Despite rising prices and above-average sales volumes, the head of the Ottawa Real Estate Board says the city’s real estate market remains “balanced.”
“The Ottawa market is showing signs of stabilizing after the record-setting spring and summer,” said OREB president Rick Eisert in a statement as the board released its monthly statistics for September. “The average increase in sale price has not skyrocketed, but rather has increased gradually.”
However, Mr. Eisert also said Ottawa is “trending toward a sellers’ market” and noted that properties continue to sell much faster compared to the same period last year.
OREB members sold 1,387 residential properties last month, an increase of 1.6 per cent over September 2016. The five-year average for September is 1,250.
Sales through the first nine months of the year are up 10 per cent to 13,874 properties.
One of the market’s big drivers has been a recovery in condo sales.
“We are seeing no slowdown in the condo market. Sales have been increasing in this property class since February, with the average increase per month coming in at 25.5 per cent,” Mr. Eisert said. “The boost in condo sales has impacted our year-to-date unit sale figures and is putting us on track for a strong year-end finish.”
Average resale prices, meanwhile, reached $416,464 last month, an increase of 8.2 per cent over September 2016.