Resale prices climb in October!

Members of the Ottawa Real Estate Board sold 1,243 residential properties in October through the Board's Multiple Listing Service System, compared with 1,214 in October 2016, an increase of 2.3 percent. The five year average for October sales in 1,165.

We continue to see the resale market outpace last year's performance, which included 261 in the condominium property class, and 982 in the residential property class. Condominium sales continue to drive the overall residential sales market, with a year to date increase of 21.4 percent over the same time period last year. Year to date, there has been an increase of over 9 percent in the number of sales.

The fall market is brisk and could be fueled by the impending tightening of mortgage regulations and possibly the relative scarcity of homes for sale. Which is down approximately 20 percent at this time last year (5,058 versus 6,460). Properties continue to sell much faster in comparison to this time last year with the average days on market for residential properties down 17.7 percent from 55 to 45 days.

The average sale price of a residential-class property sold in October in the Ottawa area was $425,256, an increase of 7.7 percent over October 2016.

The average sale price for a condominium-class property was $269,604, an increase of 6.7 percent over October 2016. The sale to list ratio effectively remains unchanged at 97 percent.