Optimism lifts residential and condo sales in Ottawa November 2015 results

Published 15 December 15 11:45 AM | Gord McCormick 

Optimistic unit sales for both residential and condo markets in November:


Ottawa buyers and sellers were active in November in the fresh optimism generated by the new Federal Government.  Unit sales were very positive for the month with residential sales up 9.7% for the month vs November last year and condo unit sales up nicely by 17.1%.

On a year-to-date basis residential unit sales are up 6.1% and condo sales are flat at +.7%.


Prices remain pretty flat overall:

Year-to-date average prices for residential sales are up by 1.7% to $392,183 and the average condo price sold this year has dropped by 1.1% to $260,278.


How long does it take to sell on average?

The average residential property sold this year after a cumulative listing period of 82 days on the market vs 77 days last year.  The average condo sold in 102 days compared with 87 days a year ago.


Listing inventory easing slightly overall:

Overall listing inventory has pulled back slightly from some record setting levels mid-year.  Residential listings are currently15.6% higher than the 5 year average and condos are 31.9% higher.

Listing inventory is overweight higher end properties at $500,000 and above, compared to recent sales patterns.  Currently listing inventory above $500K is over 20% of all listings while sales above $500K are only about 15% on a year-to-date basis.


Rental market on MLS® continues to surge:

Realtors continue to generate more rental listings and lease agreements for their clients than ever and rental inventory is up 50% compared to the 5 year average.  Whether this reflects more investor owners or simply sellers who were not able to sell at a desired price point, we cannot be sure.


Listing cancellations, withdrawals and expiries remain high:

The number of listings that don’t sell and expire or are terminated by the sellers remains at historically significant levels.  If these sellers have quit the market then this is a good thing as it lessens what has been a supply/demand imbalance in favour of buyers.  If however, these properties are just off the market temporarily and will return to active listing status in 2016 this may mean our inventory issues will continue. 


It is never too early to plan your purchase or sale for 2016, though we escape for several weeks in the New Year, we are always available by email, text or skype/cell to help you meet your objectives.


Merry Christmas and best wishes for a successful 2016!


Dawn Davey, Broker

Gord McCormick, Broker of Record


Oasis Realty Brokerage

613-435-4692 office

613-371-9691 mobile/text




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