The appetite for residential assets valued at less than $350,000 was especially strong
Ottawa’s average home sale price exceeded the half-million mark to end up at $501,201 in November, with increases recorded across all residential asset classes. This represented a massive 16.9% increase from the same month last year.
In particular, condo prices went up by nearly 10% annually, reaching $313,734. Sales of the property type grew by 12.2%, for a total of 330 transactions.
“Prices have increased, and therefore there is a shortage of units available in the lower-end price range of both condos and residential properties,” according to Dwight Delahunt, president of the Ottawa Real Estate Board.
A total of 1,288 homes were sold in the region last month, up by 10.9% from November 2018.
Almost 58% of condos sold in Ottawa last month came from the $225,000-$349,999 price range. Also, roughly 39% of the condo transactions during that period were in the $350,000-$499,999 segment, although the $500,000-$749,999 range is also exhibiting sustained growth, claiming 32% of November sales.
“Even with the typical winter slowdown, Ottawa’s home resale market still experienced a relatively brisk pace in November,” Delahunt stated, as quoted by the Ottawa Business Journal. “Our inventory is not having a chance to build as it is being absorbed as quickly as it comes on the market.”
Delahunt added that the high-end market has registered “substantial increases,” consistent with the trend of a wealthier consumer base impelling price growth across all residential property types.
The $750,000-$1 million range dramatically went up from 24 transactions in November 2018 to 65 sales last month. The $1-million-and-higher price bracket also shot up from 15 deals in November 2018 to 29 transactions last month.
