Members of the Ottawa Real Estate Board sold 1,239 residential properties in November through the Board’s Multiple Listing Service System compared with 992 in November 2016, an increase of 24.9 percent. The five-year average for November sales is 1,001.
The Office of the Superintendent of Financial Institution’s (OSFI) announcement regarding the new stress tests for low-ratio borrowers may have buyers rushing into the market before the stricter mortgage regulations come into play in January 2018.
The average sale price of a residential-class property sold in November in the Ottawa area was $418,354, an increase of 3.2 percent over November 2016. The average sale price for a condominium-class property was $257,212, a decrease of 7.6 percent over November 2016.
The most active price point in the residential market is the $300,000 to $450,000 range, accounting for 46 percent of the market. While the most active price point in the condo market, between $150,000 and $275,000, accounts for 66 percent of the market.
Year to date, there have been 16,320 MLS real estate transactions which represent just over a 10 percent increase since 2016. Properties as well continue to sell faster in comparison to 2016 (72 days versus 105 days) for residential properties. The sale to list ratio effectively remains unchanged at 97 percent.