Ottawa real estate market keeps ‘moving quickly’; November sales up 25%

Real estate
For illustrative purposes only. (Photo by Peter Kovessy)

With several weeks still left in 2017, Ottawa realtors have already broken the record for the highest number of homes sold in at least nine years.

Members of the Ottawa Real Estate Board sold 1,239 residential properties in November. That’s up 24.9 per cent over the same month last year and above the five-year average for November of 1,001, the local organization said Tuesday.

“November numbers are upholding the robust year we have been experiencing in the real estate market in 2017,” said OREB president Rick Eisert in a statement, adding that the market is “moving quickly.”

November’s figures bring the total number of sales in Ottawa through the first 11 months of the year to 16,356. To put that figure in context, local realtors sold approximately 15,530 properties in all of 2016 – which was, at the time, the highest figure since at least 2009, when OBJ began recording OREB figures.

The average resale price, meanwhile, climbed 3.2 per cent year-over-year to reach $418,354.

Mr. Eisert predicted that December “could be a busier-than-usual holiday season” for realtors as buyers rush to enter the market before stricter mortgage rules come into effect in January.