Condo sales drive market in October

Members of the Ottawa Real Estate Board sold 1,062 residential properties in October through the Board’s Multiple Listing Service® system compared with 1,038 in October 2010, an increase of 2.3 per cent. The five-year average for October sales is 1,071.

The average sale price of residential properties, including condominiums, sold in October in the Ottawa area was $337,797, an increase of 2per cent over October 2010. The average sale price for a condominium-class property was $259,316, a decrease of 1.5per cent over October 2010. The average sale price of a residential-class property was $362,341, an increase of 3.7 per cent over October 2010.

“Condos were the main driver of resale home sales in October, with condo sales up 14.5 per cent from the same month in 2010, whereas residential property sales numbers were near-identical to last year’s,” said Board President Joanne Tibbles. “We’ve been hearing a lot about the rising popularity of condos in Ottawa and these numbers certainly support that, but it’s just one piece of our steady resale market with sales very near the five-year average for October. Also listing inventory and days on the market are both up slightly as we move towards the end of the year,” she added.  

With particular reference to single level condominium apartments, MLS statistics for October 2011 show a total of 130 sales of apartments while in October 2010 the total was 115. October 2011’s average sale price was $296,082, a minimal decrease of 0.2 per cent over the previous October. Of course these figures are averages for the entire city.  If you would like more specific statistical information, just call me. 

Overall we are fortunate indeed to have such a reliable resale market in our city. It’s a great place to live and a great place to work. 

Don’t hesitate to call me for an informal chat if you have any questions.