,020 residential properties in November through the Board’s Multiple Listing Service® system compared with 940 in November 2010, an increase of 8.5 per cent. The five-year average for November sales is 881.

The average sale price of residential properties, including condominiums, sold in November in the Ottawa area was $347,795, an increase of 7.5 per cent over November 2010. The average sale price for a condominium-class property was $265,800, nearly unchanged from November 2010. The average sale price of a residential-class property was $373,577, an increase of 9.2 per cent over November 2010.

“Last month was the best November on record for resale homes in Ottawa. The last time we saw sales numbers anywhere close to that number was in 2001. It speaks well for the stability of our market that even in the quieter months of the year, our market is still thriving,” said Board Past President Joanne Tibbles. “The number of properties for sale is higher than at this time last year, indicating that homeowners are confident that it’s a good time to put their home on the market, and based on these great sales numbers, buyers are also confident, especially as interest rates remain stable,” she added.  

With particular reference to two-storey condominium townhomes, MLS statistics for November 2011 show a total of 96 sales of homes while in November 2010 the total was 78. November 2011’s average sale price was $230,992, an increase of 2.3 per cent over the previous November. Of course these figures are averages for the entire city.  If you would like more specific statistical information, just call me. 

As you can see from this report, we agents are still busy. However, it’s important at this time of year to take a moment to stop and reflect and wish each other the very best of the season. 

A Happy Christmas and a healthy and prosperous New Year!