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Post-election activity is credited in part for a jump in the number of resale homes sold in Ottawa during November despite previous warnings from housing watchdogs that the market may be poised for a slowdown.
According to the Ottawa Real Estate Board, a total of 990 residential properties were sold in Ottawa last month using the Multiple Listing Service, up 11.1 per cent over the 891 homes sold during the same month last year.
“Mild temperatures in November, combined with increased activity post-election, were key factors in the Ottawa resale market performing exceptionally well in November,” said David Oikle, president of the OREB.
Of particular surprise was the number of condominiums sold during the month.
The condo market had been particularly soft in 2015 but in November 199 condominium units were sold, a 17.1-per-cent jump over the 170 sold a year ago.
“The condo market has picked back up over the past few months — a very positive change from the first half of the year,” said Oikle.
“The positive increase in condo sales may be explained by buyers moving to Ottawa to accept positions with the new government. There may have also been some pent-up demand of people who chose to sit on the sidelines until after the election was over.”
Last month, Canada Mortgage and Housing Corp. released a warning Ottawa’s condo market, cautioning that there was already an eight-month supply of units on the market. It used the previously slumping sales to warn builders to temper their construction plans for new condominium units in the New Year.
Oikle said that inventory levels have begun to balance out in recent weeks and that the time it takes to sell a condo has shortened. So far this year, 2,535 condos have been sold, up 0.7 per cent over the 2,517 that were sold during the first 11 months of 2014.
The average sale price of a residential-class property sold in November in Ottawa area was $380,761, a decrease of 0.4 per cent over November 2014, according to the OREB. The average sale price of a condominium-class property was $275,332, an increase of 9.9 per cent over last November.
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According to the Ottawa Real Estate Board, a total of 990 residential properties were sold in Ottawa last month using the Multiple Listing Service, up 11.1 per cent over the 891 homes sold during the same month last year.
“Mild temperatures in November, combined with increased activity post-election, were key factors in the Ottawa resale market performing exceptionally well in November,” said David Oikle, president of the OREB.
Of particular surprise was the number of condominiums sold during the month.
The condo market had been particularly soft in 2015 but in November 199 condominium units were sold, a 17.1-per-cent jump over the 170 sold a year ago.
“The condo market has picked back up over the past few months — a very positive change from the first half of the year,” said Oikle.
“The positive increase in condo sales may be explained by buyers moving to Ottawa to accept positions with the new government. There may have also been some pent-up demand of people who chose to sit on the sidelines until after the election was over.”
Last month, Canada Mortgage and Housing Corp. released a warning Ottawa’s condo market, cautioning that there was already an eight-month supply of units on the market. It used the previously slumping sales to warn builders to temper their construction plans for new condominium units in the New Year.
Oikle said that inventory levels have begun to balance out in recent weeks and that the time it takes to sell a condo has shortened. So far this year, 2,535 condos have been sold, up 0.7 per cent over the 2,517 that were sold during the first 11 months of 2014.
The average sale price of a residential-class property sold in November in Ottawa area was $380,761, a decrease of 0.4 per cent over November 2014, according to the OREB. The average sale price of a condominium-class property was $275,332, an increase of 9.9 per cent over last November.
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