The Ottawa real estate market continued to be strong with growing sales and modest residential and condo price increases in October, especially in the hot condo market, despite low inventory of properties available for sale in the market. 

Here is how the market performed:

Record Condo Sales

• The condo market sold 396 condo units compared to 322 units sold in October 2018, a 23 per cent increase. 

• Similar to residential homes, condo units sold quickly on average from 71 days to 46 days on the market, which is a 54 per cent decrease.

• Buyers bought most of the condo units priced in the $225,000 - $350,000 price range, accounting for 53 per cent of the condo market. 

• The most sold condo units were:  
  • Two-storey homes - average sale price to date - $278,839 (previously $257,884 in October 2018)
  • One-level homes - average sale price to date - $333,285 (previously $297,813 in October 2018)

• Most of the condos bought were in:
  • Downtown Ottawa - average sale price - $338,131 (previously $321,015 in October 2018)

Strong Residential Home Sales

• 1,211 homes were sold in October 2019, an increase of 15 per cent compared to 1,053 properties sold in October 2018. 

• Residential homes sold quickly on average from 53 days to 43 days on the market, which is a 23 per cent decrease.

• Buyers continued to buy residential homes in the $350,000 and $500,000 price range, which accounted for 43 per cent of the residential home market, and $500,000 and $750,000, which accounted for 30 per cent of residential home sales.

• Buyers bought mostly: 
  • Two-storey homes - average sale price to date - $514,200 (previously $466,163 in October 2018) 
  • Bungalows (1-story) - average sale price to date - $465,530 (previously $404,679 in October 2018) 
     

• Most of the homes bought were in:
  • Downtown Ottawa - average sale price - $623,524 (previously $580,182 in October 2018)
  • Kanata/Nepean - average sale price - $507,756 (previously $458,436 in October 2018)
  • Orleans - average sale price - $467,555 (previously $432,062 in October 2018)

 Reduced Residential and Condo Listings

• There were 2408 active residential home listings in the market compared to 3098 active listings in October 2018, which resulted in a 22 per cent decrease in listing inventory.

• There were 527 active condo listings in the market compared to 861 active listings in October 2018, which resulted in a 39 per cent decrease in listing inventory.

West-End Ottawa Continues to Dominate In Average Price Increases For Single-Family Homes

Single-family homes sold west of Bank Street gained significant average price increases from October 2018 This trend signals the increased buyer demand into the popularly and growth of the single-family housing market in the western section of the city.