Buyer confidence remains strong in Ottawa with record sales for the month of October. With listing inventory also at a high, there is a lot of choice available, making this a great time to buy! See the Infographic image below, with comments following, for a snapshot of the Ottawa housing market for end of October 2014

OREB-stats-infographic-Oct-2014

“Sales from this past month are the second best on record for October, only comparable to the 1,199 sales in October 2009,” explained Randy Oickle, President of the Ottawa Real Estate Board. “Our residential listing inventory is up 12.5 per cent from 2013, with 7,550 active listings at the end of October this year.”

October’s sales included 194 in the condominium property class, and 927 in the residential property class. The condominium property class includes any property, regardless of style (i.e. detached, semi-detached, apartment, townhouse, etc.), which is registered as a condominium, as well as properties which are co-operatives, life leases and timeshares. The residential property class includes all other residential properties.

The average sale price for a condominium-class property was $290,224, an increase of 7.3 per cent over October 2013. The average sale price of a residential-class property was $369,540, a decrease of 3.2 per cent over October 2013. The Board cautions that average sale price information can be useful in establishing trends over time but should not be used as an indicator that specific properties have increased or decreased in value. The average sale price is calculated based on the total dollar volume of all properties sold.

“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,” says Oickle. “Fifteen properties were sold in the over $1 million range, with six of these properties being condominiums. No condos were sold in this price range last year, which is a possible explanation for the large increase in average sale price for condos this October compared to last.”