City entering buyer's market: OREB

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Local real estate agents had near-record sales in October, but higher inventory levels are turning the city into a buyer’s market, according to numbers released Wednesday by the Ottawa Real Estate Board.

Members sold 1,121 residential properties in October, compared with 1,089 in October 2013. That’s up 2.9 per cent and even higher than the five-year average for October, which is 1,076.

The only better October on record for volume of sales was 2009, when OREB members sold 1,199 properties.

“Year-to-date sales have now slightly surpassed year-to-date numbers from last year,” OREB president Randy Oickle said in a statement, adding there were 7,550 active listings at the end of October, an increase of 12.5 per cent from the same time last year.

“The higher listing volume this year has moved us into a buyer’s market,” he said.

October’s sales broke down to 927 in the residential property class and 194 condominiums.

Overall, the average sale price was $355,813, down 1.2 per cent from October 2013. The average condo price was $290,224, an increase of 7.3 per cent from last year. The average residential property went for $369,540, down 3.2 per cent from a year ago.

“Again this month, the $300,000 to $399,999 price range continues to have the highest concentration of properties sold, followed by the $500,000 to $749,999 range,” Mr. Oickle said, adding that 15 properties – including six condos – sold for more than $1 million.

No condos sold in that price range in October a year ago, and Mr. Oickle said that could be a factor in the spike in condo prices compared with 2013.