Ottawa's resale market weathered the winter spell and recorded strong gains in residential resales and price growth, according to the latest update from the Ottawa Real Estate Board (OREB)
Figures from OREB showed that 1,288 residential properties were sold in November, a 10.9% increase from last year.
"Even with the typical winter slowdown, Ottawa's home resale market still experienced a relatively brisk pace in November. Our inventory is not having a chance to build as it is being absorbed as quickly as it comes on the market," said OREB president Dwight Delahunt.
November's sales included 958 detached dwellings and 330 condominiums units. The limited supply and the heightened demand have resulted in an increase in the average sale price for both property types.
In fact, the average sale price for condos jumped by 9.8% to $313,734, while that of houses increased by 16.9% to $501,201.
"Prices have increased, and therefore there is shortage of units available in the lower end price range of both condos and residential properties," Delahunt said.
OREB also observed increased sales in the higher end of the market. The number of properties sold in the $750,000-$1m price range increased to 65 while sales for homes over $1m improved to 29.
"Year-to-date totals show the larger picture with a 41% increase in the $750,000-to-$1m range from 610 to 861 unit sales, and a 30% increase in the over-$1m range from 266 to 345 transactions compared to this time last year," Delahunt said.