Ottawa

Do you have a residential property in Ottawa? Are you thinking of selling it? Worry no more. Ottawa Real Estate Board is working to ensure there is a fast and efficient resale of residential property around the area. Moreover, the board’s resale market has multiple offers and bidding wars for those who want to purchase a recreational property.  Considering November 2020, the following report from the Ottawa Real Estate Board might interest you.

Sales and Listings

In November 2020, the total sale of residential properties made through the Board's Listing Service System was 1,611. This is a 26% increase in the total 1,284 experienced in November 2019. The total sales for November comprised 1,209 in the residential-property class, which is a 27% increment from the previous year, and 402 in the condominium-property class, which is a 23% increase from November 2019. Besides, the five-year average for the month's unit sales is 1,257.

Debra Wright, the President of Ottawa Real Estate Board says that there is increased activity in the board's resale market despite the pandemic when a slowdown was expected. The good news is that the year to date transaction matches that of 2019. She confidently states that if there were more supplies, the sales would be higher. However, she notes that listings in November are slow as a result of potential sellers focusing more on the holiday season.

The Average Sale Price

November 2020 recorded an average sale price of $361,758 for the condominium-class property. This is a 15% increase from the one recorded in November 2019. Furthermore, the residential-class property had an average sale price of $602,892, a 20% increase from the previous year. Moreover, the year-to-date average sale prices for the residential and condominium-class property were $581,120 and $361,674 respectively. The values denote a 20% increase for residential property and a 19% increase for condominium property over 2019.

Debra continues to say that year to year prices are a trusted indicator showing what the property values are accomplishing over time. This is true, especially when looked at from the final quarter of the year. In 2020, the year to date average prices of 2020 is 19-20% higher. She says this is as a result of the decrease in inventory, the continued challenge experienced in the market. Hence, the residential housing stock is 50% lower than that experienced in the previous year at such a time.

Listings of Condominiums

According to Debra, the number of condominiums in their system has increased by 25% compared to November 2019. The increased listing of the condominium property is due to some buyers looking for more space or other lifestyles. This calls for exploring lifestyle property preferences. Therefore, the sale of condominium property is gradually increasing.

Conclusion

The Ottawa Real Estate Board is established to help those who want to buy or sell their residential property. Their resale market serves Ottawa hence residents or investor owners in such places need to take the opportunity. Moreover, there has been an increase in listings of condominium property recently thus increasing the sale. However, according to the board, it is important to note that the price and conditions of the average sale price will vary from neighborhood to neighborhood.

OTTAWA REAL ESTATE BOARD

Do you have a residential property in Ottawa? Are you thinking of selling it? Worry no more. Ottawa Real Estate Board is working to ensure there is a fast and efficient resale of residential property around the area. Moreover, the board’s resale market has multiple offers and bidding wars for those who want to purchase a recreational property.  Considering November 2020, the following report from the Ottawa Real Estate Board might interest you.

Sales and Listings

In November 2020, the total sale of residential properties made through the Board's Listing Service System was 1,611. This is a 26% increase in the total 1,284 experienced in November 2019. The total sales for November comprised 1,209 in the residential-property class, which is a 27% increment from the previous year, and 402 in the condominium-property class, which is a 23% increase from November 2019. Besides, the five-year average for the month's unit sales is 1,257.

Debra Wright, the President of Ottawa Real Estate Board says that there is increased activity in the board's resale market despite the pandemic when a slowdown was expected. The good news is that the year to date transaction matches that of 2019. She confidently states that if there were more supplies, the sales would be higher. However, she notes that listings in November are slow as a result of potential sellers focusing more on the holiday season.

The Average Sale Price

November 2020 recorded an average sale price of $361,758 for the condominium-class property. This is a 15% increase from the one recorded in November 2019. Furthermore, the residential-class property had an average sale price of $602,892, a 20% increase from the previous year. Moreover, the year-to-date average sale prices for the residential and condominium-class property were $581,120 and $361,674 respectively. The values denote a 20% increase for residential property and a 19% increase for condominium property over 2019.

Debra continues to say that year to year prices are a trusted indicator showing what the property values are accomplishing over time. This is true, especially when looked at from the final quarter of the year. In 2020, the year to date average prices of 2020 is 19-20% higher. She says this is as a result of the decrease in inventory, the continued challenge experienced in the market. Hence, the residential housing stock is 50% lower than that experienced in the previous year at such a time.

Listings of Condominiums

According to Debra, the number of condominiums in their system has increased by 25% compared to November 2019. The increased listing of the condominium property is due to some buyers looking for more space or other lifestyles. This calls for exploring lifestyle property preferences. Therefore, the sale of condominium property is gradually increasing.

Conclusion

The Ottawa Real Estate Board is established to help those who want to buy or sell their residential property. Their resale market serves Ottawa hence residents or investor owners in such places need to take the opportunity. Moreover, there has been an increase in listings of condominium property recently thus increasing the sale. However, according to the board, it is important to note that the price and conditions of the average sale price will vary from neighborhood to neighborhood.