The Ottawa real estate market is not slowing down as it continues its record-breaking resale streak for the third consecutive month based on its sales in October. The majority of the sales were dominated by the condo market, which generated increased sales by 27.2 per cent over last year. This is result of lower condo inventory levels, coupled with sale price adjustments.

Here are the highlights of the market’s performance in October:

● Two-storey and bungalow residential homes in the $300,000 to $400,000 price range, and one-level and two-storey condos in the $200,000 to $300,000 and $100,000 to $200,000 price range continued to be properties in demand that were bought and sold.

● The highest average sale price increases and increased units sold for residential properties were in:
– three-storey homes at $529,599 (up by 33.5%) with a 18.6% increase in units sold;
– hi-ranch homes at $299,589 (up by 3.4%) with a 55.6% increase in units sold; and
– duplex homes at $498,544 (up by 18.8%) with a 80% increase in units sold.

● Without significant average sale price increases, the increased units sold for condos were in:
– two-storey homes (up by 26.8%); and
– one-level homes (up by 21.4%)

You can read more about this market update here.

Given that the stagnant condo market in Ottawa is starting to improve, will there be more buyer demand for condos in the near future?