Ottawa’s Real Estate Marketplace ~ November 2015 Edition

During the month of October 2015, members of the Ottawa Real Estate Board sold 1,161 residential properties, compared to 1,119 in October of last year, an increase of 3.8% in total number of properties sold.

It took an average of 94 days for a property to sell last month which is 4 days longer than the average in August and 8 days longer than October of last year.

Of these 1,161 sales, 959 were freehold houses, and 202 were condominiums.

October’s average home price for all properties sold was $357,648, up 0.4% from last year.
The average sales price for a freehold house sold last month, was $380,075, showing an increase of 2.8% over last year.
Condominium average prices dropped 13.6% from last year to $251,177.
(This is not a true indication of the condo market as last October was severly inflated due to the registration of multiple-million dollar condo sales. Year to date the average condo price is $258,995, which is just 1.9% below the Jan-October price from 2014.)

2,089 new properties were listed for sale in October, bringing the total number of properties for sale to 7,663 an increase of 1.4% over this time last year.